The Chinese yuan rises to the highest level in more than two weeks today against the US dollar as the US government advisers visit China, causing the speculations that the Chinese currency would be allowed to appreciate more. Larry Summers, the Director of the White House National Economic Council for President Barack Obama, started the meeting with Li Yuanchao, the head of the Communist Partyâs organization department, in Beijing today. The Asian currencies also gained … “Yuan Rises as US Advisors Visit China”
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Euro Rises on Good German Economic Outlook
The euro traded at the highest level in more than two weeks as the analysts predicted that the government reports would show that the German economic recovery is gaining momentum. The factory orders in Germany grew 0.5 percent in July, following the 3.2 percent growth in the previous month according to the economists’ estimates. The experts also estimated that the industrial production rose 1 percent. The good economic forecasts damped the demand for the safety of the dollar. EUR/USD … “Euro Rises on Good German Economic Outlook”
Weekly Performance of Swiss Franc: Up vs. Dollar, Flat vs. Euro
The Swiss franc, which is consider the safe currency, rose against the euro in the first half of this week as demand for the safety increased, but slumped in the second half as the risk appetite improved. The franc slid versus the greenback at the end of the week, but decline wasn’t strong enough to erase the previous gains. The Swiss currency was bolstered by the concerns for the economic growth at the beginning of this week. The whole world looks on the US economy to evaluate the stability … “Weekly Performance of Swiss Franc: Up vs. Dollar, Flat vs. Euro”
Canadian Dollar Jumps on US Nonfarm Payrolls
The Canadian dollar rose today against all of the most traded currencies, becoming the best performer today, as the attractiveness of the growth-related currencies was boosted by the better-than-expected US nonfarm payrolls. The US nonfarm payrolls posted the drop by 54,000 work places in August. The analysts were very pessimistic before the report, estimating the decline to be as much as 101,000. The private payrolls, excluding the government jobs, rose by 67,000. The MSCI World Index advanced 1.1 percent. … “Canadian Dollar Jumps on US Nonfarm Payrolls”
Recovery Continues, Risk Appetite Improves, Dollar Down
The US dollar weakened today as the signs of the economic recovery, including the improving US jobs market, increased the risk appetite and diminished the demand for the currencies, considered to be the safe haven. The US nonfarm payrolls showed the decline by 54,000 job places in August, compared to the significantly more pessimistic forecast of the 101,000 decrease. The unemployment rate remained almost unchanged and stays at 9.6 percent. The Standard & Poorâs 500 Index advanced 0.9 percent today, … “Recovery Continues, Risk Appetite Improves, Dollar Down”
Stable Economic Growth Makes South Korea’s Won Stronger
The South Korean won appreciated today as the concerns for the economic growth eased, boosting the outlook for South Korea’s economy and increasing chances that the central bank will raise the interest rates. The nation’s gross domestic product expanded 1.4 percent in the second quarter of 2010, almost matching the forecast value of 1.5 percent. The stable growth allowed the International Monetary Fund to raise the growth forecast to 6.1 percent for the current year. The favorable fundamentals also … “Stable Economic Growth Makes South Korea’s Won Stronger”
Rand Strengthens on Good US Economic Data
The South African rand extended its gains today for the third day against the US dollar as the favorable economic data from the US signaled that the recovery is underway and improved the risk sentiment among the global investors. The risk appetite increased after the reports from the US showed that the pending home sales unexpectedly surged, while the number of the claims for the jobless benefits decreased more than predicted. The rand gained 1.3 percent … “Rand Strengthens on Good US Economic Data”
7 Scenarios for Non-Farm Payrolls and Market Reaction
Non-Farm Payrolls for August are expected to show another big drop, but with a gain in the private sector, showing that growth still continues. Here’s a preview for this release, the “king of forex trading” with 7 possible outcomes and expected market reactions. This is the most important event in forex trading, and has unique … “7 Scenarios for Non-Farm Payrolls and Market Reaction”
Yuan Appreciation Continues, May Persist in Next Year
The Chinese yuan appreciated today as the macroeconomic data signaled about the worldwide economic growth and after the central bank set the daily reference rate higher in response to the dollar’s declines. The Chinaâs Purchasing Managersâ Index went up to 51.7 in August from 51.2 in the previous month. The median estimate of the experts was 51.5. The Dollar Index, which monitors the greenback’s performance versus the six major currencies, slumped the most in six weeks yesterday. Reacting … “Yuan Appreciation Continues, May Persist in Next Year”
CAD Falls on Concern that Yesterday’s Rally was Overdone
The Canadian dollar slipped today on the concern that yesterday’s rally was overdone in the light of the expected nonfarm payroll’s decline and as the fundamentals in Canada signal about the slower economic growth. The tomorrow’s report on the US nonfarm employment change expected to show the decline by 101,000. In Canada itself the employment change posted the decline by 9,300 in July. Crude oil, the main Canada’s export, dropped 0.7 percent today to $73.42 per barrel on NYMEX. The probability of the rates … “CAD Falls on Concern that Yesterday’s Rally was Overdone”