The Indian rupee demonstrated biggest advanced in more than a week today, following yesterday’s massive slump, as India’s exporters were selling dollars to convert their earnings into the local currency. Exporters were buying the rupee to profit from the currency’s weakness. Finance Minister Arun Jaitley revealed that the government plans to allow more foreign investment. He also promised to reduce the current account deficit. All these news were … “Indian Rupee Gains as Exporters Repatriate Earnings”
Month: July 2014
June volumes for Reuters Matching rebound 8% MoM; while
By Mike Fox Daily spot foreign exchange trading volumes on Thomson Reuters saw a rebound along with much of the industry from year-to-date lows of April. June ADV (average daily volumes) on Reuters … Source: Leap Rate
Toxic geopolitical cocktail could rekindle gold rally
Gold appears to have bottomed out and could be the in the process of making a comeback, albeit a timid one, which could gather momentum due to the world’s increasingly unstable geopolitical environment. There are a number of bullish factors for gold. The first is that the market has been steadily recovering from lows seen … “Toxic geopolitical cocktail could rekindle gold rally”
Pound Under Pressure as UK Recovery Wanes
Poor economic data was weighing on the Great Britain pound recently, and today’s trading session was not different. Housing and trade data came out worse than was expected, suggesting the Britain’s recovery is losing steam. The Bank of England remained passive at today’s policy meeting. Royal Institution of Chartered Surveyors reported that the House Price Balance was at 53 percent in June, below expected 55 percent, as demand … “Pound Under Pressure as UK Recovery Wanes”
Ringgit Struggles Even After Central Bank Raises OPR
The Malaysian ringgit climbed against the euro today after the central bank lifted its benchmark Overnight Policy Rate for the first time in more than three years, signaling about optimistic outlook for the nation’s economy. The currency struggles to maintain the rally and remained below the opening level against the US dollar. The Bank Negara Malaysia raised its main interest rate by 25 basis points to 3.25 percent today. The central bank was … “Ringgit Struggles Even After Central Bank Raises OPR”
Draghi’s Proposal for the Eurozone Doesn’t Help Euro
European Central Bank President Mario Draghi has called for new economic rules in the eurozone. These rules are designed to promote greater integration in the 18-nation currency region, with the point hopefully to stave off the economic disparities that led to the sovereign debt crisis among the periphery. The plan isn’t helping the euro’s performance much today, though. It’s not a big surprise that the ECB is proposing some changes to the economic … “Draghi’s Proposal for the Eurozone Doesn’t Help Euro”
Gain Capital June Retail FX volumes down 7%, but
By Mike Fox Looks to be like second best institutional month ever for GCAP (to Jan 2014’s $496B), nearing in on the magic $500B figure again… Source: Leap Rate
USD/CAD: Trading the Canadian Jul 2014
The Canadian employment change is an important leading indicator which has a significant impact on the markets. Traders and analysts carefully scrutinize employment figures, and a reading higher than forecast is bullish for the loonie. Update: USD/CAD leaps on weak Canadian employment data Here are the details and 5 possible outcomes for USD/CAD. Published on Friday at 12:30 … “USD/CAD: Trading the Canadian Jul 2014”
NZD/USD Turns Down After Reaching Highest Since 2011
The New Zealand dollar fell today, even though manufacturing data from the South Pacific nation was rather good, but not before reaching the highest level since 2011 against its US counterpart. The BusinessNZ Performance of Manufacturing Index advanced from 52.6 in May to 53.3 in June, indicating expansion of the sector. It was a 21st consecutive month of expansion. Yet for whatever reason, be it concerns about Chinese … “NZD/USD Turns Down After Reaching Highest Since 2011”
Australian Dollar Behaves Erratically After Employment Report
Australian employment demonstrated better-than-expected growth last month, and it bolstered the Australian dollar at first. Yet not everything in the report was good, and Forex market participants turned their attention to the bad parts of the data subsequently, making the currency sink afterwards. Australian employers added as much as 15,900 jobs in June, compared to the predicted increase of 12,300 and the May drop by 5,100. Yet the growth was driven by part-time jobs creation, while full-time … “Australian Dollar Behaves Erratically After Employment Report”