The New Zealand dollar dropped today, reversing yesterday’s gains, as the nation’s business confidence index dropped this month. The currency has gone virtually nowhere in the past five trading session, pausing the slide that started this month. The ANZ Business Confidence index fell from 64.8 in April to 53.5 in May. Despite the drop, the report said that investors should not be alarmed yet, making following comments on the data: … “NZ Dollar Drops as Business Confidence Index Falls”
Month: May 2014
Stimulus Talks Continue to Hurt Euro
The euro fell against the US dollar yesterday and continued to drop today as speculations about a probable additional monetary loosening in June make the currency less appealing to Forex traders. European Central Bank President Mario Draghi spoke on Monday, signaling that the central bank is very likely to act in June to bolster the struggling economy of the eurozone. The speech did not have an adverse effect on the euro initially, but the currency started to fall … “Stimulus Talks Continue to Hurt Euro”
Indian Rupee Falls, Still Looks Attractive
The India rupee fell today, and analysts say that the most likely reason for the drop is that local importers were buying dollars. The currency dropped even as economic data from the country was rather positive. It looks like Indian importers were buying dollars to pay their bills before the month ends, resulting in today’s drop of the rupee. The currency still looks attractive due to hopes for reforms from the new … “Indian Rupee Falls, Still Looks Attractive”
Forint Drops as Hungarian Central Bank Cuts Main Interest Rate
The Hungarian forint declined today after the nation’s central bank lowered its main interest rate for 22nd consecutive month, extending the longest monetary-loosening cycle in Europe, and signaled that additional rate cuts are likely. The Magyar Nemzeti Bank slashed its key interest rate by 10 basis points to 2.40 percent today. The bank said in the statement: The improvement in perceptions of the risks associated with the economy provided scope for a further cautious … “Forint Drops as Hungarian Central Bank Cuts Main Interest Rate”
US Dollar Resumes Its Recent Rally
US dollar is heading higher again today, gaining against its major counterparts as European currencies struggle. Positive economic data in the United States is helping, as are concerns about what’s next for some of the European currencies. There is a lot going on to support the US dollar today, and the greenback is taking advantage. Coming off a long holiday weekend, for Memorial Day, the greenback is heading higher. Trading the last … “US Dollar Resumes Its Recent Rally”
UK Pound Pulls Back After Strong Run
UK pound is pulling back today, following a strong run earlier. Sterling has been enjoying unprecedented strength, and is now taking a bit of a breather as traders and others re-assess the situation. UK pound has been enjoying quite the bull run recently. However, today the UK pound is pulling back a bit against its major counterparts. Rather than being seen as poised to move further ahead, some … “UK Pound Pulls Back After Strong Run”
Shekel Gains on Dollar as Bank of Israel Maintains Interest Rates
The central bank of Israel left its main interest rate unchanged, surprising Forex market participants. This allowed the Israeli New Shekel to rise against the US dollar today, though the currency retreated against the euro. The Bank of Israel announced yesterday that it leaves its main interest rate at 0.75 percent. The bank commented on the decision: The decision to keep the interest rate for June 2014 unchanged at 0.75 percent is consistent … “Shekel Gains on Dollar as Bank of Israel Maintains Interest Rates”
Euro Rallies on German Consumer Climate, Ignores Negative Factors
The euro rose today as the German consumer sentiment remained stable this month. The currency kept gains even after the speech of European Central Bank President Mario Draghi fueled speculations that the central bank will act in June. The GfK German Consumer Climate index remained stable at 8.5 in May, unchanged from the previous reading. The report said: The mood of German consumers was once again confirmed as rather good in May … “Euro Rallies on German Consumer Climate, Ignores Negative Factors”
Brazilian Real Rises After Ukrainian Elections
The Brazilian real advanced today due to the positive sentiment on the Forex market after the presidential elections in Ukraine. As for Brazil itself, nation’s policy makers have problems taming inflation without damaging economic growth, but this did not hurt the real, at least for now. The Ukrainian elections have occurred without incidents, while Russian President Vladimir Putin said that he is going to respect the choice of the Ukrainians. This eased … “Brazilian Real Rises After Ukrainian Elections”
NZ Dollar Higher, Undeterred by Shrinking Trade Surplus
The New Zealand dollar ticked up today even as the nation’s trade balance surplus shrank more than was expected by analysts. Prospects for the nation’s economy remain positive, making the currency attractive for traders. The surplus of New Zealand’s trade balance shrank to NZ$534 million in April from NZ$935 million in May. This is compared to the median analysts’ forecast of NZ$636 million. The outlook for the New Zealand economy remains optimistic as the nation’s budget … “NZ Dollar Higher, Undeterred by Shrinking Trade Surplus”