The Russian ruble fell today, touching the record low level versus the US dollar, as Russia’s economy suffers from the impact of sanctions and declining oil prices. The United States and the European Union imposed sanctions of Russia due to its supposed involvement in the Ukrainian conflict. This coincided with the big drop of prices for crude oil. As a result, the Russian economy is on the brink of recession. And it makes the ruble very unattractive for traders. USD/RUB rose … “Ruble Drops to Record Low as Russian Economy Suffers”
Month: December 2014
NZ Dollar Weakens for Second Day
The New Zealand dollar weakened today, falling for the second session against the US dollar and the Japanese yen. The kiwi was moving sideways against the greenback for the past three months. Against the yen the New Zealand currency was rising since the end of October but halted its rally at the end of November. The weakness of the New Zealand dollar can be explained by the decline of commodity prices and the strength of the US currency. The performance of the kiwi is correlated … “NZ Dollar Weakens for Second Day”
We remain unabashed USD bulls – Top Trades for 2015
As 2014 draws to an end, it is time for thinking about the big trades of 2015. The team at Bank of New Zealand (BNZ) has released its outlook, which favors the dollar. In their key notes, they provide levels for both major pairs and some interesting trades on crosses: Here is their view, courtesy … “We remain unabashed USD bulls – Top Trades for 2015”
AUD Drops to Lowest Since 2010 vs. USD
The Australian dollar fell today, reaching the lowest rate since July 2010 against its US counterpart. The currency dropped as Australia’s economic growth slowed, missing analysts’ projections. The Australian Bureau of Statistics reported that gross domestic product grew 0.3 percent in the third quarter of this year from the previous three months on a seasonally adjusted basis. The median forecast promised a 0.7 percent increase. GDP expanded 0.5 percent … “AUD Drops to Lowest Since 2010 vs. USD”
Pound Drops vs. Dollar, Holds Ground vs. Other Peers
The Great Britain pound fell against the US dollar yesterday and maintained losses today. The sterling’s performance against other currencies, including the euro and the Japanese yen, was far better. British Retail Consortium released a report today that showed a drop of the Shop Price Index by 1.9 percent in November, the same as in the previous month. The report followed yesterday’s data that demonstrated a drop of the seasonally adjusted Markit/CIPS UK Construction Purchasing Managersâ … “Pound Drops vs. Dollar, Holds Ground vs. Other Peers”
Indian Rupee Gains as RBI Remains Passive
The Indian rupee gained today as the nation’s central bank kept its interest rates stable, refraining from monetary easing. At the same time, Governor Raghuram Rajan hinted that the bank is able to cut borrowing costs if necessary. The Reserve Bank of India kept all of its rates stable at today’s policy meeting, including the benchmark Bank Rate that remained at 9 percent. Previously, Prime Minister Narendra Modi … “Indian Rupee Gains as RBI Remains Passive”
Mexican Peso Weakens Below 14 per Dollar
The Mexican peso fell today, weakening past 14 per dollar for the first time since 2012. The currency declined on concerns that falling oil prices will deter investments in the country’s economy. Mexico passed a law that will allow private firms to drill for oil, ending the government company’s monopoly. That should attract overseas investors to the country. Yet with the current slide of oil prices it is likely that … “Mexican Peso Weakens Below 14 per Dollar”
US forex traders banned from making credit card deposits
The CFTC has adopted a regulation banning the usage of credit cards and credit card funded accounts such as PayPal for depositing money into forex accounts. Debit cards are still accepted. The concern is that traders would borrow funds via their credit card and use it for trading. This is big news for the US forex industry. … “US forex traders banned from making credit card deposits”
5 Reasons Why Social Forex Trade Copying is Not For You
Much like Twitter and Facebook, social trading has grown exponentially in the last 5 years. In the past, traders relied on forums and discussion groups as their key source of trading ideas. These days, most decent traders would have their performance displayed for the world to see, and better yet, for anyone to copy. There … “5 Reasons Why Social Forex Trade Copying is Not For You”
US Dollar Expected to Strengthen on Currency Wars
It looks as though another round of currency wars is expected from central banks as countries try to stimulate their economies by weakening their currencies. One of the exceptions to this move, though, is likely to be the US dollar. With the US economy strengthening recently, it is unlikely that the greenback will be a part of the next race to the bottom. Many central banks are moving to take measures designed to stimulate … “US Dollar Expected to Strengthen on Currency Wars”