The Norwegian krone fell today as the head of the central bank indicated that he may ease monetary policy as a measure to bring inflation, which was slowing due to the currency’s strength, closer to the bank’s target. The annual underline inflation rate was at 1.2 percent last month, far below the Norges Bank’s target of 2.5 percent. Governor Oeystein Olsen suggested that the bank may act to boost prices and economic growth: A pronounced … “Olsen Speaks About Interest Rate Cut, Krone Down”
Month: February 2013
NZ Dollar Extends Rally, Propped Up by Retail Sales
The New Zealand dollar extended its rally today, reaching the highest rate since September 2011 against its US peer, as retail sales grew last quarter more than was expected. New Zealand retail sales grew 2.1 percent on a seasonally adjusted basis in the fourth quarter of 2012 from the previous quarter, when they fell 0.2 percent. The expected growth was 1.3 percent. The report added to the positive … “NZ Dollar Extends Rally, Propped Up by Retail Sales”
Euro Drops as Recession Fears Re-Emerge
Recession fears are back for the eurozone, and that is weighing on the euro today. Worries about recession, as well as speculation that a rate cut could be coming from the European Central Bank, are sending the 17-nation currency lower today. Forex traders were surprised today as the information about GDP from the fourth quarter of 2012 was released for the eurozone. Expectations were for a contraction of 0.4 per cent, but, instead, the contraction … “Euro Drops as Recession Fears Re-Emerge”
Czech Economy Stays in Recession, Keeps Koruna Weak
The Czech koruna declined today as the nation’s economy remained in recession. Combination of the domestic weakness and the problems of the eurozone, which hurt prospects for Czech exports, suggests that the economy will not return to growth soon. The Czech Statistics Office reported that Czech gross domestic product shrank 0.2 percent in the fourth quarter of 2012 from the previous three months, registering the fourth consecutive quarterly decline. The report revealed that the weak domestic … “Czech Economy Stays in Recession, Keeps Koruna Weak”
Forint Hurt by Hungary’s GDP & CPI
The Hungarian forint fell today as worsening recession of the country’s economy and slowing inflation made traders speculate about an interest rate cut in the near future. Hungarian gross domestic product fell 2.7 percent in the fourth quarter of 2012 from a year ago, the biggest drop in three years. The decline followed the 1.9 percent fall in the third quarter. Inflation was 3.7 percent, slowest since September 2011. Poor reports were expected, … “Forint Hurt by Hungary’s GDP & CPI”
Yen Higher Today, But is More Weakness Coming?
Japanese yen is higher today, gaining due to its status as a safe haven as concerns about the global economy once again take center stage. However, the latest economic data from Japan suggests that more weakness could be coming for the yen. Yen is higher today as risk assets drop in the markets. Concerns about the eurozone GDP are rising, and even though jobless claims dropped in the United States, … “Yen Higher Today, But is More Weakness Coming?”
US jobless claims test support – Will we see a breakout?
US weekly unemployment claims surprised with a drop to 341K. Expectations were for a figure in the 360Ks, numbers that we were used to see. If we examine this weekly figure in the technical eyes, we can see some range trading around 360K-370K, with a sudden drop to 341K. Similar numbers have been seen in … “US jobless claims test support – Will we see a breakout?”
SkyonFX integrates the PFSOFT Protrader platform
PFSOFT’s Protrader platform continues to reach new audiences, and now it finds its way to SkyonFX. PFSOFT recently launched a web edition for ProTrader. For more details on this cooperation, here is the official press release: Protrader — an all-in-one trading platform, is now available to users through the brokerage firm SkyonFX. The PFSOFT company … “SkyonFX integrates the PFSOFT Protrader platform”
GBP/USD: Trading the British Retail Sales Feb 2013
The British Retail Sales is considered one of the most important indicator of consumer spending. The indicator’s release in the first week of each month provides analysts and traders with an early look at consumer spending. A reading that is higher than the market forecast is bullish for the pound. Here are all the details, and 5 … “GBP/USD: Trading the British Retail Sales Feb 2013”
Balancing the Yen?
The Japanese yen continued its downfall during January. The new Japanese government did not back down on elections promises. Officials continued talking down the yen directly and said that the yen is only “correcting” from excessive strength. The pressure on the Bank of Japan continued and was somewhat fruitful: the BOJ announced more QE, set … “Balancing the Yen?”