The Swedish krona fell today even as Sweden’s consumer confidence rose this month. The currency logged losses as some other indicators, including the ones for the economic tendency and manufacturing, worsened. The National Institute of Economic Research reported that the consumer confidence index ticked up from 99.2 to 100.4 in May. At the same time, the manufacturing index dropped from 102.3 to 94.5 and the Economic Tendency Indicator fell from 102.4 to 98.8 this month. … “Krona Falls Even as Swedish Consumer Confidence Improves”
Month: May 2014
Thai Baht Falls After Military Seizes Power
The Thai baht fell today after the Thailand’s military seized the power after six months of political turmoil. Investors had mixed view on the news, meaning that the currency’s losses were not as big as they might have been. There are different views on what the event may mean to the economy and the currency of the country. Some experts think that the power-grab will lead to violence and a civil war. Others argue that this … “Thai Baht Falls After Military Seizes Power”
Canadian Dollar Ignores Negative Domestic Data
Canadian retail sales demonstrated disappointing results, while the outlook for inflation data is rather poor. Is the Canadian dollar bothered by this? Not at all. On the contrary, the currency posted solid gains today. Canadian retail sales dipped by 0.1 percent in March following gains in January and February, while traders have counted on 0.2 percent increase. Core retail sales rose only marginally by 0.1 percent compared to the forecast growth … “Canadian Dollar Ignores Negative Domestic Data”
MahiFX launches new entertaining Facebook app
New Zealand based Forex Broker MahiFX launches a new Facebook app that shows that anyone can trade. The app is quite entertaining. MahiFX recently announced its institutional solution: MFX Compass. For more about the FB app, here is the press release: LONDON, 21 May 2014 – What if you could trade something more valuable than money? That’s … “MahiFX launches new entertaining Facebook app”
GBP Mixed After Economic Releases
The Great Britain pound fell against the US dollar today after the release of the GDP report and the data about the public sector finances. The currency rose against the Japanese yen and was attempting to rally against the euro but lost its gains by now. Britain’s gross domestic product expanded 0.8 percent in the first quarter of 2014 according to the second estimate, unrevised from the first estimate. The reading was in line with expectations, and it … “GBP Mixed After Economic Releases”
Euro Struggles, Even After Data
Even though decent news about the eurozone economy has been released, the euro continues to struggle. The 18-nation currency is lower against many of its counterparts, even after the release of PMI data showing continued (albeit slow) expansion. Part of the issue with the latest PMI data is that, while it shows expansion, and Markit Economics claims that the eurozone economy is growing at its fastest second quarter pace … “Euro Struggles, Even After Data”
Aussie Underperforms Despite Supportive Fundamentals
The Australian dollar dipped against its US counterpart today even as fundamental reports from China and Australia itself were good and should have been supportive for the currency. At the same time, the Aussie was attempting to rally versus the Japanese yen but lost almost all of its gains by now. Melbourne Institute released its Survey of Consumer Inflationary Expectations today. The report said: The expected inflation rate (30-per-cent trimmed mean … “Aussie Underperforms Despite Supportive Fundamentals”
Yen Drops as China’s PMI Comes Out Better than Expected
The Japanese yen retreated today as better-than-expected macroeconomic data from China convinced traders to drop their risk-negative attitude and buy high-beta currencies. The HSBC Flash China Manufacturing Purchasing Managers’ Index rose from 48.1 in April to 49.7 in May, while analysts forecast just a small increase to 48.4. It was the highest level in five months. The reading still indicated a contraction of the sector but it was very close to the neutral … “Yen Drops as China’s PMI Comes Out Better than Expected”
EUR/USD: Trading the German IFO May 2014
German Ifo Business Climate is a monthly composite index of about 7,000 businesses, which are surveyed about current business conditions and their expectations concerning economic performance over the next six months. A reading which is higher than the estimate is bullish for the euro. Here are all the details, and 5 possible outcomes for EUR/USD. … “EUR/USD: Trading the German IFO May 2014”
Mexico’s Central Bank Downgrades Growth Forecast, Peso Mixed
The Mexican pesos fell against the euro today after the nation’s central bank downgraded its forecast for economic growth this year. The currency managed to gain on the US dollar despite the negative news. The Bank of Mexico revised its growth forecast for 2014 from 3–4 percent to 2.3–3.33 percent. The prediction for the next year remained unchanged at 3.2–4.2 percent. Central bank’s President Agustin Carstens was not pessimistic despite the poorer outlook, … “Mexico’s Central Bank Downgrades Growth Forecast, Peso Mixed”