Greenback is heading lower today, following some gains in the wake of positive economic data. Even with the positive data, though, the US dollar is losing ground as concern about the latest remarks from Ben Bernanke weigh on its performance. Recent economic data shows that economic recovery appears to be moving at a reasonable rate right now. With initial jobless claims down, and with the latest manufacturing report … “US Dollar Loses Ground after Bernanke Remarks”
Month: July 2013
Aussie Gains Ground after Bernanke Testimony
Australian dollar is gaining ground today following yesterday’s somewhat dovish remarks from Ben Bernanke. Aussie is sensitive to movements in the dollar, as well as expectations for the global economy and gold prices (which are slightly higher). Right now, the Aussie is heading higher against its major counterparts, thanks in large part to the latest comments made by Federal Reserve Chair Ben Bernanke. In his testimony before Congress, Bernanke … “Aussie Gains Ground after Bernanke Testimony”
Ringgit Erases Losses on Inflation & Risk Appetite
The Malaysian ringgit fell today, but erased losses amid risk appetite and as data showed that inflation in the Asian nation was stable and at a high level last month. Higher-yielding currencies have found favor of Forex traders after concerns about stimulus reduction in the United States were alleviated. It is still possible that the Federal Reserve will trim its asset purchases, but such move is in no … “Ringgit Erases Losses on Inflation & Risk Appetite”
Rand Gains After Bernanke’s Speech & Central Bank’s Meeting
The South African rand rose today as Federal Reserve Chairman Ben Bernanke quelled fears of imminent quantitative easing reduction and after the South African central bank left monetary policy unchanged. Bernanke said during yesterday’s testimony that it is “way too early to make any judgment”. He noted earlier that monetary policy is “by no means on a preset course”, alleviating worries that stimulus will … “Rand Gains After Bernanke’s Speech & Central Bank’s Meeting”
Yen Falls Ahead of Parliamentary Elections
Japanese yen fell today on speculations that the upcoming parliamentary elections in Japan may reinforce Japanese Prime Minister Shinzo Abe’s push for policies aimed at weakening the currency. The vote on July 21 may help Abe to secure both chambers of the parliament. In such case he will have more freedom in implementing measures to support the nation’s economy. One of such measures was weakening of the yen. The currency halted its decline after … “Yen Falls Ahead of Parliamentary Elections”
Canadian Dollar Rises on Signs of Growth
The Canadian dollar advanced today on hopes that signs of economic growth will encourage policy makers to become bolder and reduce monetary accommodation, the move that they were promising for a long time. Statistics Canada reported that wholesale sales grew 2.3 percent in May, the largest rate of growth since the beginning of 2011. Analysts have predicted that the sales would expand with the same rate as in April — 0.4 percent. Tomorrow’s … “Canadian Dollar Rises on Signs of Growth”
Euro Continues to Struggle on Uncertainty
Euro continues to struggle a bit today, dropping against the dollar and the pound as eurozone uncertainty remains the focus for many traders. Angela Merkel appears to have a plan in mind for saving the euro, but it remains to be seen whether or not it will work — and whether or not eurozone leaders will be on board. Against its counterparts in the United States and the United Kingdom, it’s all about the economic data. Data continues to show … “Euro Continues to Struggle on Uncertainty”
Baht Falls After Initial Gains
The Thai baht fell after rising initially. Currencies’ moves are somewhat volatile today as traders are trying to digest Chairman Ben Bernanke’s comments about the future policy of the US central bank. The Federal Reserve Chairman explained that he wants monetary policy to be flexible and able to respond to the changes of the economy. He also said that trimming of asset purchases would not mean an end to accommodative policy. All … “Baht Falls After Initial Gains”
China Connected
Chinese figures released today by the China Network Information Centre show that in comparison with 2012 there has been an increase in the number of internet users now on-line in the country. There are currently 591 million people on-line today in China, which is a steady increase of 10%. While the Chinese may not have … “China Connected”
US Dollar Strengthens on Bernanke, Economic Data
US dollar is higher today, gaining against its major counterparts. Remarks by Federal Reserve Chair Ben Bernanke, along with the latest unemployment data, are helping the greenback. Greenback is gaining ground today, thanks to speculation that the economy might pick up enough for the Federal Reserve to pull back its easing efforts. Ben Bernanke‘s testimony to Congress yesterday, while insisting that interest rates would … “US Dollar Strengthens on Bernanke, Economic Data”