The Canadian dollar gained against the euro and the Australian dollar today after a report showed that US inventories of crude oil shrank unexpectedly last week. The currency had also rallied against the US dollar but has lost its gains after the Federal Reserve concluded its policy meeting. The US Energy Information Administration reported today that US oil inventories fell by 4.2 million barrels to 459.7 million. … “CAD Gains vs. EUR & AUD, Loses Gains vs. USD”
Month: July 2015
Dollar Climbs After Fed Concludes Two-Day Policy Meeting
The Federal Reserve ended its two-day meeting today, making no changes to its monetary policy — a move that surprised no one. The US dollar rallied after the event even though the Fed’s policy statement could not be called particularly hawkish. The Fed talked in the statement about moderate pace of economic growth. Regarding timing of the long-anticipated interest rate hike, the report did not give a specific data but … “Dollar Climbs After Fed Concludes Two-Day Policy Meeting”
Interest Rate Expectations Help UK Pound
UK pound is heading higher today, thanks in part to expectations that a rate increase from the Bank of England could be coming by the end of 2015 or around the beginning of 2016. With growth accelerating in the United Kingdom, expectations for the pound are growing. The latest GDP data indicates that the UK economy grew by 0.7 per cent during the last quarter. This is an interesting benchmark since Bank of England Governor Mark … “Interest Rate Expectations Help UK Pound”
EUR/USD: Trading the US first GDP July 2015
Gross Domestic Product (GDP) is a measurement of the production and growth of the economy. Analysts consider GDP one the most important indicators of economic activity. Thus, publication of the US Advance GDP often has a significant impact on EUR/USD. A reading which is higher than the market forecast is bullish for the dollar. Here are all the … “EUR/USD: Trading the US first GDP July 2015”
US Dollar Index Inches Higher Ahead of Today’s Fed Announcement
Forex traders and others are getting ready for a policy announcement from the Federal Reserve later today. Once again, expectations are that the Fed will raise rates sometime this year, and there are officials that think that there is room for two rate hikes in 2015. With higher rates on the way, the dollar is gaining strength. While the greenback is trading mixed against its major counterparts, … “US Dollar Index Inches Higher Ahead of Today’s Fed Announcement”
NZ Dollar Flat During Quiet Trading
The New Zealand dollar was flat against the US dollar and the Japanese yen during quiet Wednesday’s trading. The currency got a bit of support from the comments of the nation’s central bank chief. Graeme Wheeler, Governor of the Reserve Bank of New Zealand, who has cut interest rates recently, said today that additional monetary easing is likely. At the same, time he downplayed dovish expectations, saying that large rate … “NZ Dollar Flat During Quiet Trading”
Australian Dollar Under Pressure as Traders Wait for Fed
The Australian dollar was lower today, though the losses were limited. The Aussie, as well as most other currencies, was under pressure as traders wait for conclusion of the US Federal Reserve policy meeting. The Fed will announce its policy decision today, though no changes to the monetary policy are expected. Still, market participants hope to see hints at the timing for such changes to occur. The vast majority of speculators count on the US central … “Australian Dollar Under Pressure as Traders Wait for Fed”
Talk of Eurozone Exit Weighs on Euro
Once again, Greece is weighing on the euro. German advisers are talking about creating an insolvency process that would allow for a country’s exit from the 19-nation currency region if that country is threatening the eurozone. The news is contributing to the euro’s struggles today. A panel of independent advisers in Germany recommend creating a mechanism by which insolvency allows a eurozone currency to exit the monetary union. While the panel stopped short of saying … “Talk of Eurozone Exit Weighs on Euro”
Ruble Falls Even as Russia’s Economic Decline Slows
The Russian ruble dropped today even after the report that the sharp decline of Russia’ economy has apparently ended. It looks like investors are still reluctant to come to the country that is under sanctions from the West. While Russia’s economy still demonstrated a substantial year-on-year drop by 4.2 percent in June according to reports, the monthly decline was just a miniscule 0.1 percent. Russia has experienced a sharp economic … “Ruble Falls Even as Russia’s Economic Decline Slows”
Pound Rises After UK Growth Accelerates
The Great Britain pound edged higher today after the release of UK economic data that showed that United Kingdom’s growth accelerated last quarter. UK gross domestic product grew 0.7 percent in the second quarter of this year following the 0.4 percent increase in the previous three months. The figure matched analysts’ estimates exactly. The positive data eased fears about the possible negative impact of global fundamentals on Britain’s economy, … “Pound Rises After UK Growth Accelerates”