The Australian dollar surged today with help of employment data that was better than even optimistic forecasts, relieving fears of sluggish economic growth in Australia and returning attractiveness to the nation’s currency. Australian employers added as much as 47,300 jobs in February. The actual increase was far bigger than the forecast 15,300 and the January’s growth of 18,000 (which was revised from the drop of 3,700). The unemployment rate stayed at 6.0 percent. The last … “Australian Dollar Rallies with Help of Employment Data”
Month: March 2014
RBNZ Raises Main Interest Rate, NZD Jumps
The New Zealand dollar jumped today, reaching the highest level since May 1 against the Japanese yen and the strongest since February 2008 versus the US dollar, as the nation’s central bank raised its Official Cash Rate. The Reserve Bank of New Zealand increased its main interest rate by 25 basis points to 2.75 percent today. Such decision was widely expected by market participants. The bank was very positive … “RBNZ Raises Main Interest Rate, NZD Jumps”
Thai Baht Drops on Interest Rate Cut & Court Ruling
The Thai baht dropped today as the central bank performed an interest rate cut and the Constitutional Court ruled out the investment bill, which should have improved the economic climate in the country. Judges decided that the legislation, which should have allocated 2 trillion baht ($62 billion) to government infrastructure projects, is unconstitutional. Meanwhile, the Bank of Thailand reduced the policy rate by 25 basis points to 2 percent. The bank explained: The committee … “Thai Baht Drops on Interest Rate Cut & Court Ruling”
Brazilian Real Drops as Inflation Slows
The Brazilian real declined today as the official report showed that food inflation slowed last month, reducing incentive for the central bank to raise interest rates as a measure to battle inflation. Food and beverage prices grew 0.56 percent in February from the previous month, slower than the previous increase of 0.84 percent. At the same time, annual inflation was at 5.68 percent, exceeding analysts’ expectations. The Central Bank of Brazil has already slowed … “Brazilian Real Drops as Inflation Slows”
Euro Continues to Rise Amid Concerns About Strength
Euro continues to log gains, even as many throughout the eurozone express concern about the euro’s recent appreciation. There are worries that the euro’s strength has been keeping the eurozone from seeing the kind of economic growth that would help the region overcome its recent problems. Euro is higher again today, rising pretty much across the board. Since the middle of 2012, the euro has gained about 9 … “Euro Continues to Rise Amid Concerns About Strength”
Loonie Down as Commodities Struggle
Canadian dollar is lower today, struggling along with many commodities. One of the big drivers of difficulty today is the fact that there are concerns about growth in China, and commodities are heading lower. As a commodity currency, this development weighs on the loonie. Concerns about the rate of Chinese growth this year are weighing a bit on some currencies right now, particularly the loonie. Commodity currencies are especially hard … “Loonie Down as Commodities Struggle”
Watching for bullish price action at USDJPY key daily
USDJPY has just recently broken out of a ranging/consolidation period that the market was stuck in for the majority of February. A clear breakout occurred to the highside when the range top was breached in the heat of last week’s high impact news release frenzy. We are now seeing some of those gains being taken … “Watching for bullish price action at USDJPY key daily”
Commodity Currencies in the Limelight after Declining Chinese Demand
Commodity markets have suffered after Chinese demand falls during a difficult era for global markets. The world’s second best economy has driven down key commodity currencies such as the AUD, the Australian dollar hit an 8-day low of 0.8923. Investors were open to safe haven asset classes with the Japanese yen embracing the decline seen … “Commodity Currencies in the Limelight after Declining Chinese Demand”
Sirix Mobile gets social trading capabilities
Leverate, a provider of software solutions for brokers, has announced the addition of social trading functionality into the Sirix Mobile platform. The Sirix community received the Multibroker Network back in October. For more on the forex social network, here is the official press release: March 12, 2014 – Leverate announces social trading functionality will soon become … “Sirix Mobile gets social trading capabilities”
Yen Stays in Favor as China & Ukraine Feed Fears
The Forex market is still favoring safe currencies, helping the yen to keep yesterday’s gains today. The state of China’s economy and the situation in Ukraine did not improve the traders’ sentiment and this makes sure that the Japanese currency stays in favor. The poor economic data from China took market participants by surprise, kicking copper and other industrial metals down and weakening commodity currencies along with them. Meanwhile, tensions between … “Yen Stays in Favor as China & Ukraine Feed Fears”