The Australian dollar remained depressed at the start of this week as business confidence worsened, adding to speculations that the central bank will cut interest rates yet again. The Aussies maintained last week’s drop today after National Australia Bank reported that its business confidence index fell from 2 in March to -2 in April. The bank said: Business conditions remain very difficult and confidence stumbles after showing signs … “Australian Dollar Remains Depressed”
Month: May 2013
EURUSD: Broken Daily Trend-line puts The euro in Bearish
EURUSD fell sharply last week and closed well below the 1.3034 swing low support which puts the bearish price action back in play. In fact, the decline from 1.3195 was very strong and sharp, which in many cases represents an impulsive wave and direction of trend. As such, we need to respect this price action … “EURUSD: Broken Daily Trend-line puts The euro in Bearish”
RBA Rate Cut Makes Week Bad for Aussie
This was definitely not good for the Australian dollar as the nation’s central bank unexpectedly reduced its interest rates and hinted that more rate cuts are possible. The Reserve Bank of Australia surprised the Forex market, easing its monetary policy further even though analysts have predicted that the bank would not make any changes. Moreover, the central bank said that it has scope for additional easing. … “RBA Rate Cut Makes Week Bad for Aussie”
Canadian Employment Trails Forecasts, CAD Loses to USD
Canadian employment growth was below forecasts, making the Canadian dollar close lower against its US peer. At the same time, the currency closed flat against the euro and higher versus the Japanese yen. Canadian employers added 12,500 jobs in April from March, when employment shrank as much as 54,500. The consensus forecast was at 14,800. The unemployment rate stayed at 7.2 percent as it was expected. The Canadian currency, which was … “Canadian Employment Trails Forecasts, CAD Loses to USD”
Yen Drops, USD/JPY Advances Above 101 Mark
The Japanese fell today against all other most-traded currencies and dropped below the 101 per dollar level on positive data from the United States and signs that Japanese investors buy foreign bonds. The US federal budget balance turned from the deficit of $106.5 billion in March to the surplus of $112.9 in April. The excess was above the analysts forecast of $108.3 billion. The government data showed that Japanese investors boosted their holdings … “Yen Drops, USD/JPY Advances Above 101 Mark”
Canadian Dollar Weakens with Other Commodity Currencies
Canadian dollar is heading lower today, dropping along with other commodity currencies. With commodities plunging, it is little surprise that currencies like the loonie are losing ground today. Commodity currencies are struggling today as gold and oil drop in trading. The Canadian dollar is losing ground along with other commodity currencies. Oil, a major export for Canada, and a major support for the loonie, is down … “Canadian Dollar Weakens with Other Commodity Currencies”
Euro Drops Below 1.3000 Against the US Dollar
Euro is lower against the US dollar today, dropping below the 1.3000 level for the first time in about two weeks. There isn’t a clear reason for the drop to take place right now, but there is speculation that general dollar strength is the main driver. Euro was losing ground earlier today against the dollar and the pound. Euro broke down through the 1.3000 level against the US dollar as dollar … “Euro Drops Below 1.3000 Against the US Dollar”
Norwegian Krone Rallies with Accelerating Inflation, Retreats
The Norwegian krone rallied today as inflation accelerated more than analysts have expected, reducing incentive for the central bank to cut interest rates. The currency retreated and trades below the opening level as of now. The Consumer Price Index, adjusted for taxes and energy prices, rose from 0.9 percent in March to 1.5 percent in April on an annual basis. The median forecast was at 1 percent. The gauge advanced 0.6 percent last month from the month … “Norwegian Krone Rallies with Accelerating Inflation, Retreats”
Aussie Suffers as RBA Lowers Inflation Outlook
The Australian dollar dropped today, touching the lowest level since June versus its US counterpart, as the Reserve Bank of Australia lowered its inflation outlook, reigniting talks about possible interest rate cut. The RBA lowered its projections for this year’s inflation down to 2 percent from the previous estimate of 3 percent. Economic growth “is expected to be a bit below trend” at 2.5 percent. The central bank unexpectedly … “Aussie Suffers as RBA Lowers Inflation Outlook”
Tradenext wins “Best New Company” award at City of
Forex broker Tradenext won the “Best New Company” award at the City of London Wealth Management Awards for 2013. The company recently partnered with tradable. For more about the prize, here is the official press release: LONDON–(BUSINESS WIRE)–Tradenext, a London based financial services firm that specialises in the FX and CFD markets has been awarded … “Tradenext wins “Best New Company” award at City of”