The Australian dollar dropped today after the Reserve Bank of Australia made a surprise move by cutting its main interest rate. Economists expected that the RBA would hold rates unchanged in the light of the recent positive developments in the global economy. Australia’s central bank slashed its key interest rate by 25 basis points to 3.25 percent. While some analysts predicted such move, most believed the rate to remain stable. Glenn … “RBA Slashes Main Interest Rate, Making Aussie Weaker”
Month: October 2012
AUD/USD: Trading the Australian Trade Balance
Australian Trade Balance, a key indicator, is released on a monthly basis. It measures the difference in the value between imported and exported goods. A reading that is higher than the market forecast is bearish for the US dollar. Here are all the details, and 5 possible outcomes for AUD/USD. Published on Wednesday at 1:30 GMT. Indicator Background … “AUD/USD: Trading the Australian Trade Balance”
Aussie Uncertain Ahead of RBA Decision
The Australian dollar was unable to produce a clear trend today ahead of tomorrow’s monetary policy decision of Australia’s central bank. Aussie’s performance against the euro was more defined as the shared 17-nation currency outperformed most of its trading peers, including the Australian currency. The Reserve Bank of Australia will announce its monetary policy decision tomorrow. Some analysts say that the bank will lower interest rates, while others … “Aussie Uncertain Ahead of RBA Decision”
Higher Commodity Prices Lead to Gains of Loonie
The Canadian dollar advanced today as positive macroeconomic indicators and rising prices for raw materials supported demand for the currency tied to commodities. The loonie was unable to outperform the euro, which rallied on the positive news from Spain. The Raw Materials Price Index grew 3.4 percent in August, led by gains of oil prices. Crude did not disappoint today either, rising amid the positive market sentiment. Today’s favorable data added to optimism, … “Higher Commodity Prices Lead to Gains of Loonie”
Japanese Yen Drops as Economic Data Remains Weak
Japanese yen continues to show weakness on the Forex market. With a measure of optimism returning to the markets and helping risk appetite, the yen is not needed as a safe haven. On top of that, weak economic data in Japan is also helping to keep the yen lower. Part of the yen’s weakness today comes from optimism in the markets. Stress tests of Spanish banks last week showed that things aren’t as bad as expected, with banks … “Japanese Yen Drops as Economic Data Remains Weak”
US Dollar Mixed as Forex Traders Await Direction
US dollar is mixed today, performing differently against various majors as Forex traders await direction. There is economic data expected today, as well as a speech coming from Ben Bernanke. Right now, there is a bit of anticipation in the air. Forex traders are waiting for the latest economic data out of the United States, as well as a speech fro the Federal Reserve Chair, Ben Bernanke. Right now, the US dollar … “US Dollar Mixed as Forex Traders Await Direction”
Best Customer Service Provider 2012 Awarded to ICM Capital
During the Arab FX Championship in Dubai, ICM Capital UK received the “best customer service provider” award for 2012. ICM is regulated in the UK by the FSA. ICM recently announced it will participate in Cityscape Global 2012. More details are below: London 1st October 2012 – ICM Capital UK, a leading provider of online foreign exchange … “Best Customer Service Provider 2012 Awarded to ICM Capital”
Forex Crunch Key Metrics – September 2012
After the slower summer months, traffic picked in September. It was not only the end of vacations, but also the big events that rocked currencies, especially at the beginning of the month. All in all, September was better than August and better than September 2011. Here are the numbers: Page Views: 406,728. Visits: 169,604. Visitors: … “Forex Crunch Key Metrics – September 2012”
Pound Down vs. Euro on Manufacturing PMI, Stable vs. Dollar
The unexpected decline of the UK manufacturing index led to drop of the Great Britain pound against the euro. Britain’s currency was little changed versus the US dollar and the Japanese yen. The Markit/CIPS UK Manufacturing PMI fell to 48.4 in September, while analysts expected it to be stable near 49.5. A value below 50.0 indicates decline of an industry. The report said that manufacturing contracted as “order inflows remained lacklustre and job losses continued … “Pound Down vs. Euro on Manufacturing PMI, Stable vs. Dollar”
Stress Test of Spanish Banks Leads to Rebound of Euro
The euro climbed today as the results of Spanish banks’ stress test were better than expected, improving the outlook for the economy of the eurozone and its currency. According to the stress test, Spain’s banks have smaller capital deficit than was previously estimated. Moody’s Investor Service said that recapitalization of Spanish banks will be positive for the country’s credit rating. The shared European currency rose as a result of the good news and may climb even … “Stress Test of Spanish Banks Leads to Rebound of Euro”