The Swedish krona gained today as rising retail sales added to speculations that fundamentals in Sweden are good and the nation’s central bank has no reasons to cut its interest rates. Retail sales grew 2.4 percent in July on an annual basis, while the median forecast was 1.7 percent. Domestic consumer spending should support the Swedish economy, mitigating the negative influence of the global economic slowdown. The Riksbank has left its … “Swedish Krona Goes Higher with Retails Sales”
Month: August 2012
Malaysian Ringgit Weakens as EU Shows No Progress in Solving Problems
The Malaysian ringgit weakened today as there were no signs of progress in solving the debt problem of European economies. The lack of a way out of the crisis worsens prospects for exports of emerging economies and reduces demand for their currencies. Philipp Roesler, the Vice Chancellor of Germany, said that Greece would not get the next round of bailout if it does not perform the required austerity measures. Jens Weidmann, the President of the the Bundesbank, continued to criticize … “Malaysian Ringgit Weakens as EU Shows No Progress in Solving Problems”
Canadian Dollar Gets a Boost from Isaac
Canadian dollar is heading a little bit higher today, gaining as concerns about the tropical storm known as Isaac heads for the Gulf of Mexico. Oil prices are seeing a bit of a boost, and that is helping the loonie on the Forex market. Oil prices are moving higher today, due to concerns that Isaac could impact oil operations in the Gulf of Mexico. In 2008, hurricanes disrupted oil operations in the Gulf, creating an issue with … “Canadian Dollar Gets a Boost from Isaac”
UK Pound Continues to Struggle
UK pound continues to struggle as concerns about the economy weigh. Today, UK markets are closed for the Summer Bank Holiday, but that the currency market is still open. Sterling is having trouble as expectations for the economy, and the pound, remain somewhat low. The UK economy still is not getting a good boost. Economic numbers continue to indicate trouble. Austerity measures undertaken by the government have failed to actually reduce the deficit, … “UK Pound Continues to Struggle”
Fed Makes Week Bad for Dollar
The minutes of Federal Reserve’s monetary policy meeting reignited speculations among investors about the third round of quantitative easing. Those talks defined the performance of the US dollar this week. The performance that, unsurprisingly, was not very impressive. The Fed minutes suggested that monetary easing is still in the card and is, in fact, not very far away. There are still doubts that the US central bank would initiate … “Fed Makes Week Bad for Dollar”
Aussie Weakens on Concerns About Mining Sector
The Australian dollar weakened on signs that China’s manufacturing is slowing and amid speculations that the end of the mining boom in Australia is near. Mining is a very important sector for Australia’s economy. Reserve Bank of Australia Governor Glenn Stevens claimed that there would be another year or two before the mining boom will peak. Stevens said that the Australian currency should become much cheaper when the boom … “Aussie Weakens on Concerns About Mining Sector”
Czech Koruna Falls as Traders Believe Interest Rate Cut Coming
The Czech koruna weakened today on speculations that the nation’s central bank would be forced to cut its interest rates amid global economic slowdown that threatens to damage the Czech economy. The data from around the world, including Japan and the European Union, signals about global slowdown that will reduce demand for Czech exports. Investors thought that the central bank has no choice but cut interest rates … “Czech Koruna Falls as Traders Believe Interest Rate Cut Coming”
Zloty Drops as Samaras Talks to Merkel
The Polish zloty fell today amid talks that Greece may fail to convince Germany to allow the next tranche of bailout, damping risk appetite among Forex market participants and reducing demand for currencies of European nation. Greek Prime Minister Antonis Samaras is meeting German Chancellor Angela Merkel today in order to convince the German leader that the indebted nation is able to meet the bailout requirements, at least if more … “Zloty Drops as Samaras Talks to Merkel”
Euro Drops Following Antonis Samaras Meeting with Angela Merkel
Euro is heading lower, dropping as concerns about what’s next for the eurozone rise. Worries about policy decisions in the eurozone are weighing on the 17-nation currency following a meeting between Greek Prime Minister Antonis Samaras and German Chancellor Angela Merkel. Greek Prime Minister Antonis Samaras reportedly asked for “breathing space” for his embattled country. His comments came as he met with German Chancellor Angela Merkel about … “Euro Drops Following Antonis Samaras Meeting with Angela Merkel”
Japanese Yen Back in Demand as a Safe Haven
Japanese yen is back in demand as a safe haven as concerns about what’s happening in Europe weigh on high beta currencies. Once again, equities around the world are dropping as investors worry about what’s next for the eurozone. Yen is in demand as Forex traders look for a safer currency. While eurozone concerns are once again driving the currency market, they aren’t the only things weighing on sentiment. Risk aversion is … “Japanese Yen Back in Demand as a Safe Haven”