The Canadian dollar slumped today as macroeconomic reports were abysmal, frustrating Forex market participants who have counted on much better data. Concerns about possible quantitative easing tampering by the US Federal Reserve added to the weakness of the currency. Building permits shrank 10.3 percent in June from May, demonstrating the first decline in six months. The Ivey Purchasing Managers’ Index edged down from 55.3 in June to 48.4 in July instead … “Canadian Dollar Sinks on Surprisingly Bad Fundamentals”
Month: August 2013
New R&D Center for Leverate in Kiev
Broker solutions software provider Leverate continues expanding and opens a second R&D office, this time in Kiev, Ukraine. The center joins their existing location in Tel Aviv, Israel and is intended to enhance the development of new products. Leverate recently stepped into the big Japanese forex market. For more information, here is the official press release: … “New R&D Center for Leverate in Kiev”
UK Pound Gains After BOE Policy Explanation
UK pound is heading higher today, gaining ground against major counterparts after yesterday’s drop. The latest news from the Bank of England is helping the pound against other currencies. Earlier today, the Bank of England offered some specific guidance about its monetary policy going forward. New BOE Governor Mark Carney said that the current record-low lending rate would remain in place until unemployment … “UK Pound Gains After BOE Policy Explanation”
Euro Pares Earlier Gains as Fed Tapering Fears Hit Markets
Euro was trading at a high not seen for almost seven weeks against the US dollar earlier, but much of that is gone now. Euro is just barely hanging on against the greenback right now, and has slipped against the pound. Even with the latest factory orders from Germany, the euro can’t overcome talk about Fed tapering. German factory orders rebounded in June, and that provided some optimism … “Euro Pares Earlier Gains as Fed Tapering Fears Hit Markets”
Yuan Gains as Investors Hope for Higher Convertibility
The Chinese yuan advanced today after the central bank raised the reference rate and as traders hoped that the government will make the nation’s capital markets more open to foreign investors. The People’s Bank of China boosted the yuan’s daily fixing 0.04 percent to 6.1726 per dollar. The State Administration of Foreign Exchange said that the nation aims at higher capital-account convertibility, which should increase international usage of the currency. The yuan was the only … “Yuan Gains as Investors Hope for Higher Convertibility”
Yen Gains as BoJ Starts Policy Meeting
The Japanese yen rose today as the Bank of Japan has started two-day policy meeting. Forex market participants do not expect any changes to monetary policy and this bolster the currency. The BoJ started policy meeting today and will announce its decision tomorrow. The government and policy makers were making serious statements about weakening the yen earlier, leading to the 11 percent decline of the currency this year. Yet now it … “Yen Gains as BoJ Starts Policy Meeting”
FXCM Reports Record Quarterly Retail and Institutional Volume in
US based Forex Broker FXCM reported its quarterly report for Q2 2013, and it certainly was a good one. Revenues are up 53% on Record Quarterly Retail and Institutional Volume of $1.7 trillion. Pro Forma EBITDA up 159% and Pro Forma EPS up 182%. Here are more details from the official press release: Second Quarter 2013 Highlights: … “FXCM Reports Record Quarterly Retail and Institutional Volume in”
Traido smart alerts for false breaks, other strategies
Traido is a young start up that enables traders to set alerts on false breaks: one of the most painful patterns that forex traders encounter. There are additional patterns that traders can set alerts for. Here is more information from the company, including what’s next in the pipeline: Expressing the trader’s strategy is a very … “Traido smart alerts for false breaks, other strategies”
EURJPY: Sees Further Bear Threats
EURJPY- The cross has turned lower below its medium term rising trendline suggesting more weakness could follow. Support lies at the 128.50 level where a violation will set the stage for a run at the 128.00 level and then the 127.50 level. Its daily RSI is bearish and pointing lower supporting this view. On the … “EURJPY: Sees Further Bear Threats”
Pound Drops Even as Economic Data Points at Recovery
The Great Britain pound dropped today even persistently good macroeconomic data proves that recovery is gaining traction. This did not help the currency however, which are falling down after a short rally. The Halifax House Price Index rose 0.9 percent in July. Industrial production grew 1.1 percent and manufacturing production expanded 1.9 percent in June. All economic reports were good, but the sterling … “Pound Drops Even as Economic Data Points at Recovery”