The euro weakened today, after it previously jumped to the highest level in more than a month, as the concerns resurfaced that some European banks may experience significant losses because of the global economic crisis and on the worries for Ireland’s economy. John Gormley, the leader of the Irish Green Party, said today that the nation’s sovereign-bond spreads may increase in case Ireland would consider renegotiating with the bondholders of Anglo Irish Bank Corp. Ireland … “Risk Appetite Wanes, Euro Weakens”
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SNB Signals About Slower Growth of Swiss Economy, Franc Down
The Swiss franc fell to the lowest level in a month versus the euro today after the global equities rallied, erasing the demand for the safer currencies, and Switzerland’s central bank signaled about the slowdown of the nation’s economic growth. The MSCI World Index rose 0.5 percent, the fourth day of gains this week. The Swiss National Bank left yesterday the benchmark interest rate unchanged at 0.25 percent and said that recovery “is not yet sustainable”. … “SNB Signals About Slower Growth of Swiss Economy, Franc Down”
Lower Demand for Safety Makes Yen Weaker
The Japanese yen weakened today, falling to the lowest level in more than in a month against the euro, on the forecasts that the reports today would show the producer prices increased in Germany and the consumer confidence improved in the US, decreasing the demand for the safe haven. The analysts predict that the producer prices in Germany grew 0.3 percent in August, following the July increase of 0.5 percent. The Reuters/University of Michigan Consumer Sentiment expected to rise from 68.9 to 70.2 this … “Lower Demand for Safety Makes Yen Weaker”
EUR/USD Sep. 17- Rising Rapidly in Steep Channel
EUR/USD continues pushing forward in a steep uptrend channel. The crowded US calendar promises an exciting close to the week. Here is a quick update on technicals, fundamentals, and community trends. EUR/USD trading higher in steep uptrend channel. EUR/USD Technicals Asian session: EUR/USD made the breakout above 1.3110 during the Asian session.. Current Range is … “EUR/USD Sep. 17- Rising Rapidly in Steep Channel”
UK Retail Sales Decline, Britain’s Pound Drops vs. Euro
The Great Britain pound fell today versus the euro after the retail sales unexpectedly slowed in August, increasing the concern for Britain’s economy. The currency rose against the US dollar after it slumped earlier. The Office for National Statistics reported that between July and August the retail sales volume decreased by 0.5 percent. That’s compared with the growth by 0.8 percent in July and the forecast increase by 0.3 percent. The slowdown of the sales reinforced the concern … “UK Retail Sales Decline, Britain’s Pound Drops vs. Euro”
Canadian Dollar Weakens with Falling Oil Prices
The Canadian dollar fell today versus the euro to the lowest level more than a week and weakened against the US dollar after the prices for crude oil declined and stock dropped. October futures for oil delivery slipped as much as 1.6 percent to $74.81 per barrel. Oil is the main Canada’s export. The oil sands in Alberta, Canadaâs fourth most populous province, contain about 170 billion barrels of petroleum, the largest pool outside … “Canadian Dollar Weakens with Falling Oil Prices”
Currensee Introduces Public Trader Profiles
Currense, the social network for forex traders, launched a new feature – public profiles. Users can opt in to share their real trading performance, bios, and trading strategies on social networks. Public profiles can be seen via a direct URL that can be shared on social networks such as Facebook, Twitter, and other networks. This … “Currensee Introduces Public Trader Profiles”
No Expectations, No Disappointments – Dollar Enjoys OK Data
Weekly unemployment claims didn’t rise and even fell by 3,000. Producer prices rose marginally more than expected. This supports the dollar across the board especially helping the yen intervention. The figures released in August were disastrous – employment, home sales, durable goods order, and almost every US indicator was significantly below consensus. For the Philly PMI, … “No Expectations, No Disappointments – Dollar Enjoys OK Data”
New Zealand Dollar Weakens on Interest Rates Outlook
The New Zealand dollar weakened today after the dovish statement of Alan Bollard, the governor of the Reserve Bank of New Zealand, suggested that the central bank would keep the interest rates unchanged. Bollard said that the worst earthquake in 80 years “significantly disrupted economic activity and is likely to continue to do so for some time.” The statement, which was more dovish than the traders expected, sent the bets on the interest rates hike … “New Zealand Dollar Weakens on Interest Rates Outlook”
Yen Rises After Decline on Intervention
The Japanese yen pared yesterday’s losses on the speculation that Japan’s exporters would buy the currency after the government intervention pushed the yen down to the lowest level in almost two weeks against the US dollar. The Japanese exporters may buy the yen before the fiscal half-year end. They usually purchase the yen to convert the overseas earnings into the local currency when they close their account books in March and September. The traders try … “Yen Rises After Decline on Intervention”