The euro bounced today after the initial drop as some economic indicators released from the United States were not as good as dollar bulls were hoping for, reducing the shine of the US currency. The Conference Board consumer confidence index for the USA fell this month instead of rising as was predicted by market analysts. The Richmond Fed manufacturing index slumped from 20 to 4 in November. While a drop was expected, most experts … “Euro Bounces as US Indicators Disappoint”
Month: November 2014
Norwegian Krone Drops Ahead of OPEC Meeting
The Norwegian krone dropped today ahead of this week’s meeting of oil-producing countries. Oil exporters will gather to discuss steps for supporting prices for crude that have been in decline since June. The Organization of Petroleum Exporting Countries scheduled the meeting for November 27. The members of the organization will discuss measures for helping crude oil to end its downtrend. One of possible solutions is to cut production. Norway is the biggest oil-producer in Western … “Norwegian Krone Drops Ahead of OPEC Meeting”
GBPUSD: Eyes Further Upside On Recovery
GBPUSD: With GBP closing higher on Monday, further upside is envisaged. While holding above its year – to-date-low at 1.5589 level, recovery risk remains. On the downside, support lies at the 1.5600 level where a break will aim at the 1.5550 level. A break of here will turn attention to the 1.5500 level. Further down, … “GBPUSD: Eyes Further Upside On Recovery”
NZ Dollar Sinks as Inflation Expectations Deteriorate
The New Zealand dollar sank today after the nation’s central bank reported that inflation expectations for the next year dropped last quarter compared to the previous three months. According to the Reserve Bank of New Zealand, median two-year-ahead inflation expectations fell from 2.2 percent to 2.0 percent. While the drop was not big, it added to speculations that the central bank will not continue resume monetary tightening in the near … “NZ Dollar Sinks as Inflation Expectations Deteriorate”
US Dollar Higher Against European Currencies
Even though the US dollar index is a little lower today, the greenback itself is gaining ground against its European counterparts. It looks to be an interesting day following a decision not to indict in Ferguson, as well as concerns about OPEC and the eurozone. The US dollar index might be lower today, but that doesn’t mean that the greenback is losing ground on an individual basis. Indeed, against European currencies, the dollar … “US Dollar Higher Against European Currencies”
State of US Housing, Draghi Drama, Jumping Japan, FOMC
A packed show begins with US housing and its very close correlation to growth. We then run down the FOMC Meeting Minutes and continue to more exciting events: the political turmoil in Japan which is rocking the yen, and what’s going on in the zone. We finish with OPEC’s upcoming meeting and what it means for … “State of US Housing, Draghi Drama, Jumping Japan, FOMC”
Outlook for Euro: Bears Wait for Downtrend Resumption
The euro has been performing decently for the most part of the last week but ended the week on a sour note after comments from the central bank. Can the currency recover or will it drop to new lows? That is the question many Forex market participants are looking an answer for. The major bearish factor for the currency is the policy outlook, and it is not likely to change anytime soon. European Central Bank President … “Outlook for Euro: Bears Wait for Downtrend Resumption”
EUR/GBP Maintains Its Broader Downside Bias
EURGBP- With a lower close occurring the past week, we expect further downside to occur in the new week. On the downside, support lies at the 0.7850 level where a break will expose the 0.7800 level. Further down, support comes in at the 0.7750 level where a violation will turn attention to the 0.7730 level. … “EUR/GBP Maintains Its Broader Downside Bias”
NZD Fails to Rally vs. USD, Keeps Gains vs. JPY
The New Zealand dollar attempted to rally against its US counterpart but failed and trades below the opening level right now. At the same time, the currency managed to maintain gains versus the Japanese yen. The difference in the kiwi’s performance against different peers can be explained by disparity in monetary policy outlooks. Market participants count on monetary tightening from the Federal Reserve in a relatively near future. Meanwhile, the Bank of Japan has easing … “NZD Fails to Rally vs. USD, Keeps Gains vs. JPY”
Brazilian Real Falls as Finance Minister Not Named Yet
The Brazilian real fell as President Dilma Rousseff has not yet announced a person who will take the finance minister seat. This added to concerns that Brazil will struggle to overcome problems that its economy has. The Brazilian currency rallied on Friday due to reports that former Treasury Secretary Joaquim Levy would be named the new finance minister. Yet there are rumors that the government wants … “Brazilian Real Falls as Finance Minister Not Named Yet”