The rumors have been confirmed, and the Australian dollar and the Canadian dollar are being considered reserve currencies. The International Monetary Fund has asked that countries include their Aussie and loonie holdings in reserve statistics starting next year. The move by the IMF is seen, by some, as one that has been long in coming. Practically speaking, central banks have already been expanding their holdings to include the Aussie and the loonie, since … “Aussie, Loonie Termed Reserve Currencies”
Month: November 2012
Japanese Yen Mostly Lower as Risk Appetite Returns
Even though markets are somewhat cautious about next week’s risk events, some of that is fading as risk appetite returns — at least for today. The yen, which had the upper hand in earlier trading, is heading lower now as Forex traders look for higher yields. Yen is pulling back against the euro and the UK pound right now, heading lower as Forex traders turn to high beta currencies … “Japanese Yen Mostly Lower as Risk Appetite Returns”
Won Drops as on Intervention Worries
The South Korean won fell today on worries that the government may intervene to weaken the currency. The concerns overshadowed the positive influence of optimism about economic growth in China. The won has been the best performer among the 11 major Asian currencies since the end of June. It looks like South Korea’s lawmakers are not pleased with the currency’s strength as Deputy Finance Minister Choi Jong Ku demonstrated displeasure with … “Won Drops as on Intervention Worries”
Euro Reaches Monthly High Against Dollar
The euro advanced today, reaching the highest level in a month against the US dollar, as Germany’s confidence improved and economy continued to expand. The news demonstrated that at least some countries of the eurozone may avoid recession, increasing the appeal of the euro. The Ifo Business Climate index increased from 100.00 in October to 101.4 in November. Germany’s gross domestic product grew 0.2 percent in the third quarter of 2012, following the 0.3 percent rise in the second quarter. … “Euro Reaches Monthly High Against Dollar”
Best White Label Solution Provider Award goes to Swissquote
The Forex Managed Funds & Investment Award 2012 in Dubai yielded a nice award for Swissquote Bank – the Best White Label Solution. Swissquote Bank recently launched WTI Crude Oil Trading. For more about this award, here is data from the press release: Gland, Switzerland, November 23, 2012 Swissquote Bank, a leading global Forex service provider and the largest … “Best White Label Solution Provider Award goes to Swissquote”
US Dollar Remains Weak vs. Yen, Attempts to Gain vs. Euro
The US dollar erased its gains versus the Japanese yen yesterday and continued the decline today. The greenback was soft against the euro on yesterday’s trading session, but gained at the beginning of today’s trading session. The dollar was soft amid good news from Europe and China. The data positive data from the United States also damped demand for the safety of the US currency. All in all, the outlook for the global economy has become brighter … “US Dollar Remains Weak vs. Yen, Attempts to Gain vs. Euro”
Brazilian Real Drops Despite Positive FX Market Sentiment
The Brazilian real dropped today as policy makers hinted that they prefer to see the currency weaker. Today’s market sentiment was positive for currencies of emerging markets and the real was rising earlier, but currently it erased its gains. The Brazilian currency was weakening and Finance Minister Guido Mantega commented that the currency was in a ânormal trajectoryâ. President Dilma Rousseff said that the currency is overvalued. Central Bank … “Brazilian Real Drops Despite Positive FX Market Sentiment”
EUR/USD: Trading the German IFO Nov 2012
German Ifo Business Climate is a monthly composite index of about 7,000 businesses, which are surveyed about current business conditions and their expectations concerning economic performance over the next six months. A reading which is higher than expected is bearish for the US dollar. Here are all the details, and 5 possible outcomes for EUR/USD. … “EUR/USD: Trading the German IFO Nov 2012”
Pound Loses Ground as Forex Traders Consider Direction
UK pound is losing ground today, even though the good news out of China is providing a little bit of support. For the most part, Forex traders are in wait and see mode, with no major economic data out of the United Kingdom expected for the rest of the week, and with low volume in general, stemming from holidays in the United States and Japan. UK pound is a little bit lower, in spite of good news … “Pound Loses Ground as Forex Traders Consider Direction”
Canadian Dollar Struggles a Bit on Retail Sales Data
Trade has been relatively quiet today, with US markets closed for the Thanksgiving holiday. However, in the Forex market there has been a measure of risk appetite. The Canadian dollar does not seem to be benefitting from that appetite, though, thanks to latest retail sales data. Economists had expected Canadian retail sales for September to grow by 0.5 per cent. Instead, they only grew by 0.1 per cent. … “Canadian Dollar Struggles a Bit on Retail Sales Data”