The Chinese Flash Manufacturing PMI is based on a survey of purchasing managers in the Chinese manufacturing sector. Respondents are surveyed for their view of the economic and business conditions in China. A reading which is higher than the market forecast is bullish for the Australian dollar. Here are all the details, and 5 possible … “AUD/USD: Trading the Chinese Flash PMI Aug 2012”
Month: August 2012
Rand Gains as European Leaders Prepare to Discuss Greece
The South African rand rose today as the European leaders are going to discuss Greece. Investors have hopes that there is a way to save the indebted country and prevent its exit from the eurozone. Such hopes were positive for riskier currencies. Luxembourg Prime Minister Jean-Claude Juncker, the President of the Euro Group, will visit Greece tomorrow. German Chancellor Angela Merkel and French President Francois Hollande will meet in Berlin … “Rand Gains as European Leaders Prepare to Discuss Greece”
Pound Falls vs. Euro as UK Economy in Turmoil
The Great Britain pound fell today against the euro as the budget posted an unexpected deficit and the industrial trend survey was negative, adding to the signs that the UK economy is in turmoil. The sterling managed to gain versus the dollar. The Office for National Statistics reported that the budget was £557 million, while the median estimate promised a surplus of £2.2 billion. The budget had the £2.84 billion surplus at the same period last year. Confederation of British … “Pound Falls vs. Euro as UK Economy in Turmoil”
Japanese Yen Weakens as Risk Appetite Appears
Japanese yen is weaker against high beta currencies today as risk appetite makes its appearance. Since it is not needed as a safe haven right now, the yen is slipping — and that is probably just what Japanese officials want to see. Yen weakness comes as risk appetite gets a boost on the expectations that the ECB will be forced to do something to contain the sovereign debt crisis. Yen … “Japanese Yen Weakens as Risk Appetite Appears”
US Dollar Weakens as Hope Rises for the Eurozone
US dollar is weakening today as risk appetite makes an appearance. Hope that the European Central Bank is about to do something serious to contain the sovereign debt crisis is boosting other majors against the US dollar today. For now, the dollar index is lower, dropping as other major currencies gain the upper hand. Most of the losses for the greenback stem from the belief that the ECB will have to do something. … “US Dollar Weakens as Hope Rises for the Eurozone”
Canadian Dollar – Strong and Stable
The world’s No. 10 economy is in a favorable situation, enjoying plausible levels of unemployment and isn’t feeling the US slowdown so far. USD/CAD already settled below parity during August. What moves the C$? Sound economy: The low unemployment rate, continued growth and relatively low debt all support the loonie. Hawkish central bank: On this … “Canadian Dollar – Strong and Stable”
Aussie Climbs After RBA Releases Minutes of Policy Meeting
The Australian dollar advanced today after the Reserve Bank of Australia released the minutes of its last monetary policy meeting, signaling that the domestic economic growth may offset the negative influence from outside of Australia. The RBA has left its main interest rate at 3.5 percent in August 7. The central bank had a rather positive view on the Australian economy, though also mentioned some problems: Members noted that the domestic … “Aussie Climbs After RBA Releases Minutes of Policy Meeting”
Loonie Fluctuates amid Market Sluggishness
The Canadian dollar fluctuated as the mixed news from Europe made traders uncertain and confused. The summer trading is nearing to its end and the Forex market should soon become more vibrant, but for now trading remains sluggish as there is no major news to move currencies. Europe remains the major topic in the news headlines, but it was quite as of late. On the positive side, Greece claimed that it is able … “Loonie Fluctuates amid Market Sluggishness”
Sterling Goes Down with House Prices
The Great Britain pound fell today against the Japanese yen as the report showed that UK house prices declined this month, adding to signs that Britain’s economy is struggling. The problems of the United Kingdom reduced demand for the sterling as a haven from the European crisis. The currency still managed to advance versus the dollar. The Rightmove House Price Index fell 2.4 percent in August from July, when the prices declined 1.7 percent. … “Sterling Goes Down with House Prices”
South Korean Won Rises, Trims Gains on Concerns for Global Economy
The South Korean won rose against the dollar today. Gains were limited, though, as investors were concerned that the global economic slowdown would reduce demand for South Korean export, hurting the nation’s economy and the attractiveness of the currency. The government report showed that South Korea’s exports declined 8.8 percent in July from a year ago. The Export Price Index fell by 1.3 percent in July (month-on-month). The Bank of Korea has kept … “South Korean Won Rises, Trims Gains on Concerns for Global Economy”