The South Korean won fell today as worries about the budget deficit in the United States of America made investors less willing to buy higher-yielding currencies. The time is nearing when automatic spending cuts and higher taxes will kick in, threatening the US economy. Something is required to be done with that danger, but market participants are worried that the President and Congress have hard time finding an agreement. … “Won Drops on Fears of US Fiscal Cliff”
Month: November 2012
US Dollar Index Rises on Uncertainty
US dollar index is getting a boost as uncertainty remains the biggest threat to high beta currencies. The macroeconomic situation, as well as the individual situations in various regions, is pointing to slowdown and uncertainty. As a result, the greenback is mostly higher today. Greenback is gaining against the euro especially, thanks to the news that the eurozone is officially in recession. Even talk of the US fiscal cliff isn’t dampening interesting in the US dollar as concerns about … “US Dollar Index Rises on Uncertainty”
Ruble Slips as Risky Currencies Lose Appeal
The Russian ruble dropped today as worries about the health of the global economy spurred risk aversion and drove investors away from riskier currencies of emerging markets. US President Barack Obama meets with Congress today to negotiate measures for avoiding the fiscal cliff. Yesterday’s report showed that the eurozone, the biggest trading partner of Russia, remains in recession. The poor economic data led to decline of prices on crude oil, the major source of Russia’s … “Ruble Slips as Risky Currencies Lose Appeal”
Euro Falls on Economic News
Euro is lower today, falling as economic news weighs on the 17-nation currency. The Center for Economic and Policy Research is reporting that the eurozone has been in recession since the third quarter of 2011. That news is weighing on the euro today, as is the fact that there appears to be no progress with Greece. After recognizing continued contraction in the eurozone economy, Forex trader focus is now on Greece. International leaders … “Euro Falls on Economic News”
iBroker mobile application – Trading futures app for OEC
OEC, which is a division of Gain Capital (forex.com) for futures, launched a new mobile application for trading. The app was developed by TradingMotion. More details are in the press release below: CHICAGO and MADRID, November 15, 2012 – OEC, the online futures division of GAIN Capital Holdings, Inc. (NYSE: GCAP), and TradingMotion, today introduced … “iBroker mobile application – Trading futures app for OEC”
Australian Dollar Drops as Central Bank Increases Currency Sales
The Australian dollar dropped after the Reserve Bank of Australia increased its currency sales and as fundamentals were not supportive for assets associated with risk. The Aussie managed to outperform the Japanese yen. Australia’s central bank extended its sales of the domestic currency last month. The RBA sold A$483 million more than it bought in October. Demand for the Australian dollar was limited amid risk aversion on the currency markets. Poor macroeconomic … “Australian Dollar Drops as Central Bank Increases Currency Sales”
Yen Stays Weak After Noda Dissolves Parliament
The Japanese yen remained weak today on speculations that the coming elections will bring new leadership for Japan, resulting in additional stimulating measures from the nation’s central bank. Japanese Prime Minister Yoshihiko Noda dissolved the parliament today. Most analysts believe that the major opposition Liberal Democratic Party will win the coming elections. Moreover, it is expected that the party’s leader Shinzo Abe will become the next … “Yen Stays Weak After Noda Dissolves Parliament”
Tradable Wins “Most Innovative Financial Company” Award at the
Tradable, which just launched its new platform, won the “most innovative financial company”, in the Forex Magnates summit held in London on November 14th. Forex executives attending the event were impressed by the disruptive nature of the new platform. Here are more details, from the press release: On the day of its launch, tradable, the … “Tradable Wins “Most Innovative Financial Company” Award at the”
Yuan Weakens After Change of China’s Leader
The Chinese yuan weakened today as the nation’s central bank set its reference rate lower. Speculators were less willing to buy the currency as the change of China’s leadership makes the future currency policy of the country unclear. The People’s Bank of China set the daily fixing at 6.2905 per dollar, 1.04 percent lower than yesterdayâs closing level of 6.2252. The currency is allowed to diverge 1 percent in either direction from the fixing. Xi … “Yuan Weakens After Change of China’s Leader”
UK Pound Struggles on Latest Economic Data
UK pound is struggling with the release of the latest data, but it is still maintaining the upper hand against the US dollar, which is falling as concerns about continued easing weigh on the greenback. The UK economy continues to struggle, and Mervyn King is calling for more stimulus from the Bank of England. Bank of England Governor Mervyn King has indicated that more stimulus might be on the way. The belief that … “UK Pound Struggles on Latest Economic Data”