US dollar is heading higher today, gaining ground as uncertainty about what’s next for the global economy weighs on risk and high beta currencies. There is a lot of uncertainty out there right now. Risk aversion is high as concerns about the eurozone continue to provide a reason for worry. The situation in Greece still isn’t resolved to everyone’s satisfaction, and Spain continues to put off what many think is the inevitable. The question … “US Dollar Gains Ground on Continued Uncertainty”
Month: October 2012
Hawkish Stance of BoC Does Not Prevent Weekly Losses of Loonie
The Canadian dollar posted weekly losses amid tension and uncertainty on the Forex market even as Canada’s central bank maintained interest rates and hinted that higher rates may be possible in the future. The Canadian currency was a little higher against the euro as the 17-nation currency had its own share of problems. The Bank of Canada refrained from lowering borrowing costs and even hinted that it may withdraw some stimulus. That … “Hawkish Stance of BoC Does Not Prevent Weekly Losses of Loonie”
Aussie Reaches Four-Week High vs. Euro
The Australian dollar rose against its US counterpart and closed at the highest level in four weeks versus the euro on positive data from the United States. The Aussie fell against the Japanese yen as drop of stocks reduced investors’ demand for riskier assets. The MSCI Asia Pacific Index of stocks dropped 1 percent today, allowing the yen to gain on risk aversion. News from Europe added to pressure on the Aussie. Yet news from the United … “Aussie Reaches Four-Week High vs. Euro”
Loonie Suffers as Europe Hurts Market Sentiment
The Canadian dollar fell today as the Forex market was not pleased by the news from Europe and entered a risk-off mode. The Canadian currency remained weak against safer currencies and even declined versus the euro. Optimism about Europe waned completely as there are no signs that politicians make headway in battling the crisis. Spanish Prime Minister Mariano Rajoy delayed request for a bailout even as nation’s unemployment rose to the record. There … “Loonie Suffers as Europe Hurts Market Sentiment”
Euro Falls on Concerns about Greece, Spain, and Recession
Euro is lower today, dropping on concerns about Greece and Spain, as well as worries about a possible recession in the eurozone. Risk appetite has made an appearance, though, and euro appears to be trying to regain some of its lost ground. Concerns about what’s next for Greece and Spain are weighing on the 17-nation currency. The latest report about Greece indicates that the country is on track to miss its debt target by quite a bit. … “Euro Falls on Concerns about Greece, Spain, and Recession”
UK Pound Gains against Euro as QE Expectations Fade
UK pound is gaining against the euro today, heading higher as expectations of more quantitative easing fade. Pound is showing strength at a time when the euro is showing weakness, and that is giving the pound the upper hand. Thanks to the unexpectedly strong economic figures coming out of the United Kingdom earlier this week, the pound is gaining ground against the euro. Thanks to the latest growth data, in which the third quarter … “UK Pound Gains against Euro as QE Expectations Fade”
Risk Aversions Allows Yen’s Rebound
The Japanese yen advanced today as risk aversion returned to the Forex market again, driving riskier assets down and pushing investors to seek safety. The currency is still under threat of an intervention, though. Europe remains the main provider of bad news as Spanish unemployment climbed to the record 25 percent. The MSCI Asia Pacific Index of stocks dropped as much as 1.1 percent after companies reported that their earnings missed estimates. Economists … “Risk Aversions Allows Yen’s Rebound”
Trade Deficit Has Mixed Impact on NZ Dollar
The New Zealand dollar fell against the Japanese yen today as the New Zealand trade balance deficit was near the highest level since 2008. The deficit was still below analysts’ expectations, allowing the kiwi to gain against the US dollar. New Zealand’s trade deficit was at NZ$791 million in September, which is below the median forecast of NZ$838 million. Still, the deficit is high and would be highest since October … “Trade Deficit Has Mixed Impact on NZ Dollar”
EURUSD Elliott Wave Intra-day Update
Markets are slightly in risk-off mode with Asian shares trading lower after Apple released weaker-than-expected results. We can also see some EUR weakness after higher unemployment numbers were reported in Spain; more than 25%. Spain yields should continue to the upside, into a wave (c) rally which will cause bearish pressure on the EURUSD. EURUSD … “EURUSD Elliott Wave Intra-day Update”
Dollar Rallies Despite Positive Market Sentiment
The US dollar rallied against the euro and the Japanese yen yesterday, but pulled back a little today. The currency sank versus the Great Britain pound as the UK economy expanded faster than experts have anticipated. US pending home sales grew 0.3 percent last month. The report noted: Home contract activity remains at an elevated level in contrast with recent years, but currently appears to be bouncing around in a narrow … “Dollar Rallies Despite Positive Market Sentiment”