The Japanese yen extended its rally today, erasing its losses since the Bank of Japan step in to weaken the currency and causing the speculation that the Bank would perform another intervention. The yen also rose versus the Great Britain pound but fell against the euro. Japan intervened on September 15th to stem the yen’s gains, which could hurt the nation’s exports. This moved dropped the yen significantly down but hadn’t long-term … “Yen Strengthens, Causes Speculation About Another Intervention”
Author: admin_mm
Loonie Hits Five-Month High Against Greenback
The Canadian dollar rose today to the highest level in five months against the US dollar on the prediction the central banks across the world would cut their interest rates while the Canadian central bank keep the rates unchanged. David Watt, senior currency strategist at Royal Bank of Canada, said: Weâve got general aversion to the euro, the dollar and other industrial-world currencies as investors are looking for countries with less structural impediments as more … “Loonie Hits Five-Month High Against Greenback”
Currensee Gets FSA Approval
Currensee’s social network received an approval from Britain’s FSA, one of the tougher regulatory bodies in the world of forex. It also opened an office in London and can now introduce clients to UK-based forex brokers. More regulation means more transparency. London is the biggest hub for forex trading, with over a third of transactions … “Currensee Gets FSA Approval”
Pound Drops on Talks About Stimulus
The Great Britain pound fell today versus the US dollar and the Japanese yen and traded near the lowest level in four months against the euro before the meeting of the Bank of England’s policy makers to discuss the bonds purchase program. The policy makers of the Bank of England will meet tomorrow to discuss the necessity of additional stimulus, while the Monetary Policy Committee will set the interest rates. The market tends react negatively on the talks about the quantitative easing, … “Pound Drops on Talks About Stimulus”
Dollar Weakens on Outlook for Additional Easing & Unemployment
The US dollar fell today as the Federal Reserve may follow the Bank of Japan in adding further stimulus and on the anticipation of the increasing jobless claims and unemployment rate. The Dollar Index, tracking the US currency versus the currencies of six major US trading partners, touched 77.597, the lowest level since January 20th. The reports later this week expected to show that the unemployment rate in the US rose from 9.6 percent to 9.7 percent and the jobless … “Dollar Weakens on Outlook for Additional Easing & Unemployment”
Europe Losing the Currency War
The “currency war” is raging with countries intervening in the forex markets, devaluing their currencies and pausing on necessary rate hikes. Europe seems unable to deal with China and the rest of the world. The Euro is on the rise and this will eventually hurt the European economies. The big problem is China that maintains … “Europe Losing the Currency War”
Bank of Japan Cuts Interest Rates, Yen Weakens
The Bank of Japan cut its interest rates today to virtually zero and announced its asset purchase program. The decision to add stimulus was rather unexpected and the yen dropped against the euro and the Great Britain pound. The dollar weakness allowed the Japanese currency managed to outperform its US counterpart. The Bank of Japan cut its overnight call rate target from 0.1 percent to virtually zero and said: The Bank will maintain the virtually … “Bank of Japan Cuts Interest Rates, Yen Weakens”
Loonie at Two-Month High on Stocks & Crude Oil Rally
The Canadian dollar traded today at the highest level in two months against its US counterpart as crude oil, Canada’s key export, hit the highest level in eight weeks and the global stocks rallied, increasing the appeal of the currencies tied to the economic growth. The euro managed to outperform the Canadian currency. November delivery for crude oil gained as much as 1.8 percent to $82.93 per barrel on NYMEX, the highest level since August 4th. The MSCI World … “Loonie at Two-Month High on Stocks & Crude Oil Rally”
Fundamental Overview – Market Movers Last Week – 10/04/2010
The U.S. Dollar continued its decline against all the major currencies last week, extending its previous week’s substantial losses. The U.S. Dollar Index lost -1.31 points last week to close at 78.09, showing a net loss of -1.65 percent. The Euro was again the best overall performer against the Greenback, rising 2.1 percent last week. … “Fundamental Overview – Market Movers Last Week – 10/04/2010”
Services PMI Boosts Great Britain Pound
The report about the unexpected growth of the services industries also boosted the Great Britain pound, reducing the possibility that the central bank would be required to restart bond purchases in order to support Britain’s economy. The Markit/CIPS Business Activity Index rose to 52.8 in September from 51.3 in August. The economists expected the slight drop to 51.1. The benchmark FTSE 100 Index of stocks advanced 0.6 percent. The good data reduced the possibility of further quantitative … “Services PMI Boosts Great Britain Pound”