Canadian employment data was very good, better even than optimistic forecasts. It allowed that Canadian dollar to gain on its US counterpart and the Japanese yen, but the loonie was not able to outperform the euro. Canadian employers added 24,900 jobs in January, compared to the median specialists’ estimate of 19,700. The increase followed the December’s slump by 45,900. The unemployment rate fell by 0.2 percentage point to 7.0 percent, a bit more … “Canadian Employment Growth Exceeds Forecasts, Benefiting CAD”
Month: February 2014
A positive week all round, but bad news for GBP
By Alex Edwards at UKForex, an international money transfer service. The pound started on the back foot this week. Positive European PMIs supported bids in EUR/GBP which in turn weighed on GBP/USD. UK Manufacturing PMI was then released and although good, it printed below market expectations – the index for January came in at 56.7 vs. … “A positive week all round, but bad news for GBP”
Euro Struggles After German Court Decision on ECB Bond-Buying
Euro is lower today, thanks in large part to the latest development in the court complaints against the ECB’s bond-buying plan. With concerns over the program, and with worries about the sustainability of the eurozone’s fledgling economic recovery, the euro is struggling on the currency market today. Germany’s Constitutional Court has been looking at the bond-buying program instituted by the ECB in an effort to help prop up the eurozone economy. However, the German Court referred one of the complaints … “Euro Struggles After German Court Decision on ECB Bond-Buying”
NFP Disappoint Yet Again, Dollar Weaker
One of the most important events this week was the release of US nonfarm payrolls, which was expected to ease worries about slowdown of the US economic growth. Yet in reality the employment data was disappointing and sent the US dollar lower. Payrolls demonstrated a meager 75,000 growth in December(revised higher by 1,000 from the initial estimate), and analysts have expected that today’s report would be much better, showing an increase by 185,000. … “NFP Disappoint Yet Again, Dollar Weaker”
Baht Heads to Weekly Rally, Remains in Danger
The Thai baht fell today, but was still heading to weekly gains as last weekend’s elections did not result in escalation of protests and violence, easing concerns about the political turmoil in the country. The election was held on February 2 and confirmed that the current government remains in power. The news resulted in a rally, which was not as short-lived as some experts have thought. Still, the opposition is attempting to annul the voting result and the political … “Baht Heads to Weekly Rally, Remains in Danger”
Chilean Peso Falls as Inflation Retreats from Record Level
Chile’s inflation fell even as the nation’s currency was weakening, and this led to speculations that the central bank will reduce interest rates. Such talks weakened the Chilean peso even more. Inflation fell to 2.8 percent in January from 3 percent in the previous month. The December’s level was highest in 19 months. The Central Bank of Chile already eased monetary policy in October and November and may do so again. Such … “Chilean Peso Falls as Inflation Retreats from Record Level”
EUR/USD: Trading the US NFP Feb 2014
US Non-Farm Employment Change measures the change in the number of newly employed people in the US, 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 EUR/USD. Published on Friday at 13:30 GMT. Indicator Background … “EUR/USD: Trading the US NFP Feb 2014”
FXStreet Forex Best Awards 2014 voting starts
The annual Forex Best Awards for 2014 is open for voting. FXStreet organizes this event for the fourth time. There are 10 categories in which both the public and a professional jury vote in. You can start voting here. Voting will be closed within a week, on February 14th. I am personally nominated in the Best … “FXStreet Forex Best Awards 2014 voting starts”
Canadian Dollar Shows Mixed Performance Ahead of Tomorrow’s Data
The Canadian dollar rose against the US dollar and the Japanese yen, but fell versus the euro today. Macroeconomic data from Canada was mixed today, while specialists expect that tomorrow’s employment report should be very good. Canada’s trade deficit unexpectedly widened from $1.5 billion in November to $1.7 billion in December. The Purchasing Managers’ Index of Richard Ivey School of Business climbed from 46.3 in December to 56.8 … “Canadian Dollar Shows Mixed Performance Ahead of Tomorrow’s Data”
Yen Shows Weakness as Central Banks Do Not Surprise
The Japanese yen was soft today as two major central banks did not provide surprises and left their monetary policies unchanged. Absence of any shocking events made Forex traders feel more secure and reduced need for the safety of the yen, but the upheaval on Wall Street may yet return demand for the Japanese currency. Some market analysts were thinking that the European Central Bank would cut interest rates … “Yen Shows Weakness as Central Banks Do Not Surprise”