Economic data in the United States is prompting a retreat for the US dollar right now. As data continues to disappoint, the greenback heads lower as quantitative easing measures are expected to remain in place. The Federal Reserve is meeting later this week to discuss monetary policy, and there are expectations that the FOMC will decide to continue its asset purchase program. The continuation of quantitative easing measures is weighing on the greenback today. US … “US Dollar Retreats on Economic Data”
Month: April 2013
ECB Rate Cut Expected Following Confidence Data
Many are now expecting that the European Central Bank will cut its benchmark interest rate at its next meeting due to the latest confidence data out of the eurozone. Economic confidence continues to dwindle, and that could lead the ECB to cut rates in a stimulus effort. The latest economic confidence data out of the eurozone shows a larger slump than expected. According to the Economic Sentiment Indicator, confidence in the eurozone economy dropped to 88.6 … “ECB Rate Cut Expected Following Confidence Data”
Widening South Korean Current-Account Surplus Leads to Stronger Won
The South Korean won soared today as the nation’s trading account surplus widened, increasing the attractiveness of South Korean assets and leading to hopes for higher capital inflows into the country. The Bank of Korea reported that the current-account excess reached $4.98 billion in March, up from $2.71 billion in February. The data suggests that the South Korean economy is in a healthy state, making it attractive for foreign investors. The won profited from this, … “Widening South Korean Current-Account Surplus Leads to Stronger Won”
NZ Dollar Rallies on Anticipation of Building Approvals Growth
The New Zealand dollar jumped today on forecast that housing approvals will show growth with accelerating pace in tomorrow’s report. The currency performed rather good last week and started this week on a strong footing. Analysts estimated ahead of the government report that building consents grew 2 percent in March after rising 1.9 percent in the prior month. Such data supports the view of the central bank that interest rates … “NZ Dollar Rallies on Anticipation of Building Approvals Growth”
Admiral Markets wins two awards in Australia
Forex broker Admiral Markets was awarded the “Best of Forex for Experienced Traders as well as the “Best Forex for Novice Traders” by the Financial Review in Australia. Admiral Markets saw nice traction in its ForexBall competition. For more details, here is the official press release: Sydney– April 26, 2013 – Admiral Markets PTY, part … “Admiral Markets wins two awards in Australia”
USD/CAD: Trading the Canadian GDP Apr 2013
Canadian GDP is a measurement of the production and growth of the economy. Analysts consider GDP one the most important indicators of economic activity, and it is always a widely-anticipated release. A reading which is better than the market forecast is bullish for the Canadian dollar. Here are all the details, and 5 possible outcomes for … “USD/CAD: Trading the Canadian GDP Apr 2013”
Advanced GDP?
On Friday, 4/26 Advance GDP was reported for the 1st calendar quarter of 2013. The report came in at 2.5% vs. 3.1% expected. If you looked at some of the headlines that came out after the report; they read “US Economy Grows by 2.5 Percent” completely omitting the fact that this was way less than … “Advanced GDP?”
Dollar Soft vs. Majors, Remains Strong vs. Euro
The US dollar was mostly soft against other major currencies this week as macroeconomic data supported the positive mood of Forex traders. The euro was an exception, falling against the greenback on weak fundamentals. US fundamentals were mixed, but USD was weakened by the end of the week by slower-than-expected GDP growth (which was not bad by itself though). Britain’s growth was much slower, but was viewed on more positive … “Dollar Soft vs. Majors, Remains Strong vs. Euro”
Losses of Aussie Ahead of Weekend
The Australian dollar ended Friday with losses as US economic growth disappointed Forex market participants, spoiling their mood and reducing their willingness to buy higher-yielding currencies. The US economy grew slower that was expected by analysts. The growth was by no mean bad, especially compared to that of most developed nations, but it was still disappointing to traders. The Aussie lost even to the US dollar, which itself was … “Losses of Aussie Ahead of Weekend”
Euro at the End of Business Week
The euro ended the last trading day of this week higher against the US dollar, but lower versus the Japanese yen and the Great Britain pound as market participants speculated whether the European Central Bank will cut interest rates next week. German import prices slipped 0.1 percent in March from February when they increased 0.3 percent. Analysts have expected no change. The ECB policy decision next … “Euro at the End of Business Week”