The Canadian dollar traded near the highest level in three weeks against its US peer and at the strongest price in a month versus the Japanese yen after building permits surged. Not all news was good for the currency and it fell against the euro. Building permits jumped by whooping 20.7 percent in July after falling 10.6 percent in June. The forecast of 4.4 percent growth was nowhere near the real increase. Tomorrow’s housing … “Canadian Dollar Climbs on Building Permits”
Month: September 2013
Euro Climbs as Investor Confidence Turns to Positivity
The euro jumped after the Sentix Investor Confidence unexpectedly climbed and returned to the positive territory, adding to signs of economic recovery in the eurozone. The index advanced from -4.9 in August to 6.5 in September. The actual increase was well above the forecast value of -4.0. The report said: This is the second-strongest rise of the indicator since its inception in 2003. The index also manages to reach positive territory for the first time since July 2011. The data is … “Euro Climbs as Investor Confidence Turns to Positivity”
Aussie Gains on Signs of Growth in Australia & China
The Australian dollar rose today, rebounding after the earlier decline, as signs of growth in China and Australia made investors more willing to buy the growth related currency. China’s trade balance improved from $17.8 billion in July to $28.5 billion in August. Australian home loans grew 2.4 percent in July, beating the forecast of 2.2 percent. The currency also rallied after Tony Abbott won an election for the prime-minister seat. AUD/USD was up … “Aussie Gains on Signs of Growth in Australia & China”
Czech Koruna Rises, In Danger from Falling Inflation
The Czech koruna rose today even as falling inflation sparked talks about possible intervention. Some analysts think that it is a good time to sell the currency. Annual inflation decelerated from 1.4 percent in July to 1.3 percent in August. Month-on-month, consumer prices fell 0.2 percent. Policy makers have exhausted room for additional monetary easing after cutting interest rates three times last year and now … “Czech Koruna Rises, In Danger from Falling Inflation”
Data Weighs on US Dollar
Data continues to weigh on the US dollar today. Greenback plunged Friday after the unemployment report for August, and today’s performance is lower as other currencies make a stronger showing, backed by their own encouraging data. US dollar is struggling today as the data situation favors other currencies. The jobs report for August was very disappointing, with the number of jobs added falling short of expectations. The data for the previous two months was … “Data Weighs on US Dollar”
More Government Spending Expected as Tokyo Gets the 2020 Olympics
Yen is weaker today following the announcement that Tokyo has been selected to host the 2020 Olympic Games. Many expect that this will lead to more government spending, as a great deal of infrastructure will be required for the games. With more spending on the horizon, and stimulus measures still underway, more yen weakness is expected. The economic policies of Prime Minister Shinzo Abe have been popular so far, … “More Government Spending Expected as Tokyo Gets the 2020 Olympics”
With an attack imminent on Syria surely the USD should
The USD has weakened again over the last few days which is surprising as the geo-political risk in the Middle East has gained momentum. The likelihood of an attack on Syria increases day by day yet the US dollar seems unmoved. President Barack Obama is expected to address the US on Tuesday evening from the Oval Office, … “With an attack imminent on Syria surely the USD should”
AUD recovery led by strong Australian GDP and Chinese
Last week saw a recovery in AUD on the back of stronger than expected Australian data and changing views on China’s economy. Australian building approvals and Q2 GDP came in better than expected earlier this week and the Chinese Manufacturing PMI of 51 is a 16-month high. The latter resulted in an adjustment to the … “AUD recovery led by strong Australian GDP and Chinese”
EURUSD: Temporary Pull-back Within Larger Downtrend – Elliott Wave
EURUSD found support on Friday after the NFP report, around the 1.3100 area from where we have seen an 80 pip rally back to the wave 2-wave 4 trendline. Usually when this occurs it means that a five wave decline is complete and that the market reversed into a temporary correction. As such, we are … “EURUSD: Temporary Pull-back Within Larger Downtrend – Elliott Wave”
USD/JPY: Trading the US JOLTS Job Openings
US JOLTS (Job Openings and Labor Turnover Summary) Job Openings measures the change in the number of job openings, excluding workers in the farming industry. A reading which is higher than the market forecast is bullish for the dollar. Here are the details and 5 possible outcomes for USD/JPY. Published on Tuesday at 14:00 GMT. Indicator Background Job creation is … “USD/JPY: Trading the US JOLTS Job Openings”