The South Korean won advanced today on signs that South Korea’s economy is improving as exporters were converting their profits to the local currency ahead of the year-end. The current-account surplus widened to the record $6.88 billion in November. Industrial output increased 2.3 percent last month from the month before, much more than analysts have predicted (0.8 percent). That was the biggest advance since January. Economists are worried … “Won Rises as South Korean Economy Improves”
Month: December 2012
Yuan Rises as Negotiations Resume in USA
The Chinese yuan advanced today as China’s central bank set the reference rate higher and as negotiations among US politicians spurred risk appetite on the Forex market. The Peopleâs Bank of China increased the daily fixing 0.08 percent to 6.2896, the biggest increase since November 12. US President Barack Obama meets with Republicans House Speaker John Boehner and Democrats Senate Majority Leader Harry Reid today. Market participants hope … “Yuan Rises as Negotiations Resume in USA”
Yen Drops to Two-Year Low vs. Dollar
The Japanese yen extended its rally to the downside today, reaching the lowest level in more than two years, as Japan’s inflation continued to decline, fueling speculations that policy makers will take additional steps to stimulate economy, weakening the currency at the same time. Japan’s core Consumer Price Index declined 0.1 percent in November, while it was unchanged in the prior month. The Tokyo CPI (both core and non-core) retreated as much … “Yen Drops to Two-Year Low vs. Dollar”
NZ Dollar Trim Gains as US Politicians Still Cannot Find Consensus
The New Zealand dollar erased its earlier gains today on concerns that talks among US politicians to avoid the fiscal cliff were unsuccessful so far. The currency went higher against the Japanese yen. Fears that the so-called fiscal cliff will push the United States into recession still dominate the Forex market. Treasury Secretary Timothy Geithner said that he will take âextraordinary measuresâ to postpone a US … “NZ Dollar Trim Gains as US Politicians Still Cannot Find Consensus”
Loonie Higher Against the US Dollar on Risk Appetite
Canadian dollar is higher against the US dollar today as risk appetite makes an appearance. Loonie is gaining ground as fiscal cliff talks are set to resume in the United States. Additionally, the Canadian dollar is getting some help from higher oil prices. Even though a deal still hasn’t been reached regarding the fiscal cliff in the United States, many expect that such a deal will be struck … “Loonie Higher Against the US Dollar on Risk Appetite”
Pound Rises with Mortgage Approvals
The Great Britain pound advanced today after the data showed that the number of mortgage approval rose last month. The actual reading was below analysts’ expectations, but that did not deter the currency from appreciating. According to British Bankers’ Association, the number of new mortgages approved for home purchase rose to 33,634 in November from 33,128 in October. The figure was below the median forecast of 34,600. The pound was especially firm … “Pound Rises with Mortgage Approvals”
Euro Heads Higher on Fiscal Cliff Hopes and Schäuble Comments
Euro is on the rise today as risk appetite returns to the markets, thanks to the help of expectations for a fiscal cliff deal, as well as comments from Germany’s financial minister. Euro is getting a boost as many expect that a deal will be reached in the United States regarding the fiscal cliff. Many expect that a deal will be done by the end of the year. President Barack Obama is cutting his Christmas vacation short in order … “Euro Heads Higher on Fiscal Cliff Hopes and Schäuble Comments”
USD/JPY: Trading the Pending Home Sales
US Pending Home Sales indicator is released monthly, and provides analysts with important data on the health and direction of the housing sector. The December reading is being released just one day after US New Home Sales. A higher reading than the market forecast is bullish for the dollar. Here are all the details, and 5 possible outcomes … “USD/JPY: Trading the Pending Home Sales”
Brazilian Central Bank Expected to Counter Decline of Real
The Brazilian real fell today, following yesterday’s gains. The rally on the previous trading session was caused by speculations that policy makers would take measures to support the currency. There were speculations that the Brazil’s central bank will increase its main interest rate to rein consumer inflation, but such talks eased recently. The Central Bank of Brazil left the key Selic rate unchanged in November, following 10 consecutive … “Brazilian Central Bank Expected to Counter Decline of Real”
Taiwan Dollar Advances on Hopes for Stimulus
The Taiwan dollar advanced today amid hopes that central banks of developed nations will stimulate their economies, fueling global economic growth. Such hopes increased the attractiveness of Taiwan assets. According to the exchanged data, global investors bought $126 million more local stocks than they sold today. Hopes for the stimulating measures from central banks allowed the market sentiment to overcome negativity caused by the danger of financial cliff … “Taiwan Dollar Advances on Hopes for Stimulus”