UK pound is struggling today, dropping as lackluster economic data continues to indicate that more stimulus is likely. This time, it’s about the unemployment numbers. The UK economy has been struggling for years now, and is flirting with a triple-dip recession. That possibility just came a little bit closer with the release of the latest unemployment numbers. The Office for National Statistics reports that the UK unemployment rate has … “UK Pound Struggles after Unemployment Numbers”
Month: April 2013
USD/JPY: Trading the Philly Fed Manufacturing Index April 2013
The Philadelphia Fed Manufacturing Index is an important leading indicator, and is based on a survey of manufacturers in the Philadelphia area. It examines manufacturers’ opinions of business activity, and helps provides a snapshot of the health of the manufacturing sector. A reading which is higher than the forecast is bullish for the dollar. Here are all … “USD/JPY: Trading the Philly Fed Manufacturing Index April 2013”
Indonesian Rupiah Advances as IMF Boosts Japan’s Forecast
The Indonesian rupiah appreciated today as the International Monetary Fund boosted its forecast for Japan’s economic growth, improving prospects for Indonesian exports. The IMF increased its estimate for Japan’s growth this year to 1.6 percent. Japan is the second-biggest importer of Indonesian shipments, 40 percent of which consist of commodities. The news added to the positive general market that supported higher-yielding currencies. USD/IDR fell 0.1 percent to 9,720 as of 9:51 GMT today. … “Indonesian Rupiah Advances as IMF Boosts Japan’s Forecast”
EURUSD Breaks Out Of the Range, Now Headed to
EURUSD finally broke out of a sideways price action into wave C); earlier than we thought but still in our primary direction. This wave C) has now room for even higher levels, towards 1.3250/1.3300 where we will be looking for evidences of a completed rally from 1.2745. Keep in mind that whole recovery is probably … “EURUSD Breaks Out Of the Range, Now Headed to”
Yuan Hits Record Ahead of G-20 & IMF Meetings
The Chinese yuan posted the biggest gain in four months and reached the record high today as the central bank raised the daily fixing and policy makers suggested that the currency will be allowed to trade in broader range. The Peopleâs Bank of China increased the reference rate by 0.11 percent to 6.2342 per dollar. According to the China Daily, Wang Yu, the deputy director-general of the PBoC research bureau, said that the central bank will widen the trading … “Yuan Hits Record Ahead of G-20 & IMF Meetings”
AUD/JPY Extends Gains, AUD/USD Drops
The Australian dollar extended yesterday’s gains versus the Japanese yen and losses against the euro today. The currency weakened against the US dollar, paring the earlier rally. The market sentiment remained mildly positive, supporting riskier assets. The MSCI World Index of stocks rose 0.5 percent yesterday. The Thomson Reuters/Jefferies CRB Commodity Index advanced 0.8 percent. The rally of shares and raw materials helped currencies related to growth. The good traders’ mood … “AUD/JPY Extends Gains, AUD/USD Drops”
Euro Recovers After Huge Sell-Off
The euro climbed today, erasing yesterday’s decline versus the US dollar, as eurozone macroeconomic indicators were not that bad, while short-covering after the previous huge drop also helped to propel the currency higher. The ZEW Indicator of Economic Sentiment for Germany fell from 48.5 in March to 36.3 in April, more than analysts have predicted. The data was not good, strictly speaking, but the report pointed out that “the indicator … “Euro Recovers After Huge Sell-Off”
US Dollar Loses Ground as Risk Appetite Returns
US dollar is losing ground today as risk appetite returns to the market. Greenback is higher against the yen, but down against high beta currencies, particularly the euro. Greenback is losing ground today as risk appetite returns to the Forex market, and as gold prices begin a recovery move. US economic data has improved, and that is overcoming some of the disappointing information out of the eurozone, to help the 17-nation currency, and other … “US Dollar Loses Ground as Risk Appetite Returns”
Kiwi Gets Boost Following Yesterday’s Drop
New Zealand dollar is getting a boost today, heading a little bit higher after yesterday’s drop. Kiwi is seeing some support, but more weakness could be ahead. Yesterday, disappointing growth data from China led to the wholesale dumping of risk assets, including commodity currencies like the New Zealand dollar. Today, as gold prices attempt to rise back toward the $1,400 level, and there is a little … “Kiwi Gets Boost Following Yesterday’s Drop”
Gold prices can face another shake out
Will gold prices extend their falls or is there a buy opportunity? Simon Smith of FxPro looks at the recent behavior and sees there could be more of a shake-out to come. In the interview below, Smith also discusses the international pressure on Japan regarding the weakness of the yen, the anti-euro party in Germany … “Gold prices can face another shake out”