The US dollar jumped today, rising to the highest level since April against the Great Britain pound and the Japanese yen, while also touching the strongest price in almost a year versus the euro. The reason for the stellar performance was the minutes of the latest Federal Reserve policy meeting. The minutes of the meeting, which has happened at the end of July, turned out to be very bullish. The lines that caught traders’ attention were: With respect to monetary … “FOMC Minutes Lead to Massive Gains for Dollar”
Month: August 2014
Tradegear launches 1touchtrading forex service
A new Swiss based service for forex traders aims to help traders trade in an easier manner and make more profits. For all the details, here is the press release: Zurich, Swizerland: tradegear LLC, Swiss fintech company, today launched 1touchtrading.com online service for retail forex traders. The new service helps both beginner and advanced traders to trade … “Tradegear launches 1touchtrading forex service”
BoE Minutes Contribute to Pound’s Strength
Monetary policy minutes of the latest Bank of England meeting revealed that two policy makers were in favor of raising interest rates. This caused the Great Britain pound to gain against its major counterparts. According to the minutes, two members of the Monetary Policy Committee voted for an interest rate hike during this month’s BoE meeting. It was a surprise as most analysts believed that the vote would be unanimous as it … “BoE Minutes Contribute to Pound’s Strength”
US Housing Market Leads to Gain of USD/KRW
The South Korean won dropped against the US dollar today, demonstrating the biggest decline in two weeks, as positive housing data from the United States bolstered the greenback. Yesterday’s data on housing starts and building permits in the USA brought the dollar higher, driving riskier currencies of emerging markets down at the same time. Sometimes good economic news from America helps the risk sentiment, but nowadays signs of US economic growth associated … “US Housing Market Leads to Gain of USD/KRW”
Outlook for China’s Manufacturing Boosts Yuan
The Chinese yuan advanced today, reaching the highest level in five months, on forecasts of manufacturing growth in the second biggest economy in the world. Economists expect that both official and private manufacturing reports, released this week, will show readings above 50.0, which would indicate growth of the sector. It looks like the government’s efforts to reinvigorate the economy provided a result. There are also speculations that Russian companies will boost … “Outlook for China’s Manufacturing Boosts Yuan”
Swissie Drops vs. Dollar, Gains vs. Euro
The Swiss franc slumped along with the euro versus the US dollar today. The Swissie rose against the shared 18-nation currency itself but is slowly losing gains right now. The performance of the Swiss currency was closely correlated to that of the euro since the Swiss National Bank introduced a cap on the franc three years ago. While central banks of some developed countries are planning to tighten their monetary policies, the European … “Swissie Drops vs. Dollar, Gains vs. Euro”
USD/CAD: Trading the Canadian Wholesales Sales
Canadian Wholesale Sales is an important gauge of consumer spending, which is a critical component of economic growth. A reading which is higher than expected is bullish for the Canadian dollar. Update: Canadian wholesale sales rise 0.6%, slightly better than expected Here are all the details, and 5 possible outcomes for USD/CAD. Published on Wednesday at … “USD/CAD: Trading the Canadian Wholesales Sales”
EUR/USD Heads Lower on Eurozone Outlook
The eurozone economic recovery continues to be extremely sluggish, resulting in a lower euro today. Concerns about what’s next for the eurozone have the euro weaker against the US dollar, even though the 18-nation currency is holding its own against other counterparts. The latest news out of Germany includes slower growth and Bund yields below 1.0 per cent. As a result of the latest, the ECB will have to continue its loose monetary … “EUR/USD Heads Lower on Eurozone Outlook”
Growth Forecast Weighs on Kiwi
New Zealand dollar is mostly lower today, following the latest growth forecasts. Kiwi is down as GDP forecasts for the year are adjusted downward, and due to the release of the latest producer prices information. Back in July, the New Zealand dollar hit record highs. Now that is all over as concerns about future growth weigh on the kiwi. The latest GDP forecasts indicate that growth will be slower than … “Growth Forecast Weighs on Kiwi”
GOLD Eyes US Inflation Data For A Break
GOLD recently struggled to break the $1320 level and traded lower towards the $1295 support area. It looks like it is consolidating as of writing, and waiting for a catalyst for the next move. There are a couple of important economic releases lined up later during the New York session, including the US consumer price … “GOLD Eyes US Inflation Data For A Break”