The Canadian dollar slumped today, extending its decline from the highest level in this month, as crude oil, the main nation’s export, declined and the wholesale sales declined, reducing the appeal of the Canadian currency. January delivery for crude oil gained 0.8 percent to $88.75 per barrel and then dropped 0.9 percent to $87.26. Oil declined on the concerns that the financial crisis in Europe would spread. The wholesale sales in Canada remained unchanged at $44.9 … “Loonie Continues to Fall After Reaching Parity with US Dollar”
Author: admin_mm
Can Aussie Reach Parity with Greenback This Week? Unlikely
The Australian dollar showed a good performance in the first half of the last week, but has slowed its gains in the second. What can we expect from the Aussie in the next week, can it reach parity with the US dollar? The fundamentals were largely favorable for the currency. The most important event for the Australian currency was Chinaâs decision to keep its interest rates unchanged. China is the biggest trading partner of Australia and it … “Can Aussie Reach Parity with Greenback This Week? Unlikely”
Swiss Franc Gains on Korean Conflict & European Debt Crisis
The Swiss franc gained today as the debt problems in the European Union and the tension of the Korean peninsula turned the market sentiment to the risk aversion. South Korea performed the artillery drill near the disputed border, increasing the possibility that its conflict with North Korea would escalate, and imposed he levy on the foreign exchange borrowings. The credit ratings of some European countries were downgraded and others may follow, increasing the demand for safety among investors. … “Swiss Franc Gains on Korean Conflict & European Debt Crisis”
Euro Extends Losses After Downgrades of EU Nations Credit Ratings
The euro extended its losses today on the concerns that the some nations of the European Union would have problems with raising funds after the credit agencies downgraded their credit ratings. The Moodyâs Investors Service downgraded Irelandâs credit rating by five levels to Baa1 on December 17th and warned that it may downgrade the rating of Greece, while the Standard & Poorâs put Belgium on the negative. The European Central Bank voiced the concerns … “Euro Extends Losses After Downgrades of EU Nations Credit Ratings”
Moody’s to Downgrade France?
The markets already see French credit much lower. France, Europe’s second largest economy, has a perfect AAA credit rating and has a very stable economy. Yet French banks are extremely exposed to debt of peripheral countries. The credit default swaps on French bonds already reflect a much lower credit rating: Baa1. This indeed sounds bad … “Moody’s to Downgrade France?”
Mexico Oil Pipe Blast Kills 11 People
A blast in a Mexican oil pipe kills 11 people in the Puebla region, in the center of Mexico. This could push oil prices higher at the beginning of the week. The blast occurred at the city of Texmelucan, in an oil pipeline operated by the national oil company Pemex. The BBC reports that a suspected … “Mexico Oil Pipe Blast Kills 11 People”
Fear Good for Forex?
Fear is not good for the forex trader, but it is good for the industry. Various reports have shown that November, that began with QE2 and continued by daily headlines from the Irish crisis, was an excellent month. Will the newcomers stay in forex? The listing of FXCM as a public company enables us an … “Fear Good for Forex?”
Euro’s Gains Turned to Losses in Course of This Week
The euro were advancing at the beginning of this week on the hopes that the European Union leaders would be able to find solution for the region’s problems, but it dropped later as the investors’ sentiment turned sour. The summit in Brussels this week was the reason for the optimism, as it could provide some ideas about battling the debt problems and show unity among the EU leaders. It turned out that, while the crisis-resolution mechanism was … “Euro’s Gains Turned to Losses in Course of This Week”
Unfavorable Economic Environment Makes Loonie Weaker
The Canadian dollar slumped as the meeting of the European Union leaders hasn’t provided an answer to the problem of the European countries’ debts and after Ireland’s credit rating was downgraded. The Moodyâs Investors Service downgraded Irelandâs credit rating from Aa2 to Baa1 today as the country has asked for the aid last month. The downgrade refueled the fears about the possible spreading of the debt troubles to other peripheral European economies and the EU official weren’t able to provided clear … “Unfavorable Economic Environment Makes Loonie Weaker”
Dollar Strengthens as Fears of EU Debt Crisis Weren’t Eased
The US dollar rose the meeting of the European Union leader at summit in Brussels failed to alleviate the fears about the spreading of the debt-crisis across the Eurozone, increasing the demand for the safety of the US currency. The EU officials ended their two-day meeting yesterday, agreeing that the mechanism to prevent the futures financial crises should be introduced by 2013. Beyond that, the meeting hasn’t provided any positive news. And that’s not nearly enough to remove the worries, which … “Dollar Strengthens as Fears of EU Debt Crisis Weren’t Eased”