The South African rand strengthened today amid the positive market sentiment that increased demand for assets of emerging markets, including South African bonds. Overseas buyers purchased 5.72 billion rand ($645 million) of South African bonds last week. European finance ministers are meeting today to discuss help for Greece yet again. Hopes for a positive outcome of the meeting encourage Forex traders to purchase riskier currencies. The eurozone is … “Rand Firm as Traders Buy South African Bonds”
Month: November 2012
US Dollar Gains Ground as Eurozone Troubles Continue
US dollar is gaining ground today, heading higher as eurozone troubles continue. Worries about what’s next for the eurozone are weighing on risk appetite, as the division in thought amongst eurozone leaders becomes more pronounced. Greenback is heading higher today as risk aversion gains the upper hand and riskier currencies head lower. Concerns about what’s next fort he eurozone are once again in focus, and the US dollar … “US Dollar Gains Ground as Eurozone Troubles Continue”
Indonesian Rupiah Flat. Can It Rise?
The Indonesian rupiah was flat today, but analysts think that the currency may gain amid signs of economic recovery and the positive outlook for the nation’s economy. The Indonesian rupiah traded flat today, but market analysts believe that the currency may yet advance. Global funds bought 2.99 trillion rupiah ($311 million) Indonesia’s government bonds last week. Economists expect that the official report on December 3 will … “Indonesian Rupiah Flat. Can It Rise?”
Catalan Elections: Also a Blow to Austerity Policy
The focus of the elections in Catalonia was about the question of independence from Spain. The results are mixed and leave a bit for every side: on one hand, the pro-independence parties command a majority in the new parliament, yet the main nationalistic party that called for elections actually lost a lot of votes. Another … “Catalan Elections: Also a Blow to Austerity Policy”
GBP/USD: Trading the Revised British GDP
British Revised Gross Domestic Product (GDP) is a key economic release and is published each quarter. GDP measures production and growth of the economy, and is considered by analysts as one the most important indicators of economic activity. A reading which is better than the market forecast is bullish for the pound. Here are all … “GBP/USD: Trading the Revised British GDP”
GOLD Elliott Wave Analysis – Bullish on the Long Term
We expect a rise into a new high on gold after a recent sharp rally through the red resistance line that connected it from all-time highs. This break is now very similar to the one that occurred in 2009 when gold was trading around $900 per ounce. In fact, from an Elliott Wave perspective this … “GOLD Elliott Wave Analysis – Bullish on the Long Term”
Mexico’s new President and the strengthening MXN
On December 1st, Enrique Peña Nieto will become Mexico’s President for the next six years. His election marks a return to power by the PRI after a 12-year hiatus under the rule of the more conservative PAN. The fundamentals of the Mexican economy make the case for a stronger currency, but social and political issues … “Mexico’s new President and the strengthening MXN”
Euro Posts Second Weekly Rally Despite Uncertainty About Greece
The euro gained this week, posting the second consecutive weekly rally and rising to the highest level since April against the Japanese yen. The currency was firm even as Greece failed to convince other eurozone members that it should get another round of a bailout. Traders were hoping that the meetings of European lawmakers would result in the next portion of aid for Greece, but that did not come to pass. Yet for some … “Euro Posts Second Weekly Rally Despite Uncertainty About Greece”
Loonie Closes at Highest Since April vs. Greenback
The Canadian dollar rose against the US dollar and and reached the highest closing price since April versus the Japanese yen as Canada’s inflation was steady and the market sentiment was good. The Canadian currency fell against the euro. Canada maintained its monthly inflation growth at 0.2 percent in October. The core component of the Consumer Price Index rose 0.3 percent in the last month from the month before. Analysts predict that the report next … “Loonie Closes at Highest Since April vs. Greenback”
GBP/USD & GBP/JPY Climb on UK Mortgage Approvals
The Great Britain pound rose today against the US dollar and the Japanese yen after the report showed an increasing number of mortgage approvals last month. The sterling remained weak versus the euro due to optimism about a bailout for Greece. The number of mortgage approvals increased from 31,544 in September to 33,039 in October. Analysts have expected an increase to about 32,300. The better-than-expected data sparked hopes that the United Kingdom is on track to recovery. Traders … “GBP/USD & GBP/JPY Climb on UK Mortgage Approvals”