The Hungarian forint gained today for the third consecutive day after Hungary’s government pledged to cut the budget shortfall, easing the concerns about the possible default. Hungary, the first member of the European Union received the international bailout, needs to cut the budget deficit to 3.8 percent in 2010 from the last year’s 4 percent. The government’s pledge to take actions in order to avoid the default eased the concerns somewhat, but not all economists were convinced … “Hungarian Forint Gains on Pledge to Avoid Default”
Author: admin_mm
NZ Dollar Rises on Speculations About Increasing Rates
The New Zealand dollar rose today after two days of decline against its U.S. counterpart, the euro and the Japanese yen as the Asian stocks gained and the commodity prices increased, boosting the demand for the higher-yielding assets. The New Zealand currency also strengthened on the speculation that the Reserve Bank of New Zealand will raise its record low interest rates on June 10. The central bank expected to raise the official cash rate from a record … “NZ Dollar Rises on Speculations About Increasing Rates”
Canadian Dollar Gains as Traders Seek Safety
The Canadian dollar gained today as the robust Canadian economy increases the appeal of the currency as the safe have, therefore drawing the investors, who seek the safety from the European debt crisis. Canada, together with the U.S., has the fastest growing economy this year among the Group of Seven nations and the the lowest net debt-to-output ratio. The report last week, which showed the increasing employment and the stable unemployment rate, also added to the signs of Canada’s economic … “Canadian Dollar Gains as Traders Seek Safety”
Hungarian Forint Gains on Government’s Budget Plans
The Hungarian forint, which dropped previously on the speculations about the possible default in Hungary, strengthened today for a second day after Hungarian government pledged to stick to the budget deficit goal. Mihaly Varga, the state secretary of the Prime Minister’s Office and the former Minister of Finance, said that the government plans to meet the 3.8 percent target agreed with the International Monetary Fund and the European Union. According to his words: Calmly, but firmly, we must … “Hungarian Forint Gains on Government’s Budget Plans”
Pound Down on Concerns About Debt Crisis
The Great Britain pound weakened today after Fitch Ratings stated that “UK fiscal challenge is formidable”, spurring the demand for the safety among the investors. According to Fitch Britain requires more budget cuts and needs to perform them with faster pace to avoid the budget crisis. The slump of the pound reflected the concern about the possible spreading of the debt crisis. Filth didn’t said anything really new about Britain’s economy and the reaction … “Pound Down on Concerns About Debt Crisis”
Forex Video Outlook
In this video, I examine the technical levels of forex pairs, talk about Friday’s events and a look at the events that will shake the markets ahead in the week. This is the first time I produce such a video on my own. Your feedback is more than welcome, as always. Want to see what … “Forex Video Outlook”
Employment Data Helps Loonie Appreciate
The Canadian dollar gained today after the report last week showed the better than expected growth of the nation’s employment, increasing the appeal of the currency as the safe haven. The employment rose by 24,700 in May from the previous month, the fifth consecutive monthly increase, following the impressive growth by 108,700 in April. Canadaâs economy grew by 6.1 percent in the first quarter. The favorable data overshadowed the decline of the stocks and crude oil. The economists say that the Canadian currency … “Employment Data Helps Loonie Appreciate”
Fears of European Crisis Hurt Brazilian Real
The Brazilian real went down today as the fears of the spreading European crisis deter the investors from the riskier currencies. The worries about the fiscal crisis surged after the Hungarian Prime Minister said that the previous government lied about the state of the nation’s economy and manipulated figures to conceal the possibility of the default. The concern about the possible spreading of the crisis to Eastern Europe heightened after the threat of the default in Hungary was revealed. The ensuing uncertainty amongst the traders … “Fears of European Crisis Hurt Brazilian Real”
Mexican Peso Falls on U.S. Jobs Report & European Crisis
The Mexican peso fell today on the concerns that the global recovery may slow, fueled by the lower than expected payrolls in the U.S. and the sovereign-debt crisis in Europe. The analysts expected that nonfarm payroll employment in May would increase by 521,000, while the actual growth was only 431,000 and the private sector added only 41,000 jobs. The threat of the debt crisis’s expansion across the Europe still destabilizes the global markets, affecting the peso. USD/MXN traded … “Mexican Peso Falls on U.S. Jobs Report & European Crisis”
Loonie’s Weekly Gains Were Erased in One Day
This week showed the mixed set of results for the Canadian dollar as the currency dropped against its U.S. counterpart, managed to strengthen against the euro and remained at approximately same level against the Japanese yen. The general directions of the currency’s movement against all the loonie’s counterparts was rather similar: the tendency to rise, which was disrupted on Tuesday by the evidences that the central bank will stop raising the interest rates, then the appreciation was again … “Loonie’s Weekly Gains Were Erased in One Day”