The Great Britain pound rose today as inflation remained above the central bank’s target, reducing probability of additional monetary easing by the Bank of England. The Consumer Price Index rose 2.8 percent in March from a year. The increase was at the same rate as in previous month and in line with forecasts. The sterling weakened a bit on speculations that stagnating growth will spur the BoE to stimulate the economy despite inflationary pressure, but the currency recovered later. … “Pound Rises as Inflation Remains Above BoE Target”
Month: April 2013
tradable announces strategic partnership with First Derivatives
Danish startup tradable announces a new partnership, this time with First Derivatives. This strategic cooperation is another significant step for the company. For more details, here is the official press release: Award-winning trading platform tradable has agreed a strategic partnership First Derivatives, a leading provider of software and consulting services to the capital markets industry. … “tradable announces strategic partnership with First Derivatives”
Won Rebounds After Sell-Off
The South Korean won rebounded today as regional stocks advanced after yesterday’s sell-off. It looks like traders are returning to riskier assets, reversing earlier losses. The benchmark South Korean KOSPI index of shares added 0.1 percent following the previous decline by 1.2 percent. Stocks rebounded as market participants thought that they had fallen too much too fast. The drop was caused by negative news from … “Won Rebounds After Sell-Off”
AUDUSD Turns Bearish After A Daily Close Beneath March
AUDUSD turned sharply lower and made a daily close beneath the rising trend-line connected from the March lows. We also need to consider that the decline from 1.0580 is looking impulsive; a strong and large move in a very short period of time. As such, this leg must be part of a larger bearish sequence … “AUDUSD Turns Bearish After A Daily Close Beneath March”
Australian Dollar Bounces, Further Weakness Expected
The Australian dollar bounced today after yesterday’s huge drop. Fundamentals remain bad though and the minutes of the last central bank’s policy meeting added to negative factors that put pressure on the Aussie. The Reserve Bank of Australia released the minutes of its April policy meeting, showing that an interest rate cut remains likely. The central bank complained about high exchange rate and stated: The outlook for inflation, as currently assessed, would provide … “Australian Dollar Bounces, Further Weakness Expected”
Euro Steady After Yesterday’s Drop
The euro was steady today and even attempted to rally versus the US dollar. The currency sank yesterday against safe currencies after poor macroeconomic data from China and the United States spurred risk aversion on the Forex market. The slower-than-expected China’s growth was a major event at the start of this week, driving the FX market into risk-off mode. The USA did not help either with the fall of the Empire State Manufacturing Index, … “Euro Steady After Yesterday’s Drop”
NZD/USD April 2013 Trading the New Zealand CPI
The New Zealand CPI (Consumer Price Index), which is released every quarter, measures the change in the price of goods and services charged to consumers. CPI readings which are higher than forecast are bullish for the New Zealand dollar. Here are all the details, and 5 possible outcomes for NZD/USD. Published on Tuesday at 22:45 GMT. … “NZD/USD April 2013 Trading the New Zealand CPI”
Loonie Tumbles along with Commodities
Commodities are taking a plunge today, and commodity currencies like the Canadian dollar are falling right along with them. Loonie is especially impacted by the drop in oil prices. Commodity prices are much lower as the US session moves into mid-morning trading. Gold has dropped below $1,400 an ounce, and oil prices are heading toward $88 a barrel. This bad news for commodities is weighing on currencies, like … “Loonie Tumbles along with Commodities”
Market-Wide Risk Aversion Sends US Dollar Higher
US dollar is gaining ground today, moving higher as risk aversion sends high beta currencies lower. Signs of economic weakness are weighing on risk as many traders finally come to the realization that things really aren’t that great. Concerns about slowing in the pace of the US economic recovery are weighing on other currencies today. Also of concern: The eurozone. Even though the ECB has said in the past — and put into … “Market-Wide Risk Aversion Sends US Dollar Higher”
Yen Gains as China’s Growth Unexpectedly Slows
The Japanese yen strengthened today as unexpected slowdown of China’s economic growth spooked Forex market participants and increased demand for assets that offer safety. The National Bureau of Statistics reported that Chinese gross domestic product grew 7.7 percent in the first quarter of 2013 after expanding 7.9 percent in the previous three months. The data frustrated analysts who have expected 8.0 percent growth. The Japanese currency managed to show strength … “Yen Gains as China’s Growth Unexpectedly Slows”