The EUR has been in the spotlight overnight, as the currency dipped to the 1.2955 level after German IFO numbers were released. The Business Climate portion of the IFO number for Germany decreased from 106.7 in March to 104.4 in April. The market consensus had expected an decrease to 106.2. IFO Current Assessment fell to … “Any USD/JPY move towards 100.00 benefits the EUR”
Month: April 2013
GBP/USD: Trading the British Preliminary GDP Apr 2013
British Preliminary Gross Domestic Product (GDP) is a key release and is published each quarter. GDP measures production and growth of the economy, and is considered by analysts as one the most important indicators of economic activity. A reading which is better than the market forecast is bullish for the pound. Here are all the … “GBP/USD: Trading the British Preliminary GDP Apr 2013”
Aussie Attempts to Hold Ground amid Negative Fundamentals
The Australian dollar fluctuated today, but was fairly resilient even as both global and domestic fundamentals were not supportive for the currency that is linked to commodities and economic growth. The Australian Consumer Price Index grew 0.4 percent in the first quarter of 2013. This is compared to the traders’ expectations of 0.7 percent growth. Slower-than-anticipated inflation growth added to speculations that the Reserve Bank of Australia will resume interest rate cuts … “Aussie Attempts to Hold Ground amid Negative Fundamentals”
Loonie Heads Lower After Good Trading Session
The Canadian dollar retreated today following yesterday’s gains as poor macroeconomic data from the United States and China drove commodity prices lower. The rally on the previous trading session was caused by good domestic fundamentals. The eurozone confirmed that its economy is struggling and this continues to hurt global growth. China is less helpful to the world economy as its growth is also cooling. Such situation is not welcomed … “Loonie Heads Lower After Good Trading Session”
Aussie Drops against Greenback, Gains vs. European Currencies
Aussie is heading lower against the US dollar after the latest data out of China disappoints. However, as European currencies continue to weaken, Australian dollar is finding some success against them. Aussie is trading mixed today against its major counterparts. Against the US dollar, the Australian dollar is heading lower. Lower commodity prices, as well as risk aversion, have many Forex traders favoring the greenback. … “Aussie Drops against Greenback, Gains vs. European Currencies”
Japanese Yen Shows Strength against European Currencies
Slowing economic data out of China is weighing on high beta currencies, and helping support the Japanese yen against its European counterparts. Even with weakness expected moving forward, the yen is showing resilience right now. The latest CPI data out of China indicates that the economy is expanding at a slower pace than expected. The result is a bit of a disappointment, and a return to risk aversion on the news. With risk aversion … “Japanese Yen Shows Strength against European Currencies”
OANDA Adds Bitcoin to its Currency Converter
Following the global buzz around bitcoins, forex broker OANDA has added the virtual currency to its currency converter. However, the company doesn’t plan to add it as a tradeable currency or to use it for payment. Here’s what they say on their site: Despite the increased awareness around the cyber currency, OANDA has no plans … “OANDA Adds Bitcoin to its Currency Converter”
Forexball: 8 weeks, 22,000 participants and $32,000 in prizes
ForexBall, a global forex contest, just concluded its second season with a new record in participation. In only eight weeks since its re-launch, the Admiral Market Group’s new competition attracted more than 22,000 participant. A total of $32,000 was given out as prize money, with much more to come. ForexBall has also grown into a … “Forexball: 8 weeks, 22,000 participants and $32,000 in prizes”
Pound Drops on Domestic Fundamentals, Attempts to Recover
The Great Britain pound weakened today as a report showed that industrial order expectations fell this month, confirming that the UK economy continues to remain weak. Confederation of British Industry reported that factory orders declined from -15 in March to -25 in April. Analysts have expected the gauge to stay little-changed at -14. The data added to concerns about Britain’s economic health, hurting the sterling. Right now, the currency is attempting … “Pound Drops on Domestic Fundamentals, Attempts to Recover”
Euro Falls on Declining Manufacturing & Services
The euro dropped today as the manufacturing and service sectors continued to contract in the eurozone, fueling speculations that the European Central Bank will ease its monetary policy. Both eurozone manufacturing and service Purchasing Managers’ Indices were below the 50.0 level in April, indicating a contraction. Germany contributed to the decline as its PMIs were also in the contraction zone. Reports from outside of Europe were not good either, leading to talks that the ECB … “Euro Falls on Declining Manufacturing & Services”