The US Dollar gained against the Yen, the Pound and the Canadian dollar, but lost to the others. Here’s a review of the big moves in forex trading this week. The biggest story was the ongoing recession in Britain, that supplied a huge drop for the Pound on Friday. Dollar Weakness The US dollar index … “Weekly Forex Roundup – Winners and Losers”
Author: admin_mm
Risk Appetite Sets Yen Down
The yen had a weak performance today losing versus most of the 16 main traded currencies towards the end of this week’s session as increased risk appetite has shunned traders from its safety to seek higher-yielding possibilities in emergent markets and commodity-linked countries. The euro gained versus the yen today after a report indicating that German business confidence touched the highest level in 13 months was published, attracting investors to higher-yielding … “Risk Appetite Sets Yen Down”
U.K. Persistent Recession Sets Pound Down
The U.K. fell “vertically” today after quarterly gross domestic product figures were published in London, signaling that the national central bank will have to extend its measures to help Great Britain on its way out of recession, decreasing attractiveness for the pound, which fell drastically. The pound fell from a one-month high versus the U.S. dollar, and declined significantly versus the euro, after negative U.K. quarterly GDP figures surprised … “U.K. Persistent Recession Sets Pound Down”
South African Rand Down on Press Speculations
The South African rand had the worst performance among 16 main traded currencies today after a news agency affirmed that the national central bank intended to intervene massively stopping the rand to fluctuate, causing a negative impact in the rand rates today. After the Sake24 financial news services suggested that the government planned to freeze the rand fluctuations, the South African currency declined massively, even if the government declined such plan … “South African Rand Down on Press Speculations”
Swedish Krona on Interest Rate Forecasts
The Swedish krona fell today after the national central bank maintained interest rates at a record low, indicating that the Nordic economic will require further stimulus to recover from the current recession. Riksbank, the national banking institution of Sweden, not only left its benchmark interest rates unchanged but also declared that low levels will remain until next autumn, decreasing attractiveness for the krona since lower interest … “Swedish Krona on Interest Rate Forecasts”
Bank of Canada Pushes Loonie Down
After trading near parity with the U.S. dollar this month, the Canadian dollar was pushed away from equality with the greenback as the national central bank published a report on the subject, as well as stocks and commodities declined today. Several events extended losses for the Canadian dollar versus most of the 16 main traded currencies, specially the pound and the U.S. dollar, starting with Bank of Canada declaration suggesting that interest rates will … “Bank of Canada Pushes Loonie Down”
Dollar Down from Record High on Chinese Economic Concerns
The U.S. dollar rose after extending once again its record high for 2009 after China missed slightly its quarterly growth forecasts, and economic stimulus in the country will continue for a certain amount of time, suggesting the country is not so recovered as previous expected. The euro fell below $1.50 against the dollar after touching the highest rates in 14 months in a movement that can be interpreted as corrective, since stocks … “Dollar Down from Record High on Chinese Economic Concerns”
Mexican Peso Climbs on Government Reforms
After a part of the 2010 budget was approved by the government, confidence towards the Mexican economy improved, attracting investors to the Latin American emergent market and influencing positively the peso rates. The Mexican lower house budget approval led speculators to believe that the congress will pass necessary reforms to adjust Mexico’s fiscal situation, improving the Latin American country confidence among investors regarding the economic outlook in the region for 2010, fact which … “Mexican Peso Climbs on Government Reforms”
Brazil Real Rebounds on Optimism
The Brazilian real posted sharp gains today after several negative sessions on speculations that the country’s economic strength will induce central bankers to raise interest rates in the country, attracting more foreign investors. The real lost significantly this week after the Brazilian government approved a new law taxing foreign investment on stocks, as an attempt to shun international investors that were causing the real to rally significantly, affecting Brazilian exporters. … “Brazil Real Rebounds on Optimism”
GBP/USD and EUR/USD ran out of fuel
The Pound completed the comeback and reached the resistance line. The Euro passed the 1.50 hurdle but didn’t make a convincing break. What’s next for these currencies? GBP/USD is out of air GBP/USD trades now at 1.6620, about 40 pips from one of the strongest resistance lines – 1.6660. This number stopped the pair so … “GBP/USD and EUR/USD ran out of fuel”