The Norwegian krone gained today following yesterday’s decision of Norway’s central bank to keep its benchmark interest rate unchanged. Such decision was widely expected by market analysts. Norges Bank announced yesterday that it is keeping its main interest rate at 1.5 percent. Governor Oeystein Olsen said in the statement: New information suggests that inflation and growth in the Norwegian economy are broadly in line with the September … “Norwegian Krone Gains as Norges Bank Remains Passive”
Month: October 2014
Dollar Jumps vs. Yen with Help of Positive US Data
The US dollar jumped against the Japanese yen today on the back of positive economic reports from the United States. The currency also rose against the Great Britain pound and erased earlier losses versus the euro. Today’s US employment data was welcomed by dollar bulls. While initial jobless claims rose last week more than was expected, the four-week average fell to the lowest level since May 2000. Continuing claims … “Dollar Jumps vs. Yen with Help of Positive US Data”
Brazilian Real Down to Five-Year Low
The Brazilian real dropped today, falling for the fourth consecutive trading session and reaching the lowest level in five years against the US dollar, as the outcome of the presidential elections remains uncertain. The date of the second round of the run for the presidential seat nears, and polls still show no clear winner. With the elections too close to call, it is expected that the real will continue to experience volatility. This made the Brazilian currency the worst performer … “Brazilian Real Down to Five-Year Low”
Ruble’s Woes Continue
Woes of the Russian ruble continue as the currency extended its drop today due to concerns that Standard & Poor’s may reduce Russia’s credit rating to junk, adding to incentive for investors to avoid Russian assets. S&P will make a decision about Russia’ credit rating tomorrow, and analysts are worried that it may reduce the grade. Currently, the rating stays at BBB-, just one notch above junk. Such concerns … “Ruble’s Woes Continue”
Canadian dollar lifted by the BoC; How To Position? –
The Canadian dollar has seen a lot of turbulence of late on various events, with the Bank of Canada’s statement being the biggest mover. What’s next for the C$? Credit Agricole discusses positioning: The forex market latched on to two important points from the BoC release: guidance and forecasts. First, on guidance, it dropped the term “neutral” … “Canadian dollar lifted by the BoC; How To Position? –”
Dollar Index Heads Lower After Bouncing Earlier
US dollar index is lower, even though the greenback is trading mixed today. The weighting of the euro in the dollar index’s basket of currencies means that the gains by the euro are weighing on the dollar index today. Even though the dollar is lower against the euro, it is still gaining ground against the UK pound and the Japanese yen. US dollar index is heading lower after bouncing higher off a resistance … “Dollar Index Heads Lower After Bouncing Earlier”
Euro Gains on Manufacturing Data
The latest manufacturing data is in for the eurozone, and it’s more positive than expected. As a result, the euro is gaining ground against many of its counterparts. This might the news that the 18-nation currency region has been waiting for, since it signals that maybe another recession isn’t inevitable after all. Today, a release of a Purchasing Managers’ Index for the eurozone shows that the situation has improved. PMI rose to 50.7 … “Euro Gains on Manufacturing Data”
EUR/USD: Sell Bounces For 1.22 In 3-Months, Range Trade
The skies are darkening above the euro-zone economies as almost every data point shows. This doesn’t mean that EUR/USD is falling in a straight line. Nevertheless, the team at Danske sets lower targets for the months ahead, as well as limits for bounces: Here is their view, courtesy of eFXnews: In the short term EUR/USD … “EUR/USD: Sell Bounces For 1.22 In 3-Months, Range Trade”
EUR/USD: Trading the German Flash Manufacturing PMI
German Flash Manufacturing PMI (Purchasing Manager Index) is based on a survey of purchasing managers in the manufacturing. Respondents are surveyed for their view of the economy and business conditions. A reading which is higher than expected is bullish for the euro. Update: German manufacturing PMI returns to growth – EUR/USD bounces up Here are all the … “EUR/USD: Trading the German Flash Manufacturing PMI”
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