The Japanese yen was among the biggest losers on the Forex market this week and this month. It looks like traders believe that Japanese policy makers will inevitably add monetary stimulus, weakening the currency further. The week started poorly for the yen, which was falling due to risk appetite. The minutes of the latest Bank of Japan monetary policy meeting showed that some members of the Board were concerned that the inflation … “Yen Among Biggest Losers Over Week & Month”
Month: November 2013
Positive GDP Does Not Help Canadian Dollar to Gain
Canada’s economy maintained pace of its growth in September. The Canadian dollar attempted to rally on the positive data, but failed and now trades near the lowest level since October 2011 against its US counterpart. Canada’s gross domestic product rose 0.3 percent in September on a monthly basis, the same rate of increase as in August. GDP increased 0.7 percent in the third quarter of 2013 after rising 0.4 percent in the second quarter. The loonie … “Positive GDP Does Not Help Canadian Dollar to Gain”
Yen Maintains Weakness Despite Accelerating Inflation
The Japanese yen maintained its weakness today even after data showed that inflation accelerated, reducing incentive for the Bank of Japan to increase monetary accommodation. Japan’s core Consumer Price Index rose 0.9 percent in October after increasing 0.7 percent in the prior month. Tokyo core CPI went up 0.6 percent this month following the 0.3 percent increase in October. The data suggested that inflation moves closer … “Yen Maintains Weakness Despite Accelerating Inflation”
Latest Eurozone Economic Data Helps Euro
Euro has been see-sawing a bit today on low volume, and as the end of the month approaches. However, the 17-nation currency is getting some help from the latest economic data. Jobless claims are down and inflation is up, and that has some hoping that the ECB won’t resort to negative deposit rates. The latest economic data out of the eurozone indicates that the 17-nation currency region continues to improve — albeit at a slow pace. … “Latest Eurozone Economic Data Helps Euro”
Dollar Index Lower for Now
Even though the US dollar is edging higher against some of its major counterparts, the dollar index remains a little bit lower for now. There isn’t a lot of interest in the markets right now, with many waiting to see how retailers fare during the American shopping tradition known as Black Friday. Today is a big shopping day in the United States. Since there are no economic releases from the United … “Dollar Index Lower for Now”
Pound Drops with Consumer Confidence, Losses Limited
The Great Britain pound slipped today, following the advance to multi-year highs, as Britons’ confidence unexpectedly worsened in November. Losses were limited as the housing market demonstrated good performance. The GfK consumer confidence index slipped by one point to -12 in November, while it was expected to improve to -8. Meanwhile, the Nationwide House Price Index increased 0.6 percent this month. British lenders granted 67,701 mortgages in October, the biggest number … “Pound Drops with Consumer Confidence, Losses Limited”
NZ Dollar Falls with Building Permits, Pares Losses
The New Zealand dollar fell today after a report showed a drop of building permits last month, but the currency pared losses later and now trades near its opening level. The seasonally adjusted number of new dwellings, including apartments, fell 0.6 percent in October after rising 1.4 percent in the prior month. The ANZ business confidence index rose from 53 in October to 61 in November. The report said that there … “NZ Dollar Falls with Building Permits, Pares Losses”
Poor Fundamentals Do Not Prevent CAD from Gaining on USD & JPY
The Canadian dollar rose against its US peer and the Japanese yen today despite negative macroeconomic reports from Canada. The currency was down versus the euro. Canada’s current account deficit decreased C$0.5 billion to C$15.5 billion in the third quarter of 2013 on a seasonally adjusted basis, but was still above forecast C$14.3 billion. The Industrial Product Price Index declined 0.3 percent in October, in line with expectations. The Raw … “Poor Fundamentals Do Not Prevent CAD from Gaining on USD & JPY”
Euro Advances as German Inflation Accelerates
The euro advanced today against the US dollar and the Japanese yen after data showed that German consumer inflation accelerated this month. The currency was unable to beat the strong performance of the Great Britain pound. The German Consumer Price Index rose 0.2 percent in November, according the preliminary estimate, after falling by the same rate in October. An increase by 0.1 percent was predicted by analysts. Annual inflation was at 1.3 percent, a bit … “Euro Advances as German Inflation Accelerates”
Swissie Gains with Growing Economy
The Swiss franc advanced today on signs of stable growth and hopes that economy will grow even faster next year. The currency was still constrained by the cap imposed by the Swiss National Bank. Swiss gross domestic product expanded 0.5 percent in the third quarter of 2013 from the previous three months. The annual increase was at 1.9 percent. According to forecasts, growth will accelerate to 2.3 percent in 2014. USD/CHF was down … “Swissie Gains with Growing Economy”