The Japanese yen climbed today even as the Bank of Japan eased its monetary policy. The currency trimmed its gains against the US dollar later, though, and fell against the euro as the market sentiment turned to positivity. The BoJ expanded its asset purchase program by ¥11 trillion to ¥91 trillion. The central bank also talked about measures to overcome deflation. The yen jumped after the policy decision as Forex market participants the size of the additional … “Yen Attempts to Keep Gains Even as BoJ Eases Policy”
Month: October 2012
Euro Moving through Resistance
Euro is moving higher today, muscling through resistance even though the news out of the eurozone continues to disappoint. After bouncing off lows below 1.2900, euro touched a session high of 1.2966. Economic confidence fell to 84.5 in October, representing a drop from the revised 85.2. However, there were estimates of 84.4, so the slight improvement is helping the situation. Composite manufacturing and services continues to contract, with advanced PMI … “Euro Moving through Resistance”
USD/CAD: Trading the Canadian GDP Oct 2012
Gross Domestic Product (GDP) is a measurement of the production and growth of the economy, and analysts consider GDP one the most important indicators of economic activity. A reading which is better than the market forecast is bullish for the Canadian dollar. Here are all the details, and 5 possible outcomes for USD/CAD. Published on Wednesday … “USD/CAD: Trading the Canadian GDP Oct 2012”
Won Reaches 13-Month Record
The South Korean won climbed today, reaching the highest level in 13 months, probably because exporters sold dollars to convert their earnings after exports advanced. The Forex market sentiment improved today, adding to the bullish bias of the currency. South Korea’s current account balance posted a surplus of $6.07 billion in September, reaching the second highest level in history, due to rising exports. Exporters should have sold dollars to convert their … “Won Reaches 13-Month Record”
Chinese Yuan Reaches High Not Seen for Almost 19 Years
Chinese yuan is higher against the US dollar, gaining to its greatest value in almost 19 years. With so much weakness around the globe, pressure is high enough that China had little choice but to let the yuan appreciate. Earlier, the Chinese yuan (also called the renminbi) reached 6.2371 against the US dollar, an intraday high not seen since 1994, at the launch of China’s new currency trading … “Chinese Yuan Reaches High Not Seen for Almost 19 Years”
Australian Dollar Trims Its Losses
The Australian dollar rose today following yesterday’s losses. The currency was weak on the previous trading session as the market sentiment was unfavorable for riskier assets. The Aussie gained against the euro and though trimmed its drop versus the US dollar. But the Australian currency continued to decline against the Japanese yen. There was no obvious reason for the change of performance and the rebound may be just temporary. The most noticeable reason for traders to be … “Australian Dollar Trims Its Losses”
CAD Trades Below Parity with USD
The Canadian dollar traded below parity with its US counterpart for the first time since August as the general negative sentiment on the Forex market added to fundamental concerns in Canada. The Forex market experienced risk aversion as Hurricane Sandy threatens the United States. The commodity market was hurt by the negative mood as well and the Standard & Poorâs GSCI Index of raw materials fell 0.4 percent. The performance of the Canadian dollar is linked to the commodity … “CAD Trades Below Parity with USD”
Rupee Down Ahead of Monetary Policy Decision
The Indian rupee weakened today ahead of tomorrow’s monetary policy decision as the central bank mentioned that there is need for some measures to spur growth. Analysts interpreted such comments as a hint at future interest rate cuts. The Reserve Bank of India wrote today: As macro-risks from inflation and twin deficits recede further, that could yield space down the line for monetary policy to respond more effectively to growth concerns. The bank … “Rupee Down Ahead of Monetary Policy Decision”
Ringgit Heads Down as US Stock Markets Close
The Malaysian ringgit dropped as US equity markets were closed today due to the threat from a hurricane. The event threw other markets in turmoil and Forex traders preferred to keep dollars amid uncertainty and fear. Hurricane Sandy may be one of the worst storms that hit the United States in a century. Stock markets were closed amid the threat from the hurricane. On top of that, the presidential elections on November 6 may be affected … “Ringgit Heads Down as US Stock Markets Close”
Euro Mostly Lower in Forex Trading
Euro is mostly lower in Forex trading today, pulling back as uncertainty — particularly about what’s next for embattled eurozone countries — weighs on the 17-nation currency. Euro is heading lower as worries about what will happen in Greece and Spain once again take center stage. In Greece, there are still talks about austerity measures. Last week, an analysis showed that Greece was nowhere near its targets. … “Euro Mostly Lower in Forex Trading”