The Mexican peso advanced as favorable US employment data kept the Forex market in the risk-on mode, supporting demand for higher-yielding currencies of emerging economies. Yesterday, a report showed that US employment grew by 158,000 jobs in October. Today, US nonfarm payrolls data was released, demonstrating an increase by 171,000 last month, beating market expectations of 123,000. Coupled with the positive outlook for Mexico’s growth, the news helped the peso to rise. USD/MXN … “Mexican Peso Rises on US Employment Data”
Month: November 2012
November 2012 Monthly Outlook Available
The Forex monthly outlook for November 2012 is available for subscribers of the Forex Crunch newsletter. Fore the first time, it is available both on the site and in PDF format.. To download it for free, just join the mailing list below. Welcome to November monthly report from Forex Crunch. October saw significantly slower markets … “November 2012 Monthly Outlook Available”
Protected: Forex Outlook November 2012 – Web Version
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Koruna Firm Even as Czech Central Bank Cuts Repo Rate to Record Low
The Czech koruna remained firm even after the nation’s central bank cut its key two-week repo rate to the record low. The central bank predicted that the economy will contract this year, but will return to growth next year. The Czech National Bank lowered its main interest rate by 20 basis points to 0.05 percent. An interest rate cut was expected only by minority of the market analysts and and even … “Koruna Firm Even as Czech Central Bank Cuts Repo Rate to Record Low”
Loonie Gets Boost from Positive US Data
The Canadian dollar jumped today as positive macroeconomic reports from Canada’s neighbor, the United States of America, strengthened risk appetite on the Forex market, benefiting currencies related to commodities and economic growth. US employers added as much as 158,000 in October, according to the report of Automatic Data Processing, beating analysts’ forecasts. Unemployment claims fell from 372,000 to 363,000 last week, while market participants have expected them to stay little changed. … “Loonie Gets Boost from Positive US Data”
Euro Gains as Forex Traders Look for Higher Yields
Euro is heading higher today, gaining as improved economic data in the United States, as well as news out of China, helps high beta currencies. Euro is higher against currencies like the dollar and the yen, but struggling against the pound. Once again, Greece is in focus, with a new plan for meeting austerity requirements in order to qualify for more bailout funds in focus. It looks increasingly like some sort of debt … “Euro Gains as Forex Traders Look for Higher Yields”
US Dollar Drops as Economic News Improves
US dollar is dropping today, thanks to the fact that economic news is showing some improvement. Greenback had inched higher a little earlier, but now risk appetite is making an appearance and the dollar is lower. Even though manufacturing grew at a slower pace in October, the ISM is still at 51.5, which indicates expansion. That is good news, even though it could be better. Unemployment … “US Dollar Drops as Economic News Improves”
EUR/USD: Trading the US NFP Nov 2012
The US Non-Farm Employment Change measures the change in the number of newly employed people in the US, excluding workers in the farming industry. A reading which is higher than the market forecast is bullish for the dollar. Here are the details and 5 possible outcomes for EUR/USD. Published on Friday at 12:30 GMT. Indicator Background Job … “EUR/USD: Trading the US NFP Nov 2012”
Norwegian Krone Holds Ground Even as Manufacturing Struggles
Sweden was not the only country with declining manufacturing as countries all over Europe suffer from the crisis. Norway’s manufacturing also struggled, but the nation’s currency managed to hold ground, unlike the Swedish one. The Norwegian Purchasing Managers’ Index declined 49.1 to 48.7 in October. The data spurred speculations that the Norges Bank will refrain from an interest rate hike and, indeed, Oeystein Olsen, the central bank’s Governor, … “Norwegian Krone Holds Ground Even as Manufacturing Struggles”
Swedish Krona Dips as Manufacturing Contracts
The Swedish krona declined today as Sweden’s manufacturing index dip further last month as exporters struggled amid the European fiscal crisis. The unfavorable data spurred speculations that economic growth this quarter will be weak. The Swedish Purchasing Managers’ Index declined from 44.7 to 43.1 in October. Analysts have hoped for an increase to 45.0. A reading below 50.0 indicates contraction. Exports fell 13 in September as demand from Europe … “Swedish Krona Dips as Manufacturing Contracts”