Posts Tagged ‘Currencies’

Australian Dollar Rallies on Interest Rate Outlook

Posted by admin on January 15th, 2010

Once again interest rates are fueling a rally for the Aussie dollar as it happened in the second half of the last year, when the South Pacific currency ranked among the best performing options in foreign-exchange markets. Positive employment data published in Australia this Wednesday is helping the Aussie to rally to high levels versus most of the main traded currencies, as a declining unemployment rate, currently at 5.5 percent and much better than other key-economic regions in the world, is fueling speculations that interest rates will be once again hiked in the country next month.

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Brazilian Real Declines on Treasury Plans

Posted by admin on January 14th, 2010

The Brazilian real posted the fourth straight day of decline versus the U.S. dollar as speculations suggest that the Treasury is likely to start a debt selling plan to buy dollars, declining attractiveness for the real in currency markets. The real touched the weakest level in 2010 today as speculations suggest that overseas investors are leaving the country, and such capital outflows declined appeal for the emerging market South American currency. A Treasury plan that may be used to buy dollars also affected the real’s outlook, in another day of losses versus most of the main traded currencies this week.

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Canadian Dollar Continues to Profit on Commodities

Posted by admin on January 14th, 2010

Speculations that demand for commodities will continue to grow in the U.S. and globally are helping the Canadian dollar to benefit from this scenario as exportation of raw materials account for half of the country’s trading revenue. The Canadian rose against almost all of the 16 main traded currencies as metallic and energetic commodities abundant in the country are experiencing a high demand as the global economic recovery spurs demand for raw materials. Canadian fundamentals are also stronger than most of its main trading partners, and the loonie rose versus the greenback today as U.S. retail sales declined, touching the highest level in three months versus its U.S. counterpart.

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Australian Dollar Climbs on Unemployment Rate

Posted by admin on January 14th, 2010

The Australian dollar climbed after employment figures were published in the country with better-than-expected numbers, adding confidence that the economic recovery in the country is accelerating its pace, spurring demand for assets in the South Pacific region. After unemployment in Australia declined to 5.5 percent and surprised forecasts that expected an increase, the Aussie dollar gained versus most of the main traded currencies, specially lower-yielding options like the Japanese yen, impacted by the growing risk appetite in Australia. AUD/CAD traded at 0.9579 as of 02:27 GMT from 0.9504 hours before the employment figures were published in Australia.

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Dollar Drops Slightly on Fed Comments

Posted by admin on January 13th, 2010

The dollar had a mediocre performance today losing versus a considerable number of currencies after the nation’s central bank was not so optimistic regarding the U.S. economy recovery, declining appeal for the greenback. The dollar posted a disappointing performance in a day were equities and commodities markets increased appeal for higher-yielding currencies. The British pound posted another advance versus the greenback as Bank of England’s policy markers signaled that interest rates in the U.K. are due to be hiked at some point this year. The Federal Reserve stated that a modest economic recovery is taking place in the U.S., fact which traders interpret as a delay in forecasts of interest rate raises, which is certainly declining the attractiveness that fueled a dollar rally versus most of the main traded currencies in December.

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Aussie Dollar Falls on New Home Loans

Posted by admin on January 12th, 2010

The Australian dollar fell sharply versus lower-yielding currencies today as a real estate report declined optimism regarding the South Pacific economy, in a day were commodities and equities markets which have a strong correlation with the Aussie, declined. Basically everything worked against the Australian dollar today as a report in the country showed that new home loans decreased the most in more than a year, in a day were equities dropped and demand for commodities declined, after China imposed new lending requirements for banks. AUD/USD declined to 0.9200 as of 19:38 GMT from a previous rate of 0.9310. AUD/JPY dropped to 83.64 from 85.64.

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Norwegian Krone Tumbles as Commodities Rally Slow Down

Posted by admin on January 12th, 2010

After several days gaining versus the dollar and the euro, the Norwegian currency slid versus main traded currencies as a bearish day in equities markets and decreased demand for commodities shunned investors from assets in the Nordic country. The Norwegian krone was affected today as the crude oil, the nation’s chief export, had a decline on its rates after China imposed new lending requirements for banks in the country, affecting markets’ sentiment, consequently impacting stock markets and demand for high-yielding currencies. USD/NOK traded at 5.6518 as of 19:08 GMT from today’s opening rate of 5.6174.

