The South African rand resumed its decline against the US dollar today as fears of labor unrest in the country remain even as protests subsided and workers started to go back to work. Protesters in the Western Cape province agreed to pause their strikes to allow negotiations on wages, while Anglo American Platinum Ltd. said that its employees returned to work today. Still, worries about the continuous labor unrest remain, undermining the rand. … “Rand Resumes Drop Even as Strikes End”
Month: January 2013
Franc Drops as Demand for Safety Wanes
The Swiss franc dropped today as demand for safety fell amid the positive market sentiment, while the Swiss fundamental data made investors question the safe status of the currency. Comments of European Central Bank President Mario Draghi about strong capital inflows into the European region helped to reduce pessimism among Forex traders. Falling yield on Spanish government bonds also added to the positive sentiment. Fundamental reports from Switzerland were … “Franc Drops as Demand for Safety Wanes”
Euro Gains as Spanish Auction Deemed a Success
Euro is gaining today as the latest Spanish auction is considered a success. There is optimism about what’s next for the eurozone right now, and that is translating into gains for the euro, which some think could rise to the 1.3400 level against the US dollar fairly soon. Euro is benefitting from a combination of optimism and risk appetite today, heading higher as the Spanish bond auction is considered a success. Also … “Euro Gains as Spanish Auction Deemed a Success”
Joseph Wald to Lead Institutional Business at GAIN Capital
Gain Capital (forex.com) hired Joseph Wald, to lead the institutional business as a VP. Wald’s recent position was the head of a similar unit at Knight Capital. Gain Capital recently received GFT’s clients after the latter left the US market. For more details about this move, here is the official press release: NEW YORK, LONDON, … “Joseph Wald to Lead Institutional Business at GAIN Capital”
Canadian Dollar Inches Higher against US Dollar
Canadian dollar has inched higher against the US dollar, gaining some ground after slipping earlier in trading. Loonie is finding some support, even after some disappointing economic news. Earlier, Canadian dollar moved a little bit lower on reports of a decrease in foreign investment. Due to the way that Canada weathered the financial crisis and subsequent recession, many countries have been investing in the country. However, Statistics Canada … “Canadian Dollar Inches Higher against US Dollar”
GBP/JPY Riding on Uptrend Support – Where Next?
Pound/yen, also known as “the dragon”, is pushing forward. Pullbacks are limited to the uptrend support line so far. The weakness of the yen boosted the pair, and the recent limited weakness of the pound is responsible for the pullbacks. GBP JPY Uptrend Channel – Click image to enlarge Uptrend support began in mid November, when … “GBP/JPY Riding on Uptrend Support – Where Next?”
Swiss Franc – Despite the Peg, USD/CHF Looks Good
The Swiss National Bank maintained the peg of the franc to the euro in the quarterly meeting. The expected move came despite a surprising rise in employment and an even more surprising rise in growth: the economy grew by 0.6% in Q3, triple the early expectations. Nevertheless, the SNB found a justification for the rise … “Swiss Franc – Despite the Peg, USD/CHF Looks Good”
USD/JPY: Trading the Philadelphia Index January 2013
The Philadelphia Fed Manufacturing Index is an important leading indicator, and is based on a survey of manufacturers in the Philadelphia area. It examines manufacturers’ opinions of business activity, and helps provides a snapshot of the health of the manufacturing sector. A reading which exceeds the forecast is bullish for the dollar. Here are all … “USD/JPY: Trading the Philadelphia Index January 2013”
Norwegian Policy Makers Think Krone Too Strong
The Norwegian krone fell a little against the US dollar today and may retreat even further on speculations that policy makers will try to push the exchange rate down. The currency remained firm against the euro. Norges Bank Deputy Governor Jan Qvigstad said that the strength of the currency may prevent the central bank from raising interest rates. Previously, Finance Minister Sigbjoern Johnsen suggested that the bank’s monetary policy … “Norwegian Policy Makers Think Krone Too Strong”
Yen Drops, Rebound Is Possible
The Japanese yen fell at the start of today’s session as traders are expecting another intervention from the Bank of Japan. The currency reduced its losses by now and may yet resume its rally. The BoJ will conduct its policy meeting next week and it is a wide-held belief that the bank will introduce additional stimulus as a measure to bolster the economy. The central bank was speaking previously about aggressive actions and there is … “Yen Drops, Rebound Is Possible”