Australian manufacturing contracted in January, indicating that the nation’s economy remains weak and putting pressure on the Australian dollar. Yet the currency remained little changed today, trading at the highest level since 2008 against the Japanese yen. The manufacturing index of Australian Industry Group was at 40.2 in January, falling from 44.3 in the prior month. A reading below 50.0 means decline of the sector. The indices for services and construction also showed contraction. Domestic fundamentals … “AUD/JPY at Record Since 2008 Despite Contraction of Manufacturing”
Month: January 2013
Dollar Mixed amid Confusing Fundamentals
The US dollar was flat against the euro, fell against the Great Britain pound and rose versus the Japanese yen today. Market analysts believe that the Federal Reserve will continue to extend its accommodative policy as long as unemployment remains high. Such outlook is bearish for the US currency. The Fed concluded its policy meeting yesterday. The central bank did not change its monetary policy, but said that … “Dollar Mixed amid Confusing Fundamentals”
Loonie Gets Boost from Better than Expected Economic Data
Canadian dollar is getting a little bit of a boost today, thanks to the latest economic news. Loonie is trading slightly higher against the US dollar, and finding success against some of the other major currencies as well. November’s GDP reading from Statistics Canada showed an increase of 0.3 per cent, beating the forecast 0.2 per cent. Looking at the year over year gain, it appears that Canada’s economy is … “Loonie Gets Boost from Better than Expected Economic Data”
Euro Mixed Against Other Majors
Euro is mixed against other major currencies today, thanks to a mixed bag of data. Even though the euro is off its recent highs against the US dollar, though, it is still turning in a strong performance against the greenback. December retail sales out of Germany showed a disappointing performance, even though the strong jobs data out of the eurozone’s largest economy has helped offset that news. Also … “Euro Mixed Against Other Majors”
EUR/USD: Trading the US NFP February 2013 outlook
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 13:30 GMT. Indicator Background … “EUR/USD: Trading the US NFP February 2013 outlook”
NZ Dollar Rises on China’s Growth & RBNZ Statement
The New Zealand dollar rose today on hopes for economic growth in China and after the Reserve Bank of New Zealand left its key Official Cash Rate unchanged and issued rather positive statement. The RBNZ left its benchmark interest rate unchanged at 2.5 percent yesterday. The accompanying statement was optimistic, saying that “global growth is set to recover in 2013” and that domestic data “suggest GDP growth is recovering … “NZ Dollar Rises on China’s Growth & RBNZ Statement”
Sterling Rises with Consumer Confidence & House Prices
The Great Britain pound advanced today, rising for the third straight session against the US dollar, as consumer confidence improved and growth of house prices beat forecast in the United Kingdom this month. The GfK consumer confidence rose from -29 in December to -26 in January. The report noted that “thereâs a definite note of optimism in these findings”, but “peopleâs views of their own financial situation arenât as optimistic”. The Nationwide House Price Index … “Sterling Rises with Consumer Confidence & House Prices”
Forex Crunch invites you to The Traders Expo New York
Forex Crunch invites you to attend The Traders Expo New York on February 17–19, 2013 at the Marriott Marquis Hotel as traders, like you, from around the world gather to sharpen their skills and perspective. The Traders Expo will provide the best opportunity to meet face-to-face with, learn from, and ask specific questions of today’s … “Forex Crunch invites you to The Traders Expo New York”
Don’t Build on Bernanke to Stop the Dollar’s Decline
WWBD?? What Will Bernanke Do? Apparently not much to stem the tide of USD weakness that has enveloped the currency over the last few weeks. The EUR, after flirting with the 1.3500 level a couple of times over the last few trading sessions, finally broke through that level quite convincingly in early European trading. Traders … “Don’t Build on Bernanke to Stop the Dollar’s Decline”
USD/CAD – No Extreme Volatiltiy, But Movements Make More
So far, 2013 sees far more volatility than the long slow months beforehand. The dollar, yen, euro and pound are on the move. On this background, the Canadian dollar has been much slower. Despite these slow movements, this often choppy pair now makes more sense – it respects ranges better than beforehand. At the beginning … “USD/CAD – No Extreme Volatiltiy, But Movements Make More”