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Canadian Dollar Falls on Trade Deficit Surprise

Posted by admin on January 12th, 2010

The Canadian dollar had its rally towards parity with its U.S. counterpart halted after a monthly trade deficit was posted today, raising doubts that the nation’s economy is not going as good as some analysts like to believe. The loonie had a disappointing surprise today as Canada posted a trade deficit of more than $300 million while forecasts suggested a surplus of $500 million, surprising traders and affecting the outlook of one of the best performing currencies so far in the beginning of 2010. The Canadian dollar had profited so far this month from high risk aversion and an increasing demand for the nation’s commodities, which influenced the Canadian economic expectations, impacted today showing traders that Canada’s resilience is not as high as previously imagined.

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Yen Rallies on China’s Banking Policy

Posted by admin on January 12th, 2010

Risk aversion declined significantly today after China set a new reserves requirements for banks in the country, allowing the yen to outperform all of the 16 main traded currencies in foreign-exchange markets, as pessimism surged. Equities markets in Asia and globally declined today, raising demand for the yen, as China set a minimum of 16 percent of reserves that large banking corporations in the country must have, in order to avoid a credit bubble as the one that caused the global slump in late 2008. The yen is considered the safest refuge in currency markets for turbulent times and benefited from today’s negative scenario, as China’s policy decreased demand for high-yielding assets, which were trading high since the beginning of the year.

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Swiss Franc Retreats After Central Bank Statement

Posted by admin on January 11th, 2010

The Swiss currency had its previous week rally versus currencies like the pound and the euro halted today after the national central bank took a position against further advances of the franc, as the current appreciation was considered excessive by SNB officials. After a rally that lasted during most of the past week trading session, the Swiss National Bank President Philipp Hildebrand stated today that the franc’s fluctuations will be monitored closely, also signaling that policy makers will attempt to prevent further gains for the its currency, as current levels, specially versus the euro, are considered too high.

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Canadian Dollar Remains Strong on Commodities

Posted by admin on January 11th, 2010

The Canadian currency started another week strong versus several main traded currencies, specially lower yielding options, as demand for commodities continues to bring capital to Canada, the biggest oil supplier for the United States. The rising demand for energetic and metallic commodities is helping the loonie to remain as one of the best bets in foreign-exchange markets in the beginning of 2010, as commodities exports are responsible for around 50 percent of Canada’s international trading capital inflows. This Monday, the Canadian currency gave another step towards parity with its U.S.

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Pound to Decline Versus Higher-Yielding Currencies on Weak Recovery

Posted by admin on January 11th, 2010

The United Kingdom has been showing itself as one of the least resilient nations among the wealthiest countries in the world, and its weak economic data combined with a ineffective monetary policy is likely to set the sterling further down in the first semester of 2010, specially versus higher-yielding options Bank of England policy makers insisted to extend its so far frustrated bond purchase strategy, injecting its remaining 200 billion pounds on the program, as interest rates remain at an all-time record low of 0.50 percent, maintaining the pound’s outlook negative, specially as the traders started the year with high levels of risk appetite.

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Payrolls Cause Dollar’s Weekly Decline

Posted by admin on January 9th, 2010

The U.S. currency was performing quite well during most of this week’s session as optimism regarding the U.S. economy was high, but the employment data published on Friday forced the greenback down versus most of the main traded currencies, as figures came much below forecasts. The dollar posted the biggest weekly in two months as a non-farm payrolls report indicated more jobs cuts than expected, frustrating forecasts and declining odds that the Federal Reserve will lift stimulus and start a series of interest rate hikes that would happen sooner-than-expected, as some speculations suggested, if the economy accelerated at a faster pace.

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Chilean Peso Drops After Copper Rally

Posted by admin on January 9th, 2010

The Chilean peso outperformed most of the main traded currencies as a copper price rally boosted appeal for assets in Chile, which declined this Friday after the metallic commodities failed to extend their gains.The Chilean currency had a very positive performance apart from this Friday’s slide, as the economy showed signs of improvement according to the nation’s central bank, and the copper, responsible for one quarter of Chilean exports, had an increase on its rates and demand grows globally. In the last day of this week’s session, the copper retreated bringing the peso down as well.USD/CLP closed this week at 493.95 after trading as low as 490.95 this Friday.If you want to comment on the Chilean peso’s recent action or have any questions regarding this currency, please, feel free to reply below.

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Investment Agency Rating Pushes Polish Zloty Up

Posted by admin on January 9th, 2010

The Polish currency advanced today in foreign-exchange markets as Pimco speculates that 2010 will allow several emerging markets to outperform other investments, favoring the zloty in this Friday’s trading session. The zloty benefited from statements coming from the largest bond fund in the world, Pacific Investment Management Co., which predicted better returns in 2010 for zloty-priced assets, as well as investments in Mexico and South Korea, helping their currencies to rally as well. EUR/PLN declined in the week comparison despite 4 days of consecutive gains before this Friday when it closed at 4.0688.

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