The Great Britain pound rose this week, reaching the highest level since August 2009 against the Japanese yen, on hopes that accelerating economic recovery will allow policy makers to raise interest rate earlier. The sterling started this week poorly and there were doubts that optimistic forecasts were right. Yet in the end optimism was warranted as the Bank of England inflation report revised already good projections positively. … “Britain’s Recovery Makes Pound Stronger”
Month: November 2013
GBP eyes further gains; Sentiment weighs on EUR
Highlights: • UK economic data mixed, Sterling end week in neural state but eyes potential for future gains • BoE chief Mark Carney catches markets by surprise with glass-half-full Inflation report • Eurozone output numbers paint a bleak picture • EURUSD ends week near multi-month lows as sentiment weighs on common currency The Sterling started … “GBP eyes further gains; Sentiment weighs on EUR”
Dollar Ends Trading Weak
The US dollar continued to demonstrate weakness, ending Friday with losses against most major currencies, as worse-than-expected macroeconomic data fueled the speculations that the Federal Reserve will refrain from stimulus tampering in the near future. Basically, all Friday’s reports were rather bad. US industrial production fell by 0.1 percent in October. Import and export prices declined. The Empire State Manufacturing Index sank from 1.5 in October to -2.2 … “Dollar Ends Trading Weak”
Euro Mixed as Traders Await Data
Euro is mixed today as Forex traders await data. Many are interested in what the revised CPI data will show for October, and there are concerns about what’s next for the eurozone economy moving forward. Recently disappointing results in eurozone CPI resulted in an ECB rate cut earlier this month. Additionally, concerns about GDP and economic slowdown in Germany and France have been weighing on the euro. However, the euro is … “Euro Mixed as Traders Await Data”
Home Sales Data Weighs on Canadian Dollar
The latest home sales data is weighing on the Canadian dollar right now, contributing to its losses right now. Earlier, the loonie had been gaining ground on the prospect of continued stimulus in the United States, but there is enough doubt about the Canadian economy moving forward, and enough concern about the US economy that the loonie is heading lower. A combination of factors is sending the Canadian dollar lower against most … “Home Sales Data Weighs on Canadian Dollar”
NZD Rises vs. USD, Gains for Fourth Day vs. JPY
The New Zealand dollar ticked up against its US peer on outlook for prolonged monetary accommodation from the Federal Reserve. The currency also rallied for the fourth straight trading session against the Japanese yen. Previously, Forex market participants were worried that the Fed is going to tamper quantitative easing and these fears were hurting riskier currencies. Now, traders think that perhaps the US central bank will not … “NZD Rises vs. USD, Gains for Fourth Day vs. JPY”
Yen Remains Weak as Growth Slows & Risk Appetite Rises
The Japanese yen continue to demonstrated weakness today as economic growth slowed, while speculations about prolongation of monetary stimulus from the US Federal Reserve damped demand for safer currencies. Japan’s gross domestic product expanded 0.5 percent in the third quarter of this year from the previous quarter. The growth was above analysts’ forecast of 0.4 percent, but slower than second quarter’s 0.9 percent. Talks that the Fed may … “Yen Remains Weak as Growth Slows & Risk Appetite Rises”
Pound Maintains Gains with Help of Optimistic Outlook
The Great Britain pound kept its yesterday’s gains against the euro and the Japanese yen today as expectations of accelerating economic recovery in the United Kingdom make the currency more appealing to Forex traders. The sterling was heading to weekly gains against the US dollar and the yen and trimmed losses versus the euro. Prospects for monetary tightening that may happen sooner than was expected were definitely helping the currency. The currency’s rally slowed, though, … “Pound Maintains Gains with Help of Optimistic Outlook”
US Dollar Stronger on Prospects of Bond-Buying Reduction
The US dollar continued to rise today after Federal Reserve Chairman nominee Janet Yellen said that asset purchases “will not continue indefinitely”, fueling speculations that the Fed will scale down its bond buying program. Gains were limited as US macroeconomic data was rather poor. Yellen explained that reduction of bond purchases does not mean that interest rates will raised soon: … “US Dollar Stronger on Prospects of Bond-Buying Reduction”
Hungarian Forint Strengthens as Growth Gains Momentum
The Hungarian forint gained today after the report showed that country’s economic growth exceeded forecasts, suggesting that recovery from the last year’s recession is gaining momentum. The Hungarian Central Statistical Office reported that country’s gross domestic product expanded 0.8 percent in the third quarter of this year from the second quarter. This is compared to expectations of 0.4 percent growth. The annual increase was at 1.7 percent, … “Hungarian Forint Strengthens as Growth Gains Momentum”