Posts Tagged ‘Foreign Exchange Markets’

Canadian Dollar Near 2-Month High on Oil

Posted by admin on January 9th, 2010

The Canadian dollar returned to gain today as its chief export, the crude oil, rallied as demand for energy increases, favoring currencies with a similar profile in foreign-exchange markets as the Australian dollar, which is a main commodity supplier for China. The loonie, as the Canadian dollar is often referred, had the fourth day of advances in this week as the crude oil returned to trade high in commodity markets closing future contracts near $ 83 a barrel, helping the Canadian dollar to rally specially versus its U.S. counterpart as frustrating employment data declined attractiveness for the greenback during most of today’s session in North America.

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Unexpectedly Negative Payrolls Force Greenback Down

Posted by admin on January 8th, 2010

An employment report waited during all the week and released today frustrated analysts bringing weaker-than-expected figures for the U.S. economy, pulling the dollar down versus most of the 16 main traded currencies.After the non-farm payrolls report indicated that employers cut more jobs than forecasts suggested, the demand for dollar-priced and high-yielding currencies declined significantly in foreign-exchange markets as traders become more risk averse interpreting the pessimist data indicated in the U.S. employment figures. The euro gained sharply versus the dollar following the negative employment report, but declined in the hours following the publication.

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Unchanged Rates and Bond Purchases Maintain Pound Down

Posted by admin on January 8th, 2010

The British currency continued to suffer from its central bank monetary policies as interest rates remained unchanged in the country, suggesting that the recession will remain a reality in England for an extended period.A concerning budget deficit combined with weak economic data has been affecting the pound’s outlook as the Bank of England insists on its asset-purchase program which hasn’t been effective so far, as well as in all-time record low interest rates which decrease the appeal for the sterling in foreign-exchange markets.GBP/USD bottomed at 1.5923 as of 22:21 GMT from a previous rate of 1.6036.If you want to comment on the Great Britain pound’s recent action or have any questions regarding this currency, please, feel free to reply below.

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Sterling slides further in the wake of a damning UK economic report

Posted by admin on October 13th, 2009

The pound maintained its downward trend yesterday, losing a further 0.6% as a British report cast doubts over UK recovery prospects. The outlook for global monetary policy shaped action on the foreign exchange markets on Monday, with sterling the main casualty. A report from the Centre for Economics and Business Research predicted that UK interest rates would remain at their historic low of 0.5% through 2010. The report also forecast they would stay below 2% until 2014. That would be likely to leave sterling the lowest-yielding major currency at a time when interest rates outside the UK look set to start rising, which added selling pressure to the fragile pound.

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An easing of risk appetite weakened the euro yesterday, but it has rallied back over $1.46 so far today

Posted by admin on September 30th, 2009

The single currency hit a two-week low against the greenback yesterday as a rise in risk aversion strengthened demand for the haven currency.The dollar rose for a second day as evidence that economies have yet to shake off the worst effects of the global recession spurred demand for the safety of the U.S. currency. Russia’s central bank cut its main interest rate, signaling that things are not as positive as they appeared previously, and spurring demand for the dollar. The greenback also found support following a disappointing US consumer confidence survey, which cautioned investors in their risk appetite.

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