The South African rand strengthened today versus the euro and the U.S. dollar after the retail sales grew as the central bank has performed the interest rates cuts, leading to the accelerated economic expansion and the stronger currency. The Reserve Bank has cut the benchmark rate by 5.5 percentage points since December 2008 to 6.5 percent. The retail sales grew in March 1 percent from a year ago, the first increase in more than a year. Gross … “South African Rand Bolstered by Solid Economic Growth”
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Bank’s Bankruptcy in Spain Renewed Concerns for Euro
The euro was weakened today by the renewed concerns about the ability of the European Union’s nations to resolve the region’s debt crisis after the Spain had to step up to support the regional lender. The savings bank CajaSur was heavily harmed by the property-loan defaults, causing the Bank of Spain to take it over. This led to doubts about the overall resilience of the European banking system and new concerns about the euro’s future. EUR/USD traded near 1.2385 … “Bank’s Bankruptcy in Spain Renewed Concerns for Euro”
Concerns for Budget Cuts Undermine Pound’s Performance
The Great Britain pound declined against the U.S. dollar and Japanese yen after the survey showed that the households’ pessimism about their finances increased and the outlook for the job security amongst the public sector workers worsened on the expectations of the coming budget cuts. The survey showed that 43 percent of the households expect their financial conditions to worsen in the near future, the worst reading in more than a year, and the public sector workers have the worst outlook … “Concerns for Budget Cuts Undermine Pound’s Performance”
4 Hot Tips That Will Kick Your Forex Trading Career
Guest post from Jason Madison of beatwallstreetnow.com 1. Develop a trading plan and stick to it. Trading is just like any other business if you don’t have plan of action you are destined to fail. A trading plan is a necessity because without one you are just gambling. A good trading plan will have defined … “4 Hot Tips That Will Kick Your Forex Trading Career”
Euro’s Movement This Week: Sharp Rise After Decline
The euro was weakened in the first half of this week by the concerns for the sovereign-debt crisis in the European Union but was strengthening against most other major currencies over the second half of the week. The movement of the euro against the greenback is good example of this weekly trend as the shared European currency dropped to the lowest level in four years yet managed to rebound by the weekend. Against the Swiss franc the euro was at the stable low level at the beginning … “Euro’s Movement This Week: Sharp Rise After Decline”
Markets Stabilize â Canadian Dollar Goes Up
The Canadian dollar halted its decline to the lowest level against its U.S. counterpart this month and rose today as the turmoil on the equities markets, caused by the European sovereign-debt crisis, receded and the demand for the currencies tied to growth returned. Despite the previous forecasts that the Bank of Canada will raise the interest rates to fight with the accelerating inflation, the traders are cutting bets that the rates will be increased. The reason for such turn of events … “Markets Stabilize â Canadian Dollar Goes Up”
Euro Rises on Hopes for ECB and EU Leaders to Support Currency
The euro rose to the weekly high level today against the U.S. dollar and gained versus the Japanese yen on the expectations for the European Central Bank to intervene in order to support the common European currency. The meeting of the European financial ministers and Herman Van Rompuy, the President of the European Council, is held today in Brussels to discuss the reforms of the governance, which may lead to implementations of the severe measures to the countries whose economies are lagging behind the EU requirements. The Germany’s … “Euro Rises on Hopes for ECB and EU Leaders to Support Currency”
New Zealand Dollar Boosted by Consumer Sentiment
The New Zealand dollar strengthened against its U.S. counterpart today, while it was declining for the whole week, after the consumer confidence increased and the unemployment rate dropped, suggesting about the increasing pace of the economic recovery. The consumer sentiment rose in May 3.4 percent to 126 from 121.9 in April. The jobless rate decreased from 7.1 percent to 6 percent. The central bank may raise the interest rates, attracting the investors interested … “New Zealand Dollar Boosted by Consumer Sentiment”
Franc Driven Down vs. Euro by Efforts of Central Bank
The Swiss franc weakened against the euro today after the Swiss National Bank intervened, selling the currency in order to curb the franc’s appreciation. The central bank began selling the currency in the last year to fight the deflation and to bolster the economy. Thomas Jordan, the Vice Chairman of the Governing Board, said: During the financial crisis, there has been much pressure on the Swiss franc which appreciated. The SNB has countered that pressure so that until … “Franc Driven Down vs. Euro by Efforts of Central Bank”
Europe Sends Markets in Turmoil, Hurting Canadian Dollar
The Canadian dollar sank today as the sovereign-debt crisis in the European Union and the increasing number of the jobless claims in the U.S. sent equities and commodity prices tumbling down. Crude oil futures on dropped 2.8 percent to $67.91 per barrel on the New York Mercantile Exchange. Crude oil is the biggest export of Canada. The annual inflation increased from 1.4 percent in March to 1.7 percent in April. The unemployment unexpectedly increased in the U.S. despite the forecasts, which … “Europe Sends Markets in Turmoil, Hurting Canadian Dollar”