The Mexican currency and stocks went down this Monday after the confirmation that President Calderon’s party lost midterm elections, raising concerns that reforms needed to stimulate the Mexican economy will not be implemented. Mexican President Felipe Calderon‘s party lost congressional seats in the latest elections, affecting Mexican stocks and the peso immediately, since the opposition is not likely to allow needed tax increases to stabilize Mexico’s budget, … “Mexican Peso Down After Elections”
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Pound Falls on Bearish Market Pessimism
Speculations that the Bank of England will take further measures to stimulate the national economy brought pessimism to British markets, setting the pound down against currencies like the euro, dollar and the yen. The London Stock Exchange started this week negatively, as forecasts indicate that British companies will continue to post weak results for the following month, adding to the already … “Pound Falls on Bearish Market Pessimism”
Yen Climbs on World Economic Recovery Delay
The yen, the most attractive currency in times of uncertainty, started this week climbing against the dollar and the euro, as pessimistic reports last week led to speculations that the economic recovery will falter, raising risk aversion levels among traders. Markets opened with a certain degree of pessimism this week, as several news suggested that there may be still a long way for a world … “Yen Climbs on World Economic Recovery Delay”
Dollar Climbs as Safety Demand Rises on Markets
The dollar ended this week posting gains versus all 6 major currencies, as another wave of pessimism caused by grim reports in U.S. and U.K. spurred demand for the safety of the greenback. Commodity linked currencies like the Australian dollar, and emergent-markets currencies like the South Korean won posted significant losses against the greenback, after a report in U.S. indicated more-than-expect job cuts, … “Dollar Climbs as Safety Demand Rises on Markets”
Mexican Peso Ends Week Down on Poor Economic Data
The Mexican peso, a currency which is highly dependent on United States economic conditions, had the first decline in three weeks as American unemployment figures increased concerns regarding the nation’s recession depth. The Mexican currency posted the first negative performance in three weeks, falling 0.3 percent against the U.S. dollar, even if it can be considered as a slight decline, it shows that the U.S. negative numbers during the week … “Mexican Peso Ends Week Down on Poor Economic Data”
Brazil’s Real Pared Weekly Losses on Exports Data
The Brazilian real, which started the week with a bearish movement due to rising concerns regarding the global slump depth, recovered its losses on favorable domestic economic reports. The Brazilian currency lost against all major traded currencies in the beginning of the week, as government and news agencies statements suggested that the global recession will still be a part of the world economic scenario for longer than predicted, damping demand for emergent markets assets. … “Brazil’s Real Pared Weekly Losses on Exports Data”
Pound Drops on Negative Service Industry Data
The British currency is heading for the firstly weekly decline against the dollar in a month, after a report released today indicated a less significant service sector growth for the month of June. The pound had a negative week overall as the British economy contracted beyond expectations in the first quarter, making it to lose ground against the euro, and versus the dollar, as the optimism towards … “Pound Drops on Negative Service Industry Data”
Recession Concerns Sets Dollar to Weekly Gain
The dollar is coming to this weeks end advancing against the euro and the pound, after a U.S. report indicated more job cuts than predicted, raising concerns that the global slump may be prolonged for an undetermined amount of time. The Dollar Index climbed for a second day in a row, being the U.S. jobs report the main reason to provide support for a certain level of pessimism … “Recession Concerns Sets Dollar to Weekly Gain”
Chilean Peso Faces Biggest Fall in 2 Months
The Chilean peso, which was one of the best performance currencies since April, fell significantly as a U.S. jobs report damped demand for risk and emergent market currencies. The Chilean peso has been having an excellent performance since the nation’s central bank started a dollar selling program two months ago, which spurred the attractiveness for the peso, making it to break several records sequentially, but today’s U.S. negative jobs report … “Chilean Peso Faces Biggest Fall in 2 Months”
Canadian Dollar Drops After U.S. Employment Data Release
The loonie had a day of losses versus virtually all main traded currencies, as U.S. jobs were cut more than what forecasts predicted, damping demand for risk appetite in markets. The Canadian currency had a immediate fall right after a U.S. report indicated more job cuts than what economists forecast, and since Canada’s economy is highly dependent on its trade with the United States, a pessimism report suggesting … “Canadian Dollar Drops After U.S. Employment Data Release”