The Canadian dollar rose today on the speculation that the tax reduction in the US, the biggest trading partner of Canada, would bolster the economic growth. The US President Barack Obama decided to prolong the reduction of the taxes, which were set to increase on December 31st. The housing starts in Canada increased to 187,200 in November (seasonally adjusted) from 167,800 in October. The median forecast was 174,000. Canada’s government bonds declined 1.1 percent this month Some … “Optimistic Outlook for US Economy Bolsters Canadian Dollar”
Author: admin_mm
Rand Falls as Fundamentals are Unfavorable for Riskier Currencies
The South African rand slips today as the fundamentals, including the Korean conflict and China’s plans to curb its economic growth, weren’t favorable to the riskier currencies. The stocks and the higher-yielding currencies fall as the tension on the Korean peninsula increases and China may take measure to slow its rapidly growing inflation. The rand dropped versus the US dollar as the US President Barack Obama extended the tax cuts, resulting in the optimism for the US economy. USD/ZAR traded at about … “Rand Falls as Fundamentals are Unfavorable for Riskier Currencies”
New Zealand Dollar Weakens on Interest Rates & Growth Outlook
The New Zealand dollar extended its losses today on the forecast that the New Zealand central bank would keep the interest rates unchanged and as the economic growth may be slower than previously predicted. Most experts think that the Reserve Bank of New Zealand would leave the rates unchanged at 3 percent on the tomorrow’s meeting. Some analysts say that the Bank wouldn’t raise the interest rates till the second quarter of 2011. … “New Zealand Dollar Weakens on Interest Rates & Growth Outlook”
Crown Directors Detained in Britain
The British police raided the homes of Peter Benstead and Edward James, in the wake of dawn. These two directors of Crown Currency are suspected of deceiving thousands of forex traders, leaving them penniless. Here’s a report from the Telegraph: Detective Inspector Bean from Devon and Cornwall Police Serious and Organised Crime Branch said: “It is … “Crown Directors Detained in Britain”
Canadian Dollar Pares Losses
The Canadian dollar rose today after it fell yesterday as Canada’s central bank kept the interest rates unchanged and the commodities, including crude oil, dropped, decreasing appeal of the currencies linked to the economic growth. January delivery for crude oil slipped 1.3 percent to $88.18 after it rose above the resistance level of $90 per barrel in New York for the first time in more than two years. The Reuters-Jefferies CRB Index … “Canadian Dollar Pares Losses”
USD/JPY Elliott Wave
Japanese Yen is showing a very weak picture today across the board, losing a lot of value against the other major currencies but the most against the British Pound (more than 1%). The main driver for lower Japanese Yen is higher stock market and raising yields. Guest post by Gregor Horvat The best positive correlated pair … “USD/JPY Elliott Wave”
Sterling Strengthens with Growing Retail Sales & Manufacturing
The Great Britain pound rose today as the UK retail sales in November and Britain’s manufacturing in October in increased more than was forecast. The UK retail sales grew 0.7 percent in November, following the 0.8 percent growth in October. The UK manufacturing output increased by 0.6 percent in October. It rose by 0.2 percent in September and was expected to increase by 0.4 percent last month. GBP/USD went up from 1.5714 to 1.5783 as of 12:37 … “Sterling Strengthens with Growing Retail Sales & Manufacturing”
Yields of Spain on the Rise Again
After we’ve seen that Trichet’s bond buying was rather limited, bond yields are on the rise again. Spanish ten year notes now have a yield of 5.26%, rising from 5.15%. On Friday they were under 5%. There is high tension towards the Irish budget vote due later in the day. The budget is expected to … “Yields of Spain on the Rise Again”
Irish Budget Vote Will Probably Pass
The Irish parliament, the Dáil Éireann will probably pass the budget. One independent member, Michael Lowry, came out to the media and said that he’ll support the budget. His support, together with another independent member, pave the way for the budget to pass. The Irish Times reports that the ministers are likely to feel the … “Irish Budget Vote Will Probably Pass”
Varanasi Bomb Injures 7 Foreigners – Fear of Global
At least 25 people were hurt in the India, in the city of Varanasi, which is a holy place for Hindis. At least 7 foreigners were among the victims in this attack, that happened at 18:00, local time. The city is a popular place for tourists from all over the world. At least 7 foreign nationals were injured. The local … “Varanasi Bomb Injures 7 Foreigners – Fear of Global”