Posts Tagged ‘Greenback’

Pound Strong Versus Dollar on Global Recovery

Posted by admin on January 12th, 2010

The U.K. currency extended Friday’s gains versus the U.S. dollar today as global optimism helped speculations that an economic recovery in the U.K. will make its currency more attractive in foreign-exchange markets. A business report published today by a private company in the U.K. indicated that confidence regarding economic conditions has improved substantially in an annual comparison, helping the pound to post another day of gains versus the greenback after a Chinese trading report suggested that the global economic recovery expected for 2010 is so far being confirmed, as both exports and imports climbed in China.

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Ruble Gains Sharply on First Russian Trade Day

Posted by admin on January 12th, 2010

In the first day of trading for Russian stocks in 2010, the national currency posted a sharp rise as equities in the country, extremely related to commodities, climbed with full force, as stock markets in the country were closed last week. The ruble benefited today from a strong demand for oil in the Northern Hemisphere as this winter is being of the most intense during the past decade, forcing the crude beyond $83 a barrel, allowing Russian stocks to gain sharply and consequently providing support for the nation’s currency to post the sharpest advance in a decade today versus the greenback.

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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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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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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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The euro lost ground to the dollar on Friday as the rally in equities came to a halt

Posted by admin on November 2nd, 2009

The dollar strengthened, consolidating after broad selling on the back of data showing strong US growth, gaining over a cent on the single currency. Equities took a sharp downturn at the end of last week, having rallied after the positive US GDP data, most likely as a result of end of month profit taking, which buoyed demand for the greenback. Data also showed that US consumer spending fell for the first time in five months in September, coinciding with the end of the government’s car scrappage scheme. The US Commerce Department says spending dropped 0.5% in September, compared with a 1.4% rise in August, which encouraged investors to buy back into the haven currency.The US dollar extended gains in the afternoon, pushing the euro down near three-week lows after data showed that a US Midwest manufacturing index was stronger-than-expected failed to heighten risk appetite. The euro has climbed in trading this morning with the price currently hovering around the mid 1.47 mark.

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Dollar was buoyed at the end of last week as risk appetite waned

Posted by admin on November 2nd, 2009

The greeback pulled back from its sharp sell-off on Thursday, as weak US economic data spurred a return to risk aversion.In early trading, the dollar continued to lose ground following the better-than-expected US growth data, however the GBP/USD rally was capped at 1.6600, and the UK currency pulled down steadily, eventually closing down 0.6% ay 1.6448. US markets went through losses on Friday, with financials and materials leading the path, as risk aversion returned after Thursday’s optimism, strengthening support for the greenback. On the macroeconomic front, data revealed that US consumer spending declined 0.5% in September, the largest decline since December 2008, further buoying the dollar rally.

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Euro clawed back recent losses as investors moved into the “riskier” currency

Posted by admin on October 30th, 2009

The dollar snapped four days of gains against the euro as the US economy returned to growth in the three months through September, officially exiting recession.The US government’s advance estimate showed gross domestic product grew at an annualised rate of 3.5% in the third quarter, the first rise since the second quarter of 2008, which beat expectations for a reading of 3.3%. The data reduced the safe-haven appeal of the greenback, encouraging investors to sell their dollar holdings in favour of growth-linked currencies, enabling the euro to climb over a cent on the day.

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Positive GDP figures in the US drove dollar selling yesterday enabling the pound to gain

Posted by admin on October 30th, 2009

Sterling extended its rally, briefly climbing above $1.66 as the dollar sold off broadly after strong economic growth data spurred demand for riskier assets. In early trading, the pound found support from data that showed UK mortgage approvals for September increased to their highest level since February last year, exceeding market forecasts. Risk appetite was buoyed further in the afternoon after a report showed the US economy returned to growth in the third quarter, boosting stocks and reducing the appeal of the relative safety of the greenback. The US economy in the third quarter grew by 3.5% on an annualised basis, beating market expectations of a 3.3% rise and easing recently voiced concerns over the strength of the US recovery.

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Weak US data enabled the US dollar to continue clawing back losses against the euro

Posted by admin on October 29th, 2009

The single currency slipped further away from recent 14-month highs against the dollar yesterday, losing nearly a cent to close down at 1.4707.The US dollar rose, stretching a rally against the euro to a fourth day, supported by weak U.S. economic data that weighed on equity markets and led investors to seek safety in the greenback and cut exposure to assets perceived as risky. Initially though, the euro pared early losses after data showed core US durable goods orders were better-than-expected in September. The report revealed that the core figure, which excludes transport equipment, rose by 0.9%, higher than forecasts of a 0.6% rise, strengthening risk appetite in the market.

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US dollar continues to push higher against the euro, as consumer confidence stumbles

Posted by admin on October 28th, 2009

The dollar rose against the single currency for a third consecutive day in its longest advance since August, as a report showed US consumer confidence fell this month. The euro struggled in trading yesterday after data showed that public sector lending in the eurozone declined by 0.3% in September compared to this period last year. The figure raises concern that there are still few signs that the ECB’s unlimited provision of liquidity to banks is prompting any pick up in eurozone broad money lending, which could put pressure on the single currency.

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The dollar is recovering losses against euro on speculation that the Fed may signal a tightening of monetary policy

Posted by admin on October 27th, 2009

Having traded strongly against the dollar in the early session, the euro surrendered gains in the afternoon session, pulling the price down sharply to close a $1.4873. Initially, the greenback hit a fresh 14-month low versus the euro after the Beijing-based Financial News revived concern over the status of the dollar, stating that China should raise the amount of yen and euros held in its foreign-exchange reserves.However, the dollar pared its losses after the author of the report said that it was purely a “personal view”.In addition, the issue of diversification has been a topic for quite a while and the impact of the news was short-lived.

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Sterling is rebounding against a broadly weaker dollar

Posted by admin on October 27th, 2009

Further doubts over the dollar’s reserve status stoked selling in the US currency yesterday, enabling the pound to recover some of Friday’s heavy losses. The greenback lost ground broadly after an article stated that the People’s Bank of China may be considering raising the share of the euro and the yen in its foreign exchange reserves, though the dollar should still remain dominant.However it was later revealed that the article was merely the author’s “point of view,” which capped sterling’s gains, as investors checked their dollar selling.In addition, the pound found support as declines at the end of last week were seen by some investors as over-stretched, suggesting that the market has oversold sterling.However, as the US markets came online, global stocks took a dive into the red, enabling the haven currency to trim its losses.Analysts noted that given the huge amount of bearish trades on the dollar in recent weeks, a near-term dollar recovery could be on the horizon. In trading today, investors will be looking for direction from sales data in the UK, released at 11:00, and a consumer confidence survey in the US, released at 14:00.

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Sterling fell back significantly against the dollar on Friday, as GDP figure disappoints the market

Posted by admin on October 26th, 2009

Sterling lost three cents (1.9%) to the dollar, as a weak UK quarterly GDP figure abruptly halted the pound’s recent rally. The greenback gained the most daily value against the pound in a month as the UK’s economy unexpectedly contracted in the third quarter, giving the Bank of England more reason to expand emergency measures to spur growth. It is the first time UK gross domestic product has contracted for six consecutive quarters, since quarterly figures were first recorded in 1955. The pound fell more than a cent against the US dollar following the release of the figures, losing 0.6% in two minutes, with traders particularly concerned that the UK may turn out to be the only major economy still in recession.

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