US dollar is broadly lower today, losing ground today as the macroeconomic picture internationally is at odds with the latest economic data out of the United States. The macroeconomic picture continues to be somewhat encouraging, with China showing that it is ready to pick up the economic pace, and with the situation appearing to improve in the eurozone, thanks to the fact that Germany appears ready to lead the way once again. With that … “US Dollar Drops as Consumer Confidence Falls”
Month: January 2013
UK Pound Finds Respite for Now
UK pound has found some respite from its downward spiral — at least for now. Pound is higher against many of its major counterparts right now as Forex traders take a break from sending the currency on its plunge. UK pound has been rather weak recently, plunging lower against other major currencies. The weakness has been rather pronounced, and it appears that, for now, the pound is … “UK Pound Finds Respite for Now”
AUD Rises vs. USD, Drops vs. JPY amid Mixed Fundamentals
The fundamental data was mixed for the Australian dollar today. As a reflection of that, the currency rose against its US peer, but dropped against the Japanese yen. The Conference Board reported that the Australian leading indicators fell 0.2 percent in November, reversing the 0.2 percent gain in the previous month. Meanwhile, National Australia Bank reported that business confidence jumped sharply to 3 in December, rebounding from the November level of -9, which was … “AUD Rises vs. USD, Drops vs. JPY amid Mixed Fundamentals”
USD/JPY: Trading the US Advance GDP Jan 2013
US Advance GDP measures production and growth of the economy. Analysts consider GDP one the most important indicators of economic activity. A reading which is better than the market forecast is bullish for the dollar. Here are all the details, and 5 possible outcomes for USD/JPY. Published on Wednesday at 13:30 GMT. Indicator Background US Advance GDP … “USD/JPY: Trading the US Advance GDP Jan 2013”
NZ Dollar Climbs as Trade Deficit Turns to Surplus
The New Zealand dollar climbed today after New Zealand’s trade balance made a very pleasant surprise for market participants, unexpectedly turning from deficit to surplus last month. The currency retreated versus the Japanese yen. The New Zealand trade balance posted the surplus of NZ$486 million in December. That was completely unexpected by analysts as they have anticipated a deficit of NZ$106 million. The surplus was biggest since 1991. Moreover, the November … “NZ Dollar Climbs as Trade Deficit Turns to Surplus”
Europe unlikely to join the currency wars
One of the biggest FX movements of late was the devaluation of the Japanese yen. The sharp move, which was blessed by Japanese authorities, eventually triggered some comments by European officials. Will Europe also try to devalue the euro? Probably not. The new government in Tokyo vowed to fight deflation and to boost Japanese competitiveness. … “Europe unlikely to join the currency wars”
CAD/JPY Drops as Moody’s Downgrades Canadian Banks, Rebounds
The Canadian dollar fell against the Japanese yen today after Moody’s Investor Service cut credit ratings of several Canadian banks. Later, the loonie erased losses. The currency gained versus the US dollar and the euro. Moody’s downgraded long-term rates of six Canadian banks by one notch yesterday. David Beattie, Moody’s Vice President, said: Today’s downgrade of the Canadian banks reflects our ongoing concerns that Canadian banks’ exposure … “CAD/JPY Drops as Moody’s Downgrades Canadian Banks, Rebounds”
Yen Rebounds After Huge Drop
The Japanese yen rose today, advancing for the second session and rebounding from the lowest level since 2010 against the US dollar, on speculations that the recent drop was excessive and on hopes for improvement of the Japanese economy. Traders were buying yen on view that the huge decline, that currency was experiencing since the new government had taken power, was excessive. Additionally, specialists predict that the Japanese economy may improve over … “Yen Rebounds After Huge Drop”
Euro Lower on Profit Taking
Euro is a little lower today against the US dollar, thanks in large part to a round of profit taking from Forex traders anxious to lock in gains seen last week during the 17-nation currency’s spectacular rally. Even though the euro is lower against the US dollar today, it is still near it’s 11-month high. Even with the profit taking the euro remains relatively strong against the greenback. Optimism … “Euro Lower on Profit Taking”
US Dollar Gains on Euro Profit Taking and Pound Weakness
US dollar is gaining today as a number of factors combine to support the greenback. Euro is seeing some profit taking, and the pound is showing weakness. On top of that, there are some indications that risk aversion might be moving back into the picture. Greenback is heading higher today, gaining ground against most major currencies as the situation changes. Against the euro, the US dollar is seeing some … “US Dollar Gains on Euro Profit Taking and Pound Weakness”