The Japanese yen retreated today after the two-day rally on speculations that the government will convince the Bank of Japan to double the inflation target, adding to the pressure on the currency. BoJ Governor Masaaki Shirakawa said that the central bank works in close contact with the government. Prime Minister Shinzo Abe was already calling for increasing the inflation target and more aggressive monetary policy for some time. Indeed, the bank mentioned aggressive policy during … “Yen Ends Rally on Speculations About Inflation Target”
Month: January 2013
Euro Struggles on Disappointing German IP
Euro is struggling today, thanks to a combination of light risk aversion and a weak German IP. The disappointments in economic data are weighing on the 17-nation currency a little bit, and resulting a bit of uncertainty, especially when combined with the other concerns plaguing the world economy. Many analysts had expected to see German Industrial Production to rise by 1.0 per cent in November. However, when the numbers came in, German IP showed only … “Euro Struggles on Disappointing German IP”
US Dollar Finds Support Following Earlier Losses
Earlier, the US dollar experienced a correction lower. Now, though, the greenback is finding support, and heading higher against its major counterparts. The gains aren’t huge, but they are there. There’s a lot of speculation going on right now. Forex traders are waiting for policy announcements from the European Central Bank and the Bank of England this week. Additionally, there is a lot of interest in economic stats from the end of the 2012. … “US Dollar Finds Support Following Earlier Losses”
South African Rand Gains on Bond Purchases, Retreats
The South African rand advanced today, before retreating a bit, as investors ramped up buying of the country’s bonds and on speculations that increasing demand for raw material will boost commodity currencies. The Johannesburg Stock Exchange data showed that foreign buyers purchased a net 1.17 billion rand ($136 million) of South Africa’s bonds yesterday, while net purchases totaled 3.9 billion rand this year. Signs of increasing demand … “South African Rand Gains on Bond Purchases, Retreats”
Negative Fundamentals Unable to Hurt Aussie
The Australian dollar rose today even amid fundamentals that were not supportive for the currency. Australian retail sales unexpectedly dipped, adding to speculations that another interest rate cut is warranted, but that did not bring the Aussie down. Australia’s retail sales fell 0.1 percent in November from October, when no change was registered. The report frustrated analysts who have expected an increase by 0.3 … “Negative Fundamentals Unable to Hurt Aussie”
ECB likely to sit on its collective hands once again
While some ECB members wanted a rate cut last month, the central bank isn’t expected to budge, say Michael Derks of FxPro. Some tentative positive signs and a fear of triggering unnecessary uncertainty could hold it back. In the interview below, Derks also discusses the debt ceiling crisis (which could be far worse than the … “ECB likely to sit on its collective hands once again”
Robotero Presents an Automated Event Driven FX Trading Tool
Robotero offers retails traders the technology and data feeds for automated trading, which have been available only to financial investors. The technology, made by a company based in Poland, is available for MetaTrader 4. For full details, here is the press release: ROBOTERO.COM a new globally unique trading platform for FOREX market, which can be used by … “Robotero Presents an Automated Event Driven FX Trading Tool”
Yen Continues Rally on Speculation That Drop Was Overdone
The Japanese yen continued its rally as risk aversion returned to the Forex market and on speculations that the huge decline, which the currency has experienced by the end of the last year, was overdone. The yen has started its drop against most currencies in the middle of November and moved down almost without pause till the beginning of this year. The currency has lost about 5 to 7 percent of its value just in the last few weeks. … “Yen Continues Rally on Speculation That Drop Was Overdone”
AUD/USD: Trading the Australian Building Jan 2013
Australian Buildings Approvals is considered one of the most important indicators in the construction industry. It measures the change in the number of new building approvals issued. A reading that is higher than the market prediction is bullish for the Australian dollar. Here are all the details, and 5 possible outcomes for AUD/USD. Published on Thursday at 00:30 GMT. … “AUD/USD: Trading the Australian Building Jan 2013”
CAD Loses Ground to USD & JPY, Holds vs. EUR
The Canadian dollar fell against its US peer after two sessions of rise and extended its drop versus the Japanese yen as crude oil and stocks retreated. The Canadian currency advanced versus the euro for the first day in three. Risk appetite came away from the market and riskier assets were falling. Futures on crude oil retreated 0.1 percent to $93.15 per barrel on NYMEX today. The Standard & Poorâs 500 Index … “CAD Loses Ground to USD & JPY, Holds vs. EUR”