Posts Tagged ‘Investors’

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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The kiwi retreated at the end of last week on a rise in risk aversion

Posted by admin on November 2nd, 2009

The kiwi dollar struggled on Friday enabling the pound to jump 1.4%, briefly nearing the 2.30 level, as risk appetite in the market waned.Higher-risk currencies struggled to make headway at the end of last week as the rally in global equities in the wake of the positive US GDP data came to an abrupt halt. As global stocks fell, investors sought shelter in the haven currencies fuelling a sell-off in the higher-yielding kiwi dollar, buoying the sterling price. In trading this morning, the New Zealand dollar has pulled back from six-week lows against the pound, with profit taking in high-yield currencies taking a pause.

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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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Pound edged up slightly against the euro on Friday but is down around 0.7% in trading this morning

Posted by admin on November 2nd, 2009

The pound edged higher, achieving its biggest weekly advance against the euro since January, as signs pointed to the UK economic recovery talking hold. The pound/euro pairing was little changed at the end of last week, though sterling did creep up, supported by reports showing gains in consumer confidence and UK house prices. Month-on-month property prices were up for the sixth consecutive month in October and were 2% higher than in the same month the previous year. However, the pace of monthly price rises has eased, going up by just 0.4%.

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Euro / dollar remains under pressure

Posted by admin on October 30th, 2009

A pleasant surprise from the report, Chicago PMI, as well as a slightly higher rate of index of consumer sentiment for October, the University of Michigan failed to inspire the bulls in the euro / dollar for a new assault attempt. Euro is currently continuing pressingovat session lows, and while the bids around $ 1.4780/70 while holding back a couple of further fall, dealers are reminded of feet below, and pay attention to the rebalancing of the positions of market participants at the end of the week and month. They note that investors have left a large amount of long positions in the euro, and see the risks to decline to $ 1.4760/50 and $ 1.4730/20.

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Kiwi strenghtened broadly yesterday, but the pound has stemmed its losses in trading this morning

Posted by admin on October 30th, 2009

Better-than-expected GDP figures in the US caused risk appetite to surge across the board enabling the kiwi to post gains of over a cent against the pound.The solid GDP figure in the US renewed optimism about recovery in the global economy, prompting investors to buy higher-yielding currencies. The kiwi, which has suffered recently on a rise in risk aversion, was able to reverse losses as the positive data encouraged investors to buy up riskier assets. However, in trading this morning, the pound is recouping losses, pushing the price back near 2.27 as market participants return their thoughts to the RBNZ’s rate statement on Wednesday where they indicated that interest rates would not be raised for some time.

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With the US exiting recession, investors moved into higher-yielding assets bossting the aussie

Posted by admin on October 30th, 2009

The aussie dollar reversed recent losses yesterday after positive US GDP data encouraged investors to buy-back into perceived riskier currencies. The aussie pulled back nearly two cents, or 1.0%, bringing the sterling/aussie pair back down to trade around 1.80 as the data spurred demand for risk. Investors have been cashing profits in the Australian currency recently as global equities took a downturn, but yesterday’s figure saw traders revive long positions in the aussie. Analysts noted that the figures were a near-perfect combination for riskier assets: strong enough to encourage those with an optimistic outlook on the financial markets, but not too strong to generate expectations of accelerated monetary tightening from the Federal Reserve.

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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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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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Sterling edged up against the dollar and is currently consolidating over 1.64 ahead of US GDP data

Posted by admin on October 29th, 2009

Sterling closed marginally up against the US currency yesterday, although the price was pulled back significantly following weak US housing data.In early trading, the pound lost ground to the dollar as falls in equity prices encouraged investors to trim their exposure to perceived higher risk currencies.UK stocks slid to a three-week low, helping to push the price down to 1.63, well under a level just below 1.67 reached only a week ago.The pound was then able to make slight gains in the afternoon after positive durable goods data weakened dollar demand, but the pair found resistance at 1.64.This data was then offset in the afternoon after it was revealed that sales of new homes in the US declined in September, against analyst expectations of a slight increase, which supported an upside movementIn trading today, markets will take direction from the US third-quarter GDP figure at 09:30, which is predicted to show a growth rate of 3.3%. Should it undershoot this forecast, investors are likely to move back into the dollar.

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Falling global equities enabled the pound to post gains against the euro

Posted by admin on October 29th, 2009

The pound continued to advance against a broadly weaker single currency yesterday, hitting a six-week high of 1.1167 as investors trimmed their euro holdings.Preliminary CPI data from Germany revealed that consumer prices remained flat on the year in October. Monthly data showed that the index did rise by 0.1% in October from September, though this rise failed to garner support for the euro.The markets also saw a slight withdrawal of risk activity yesterday as weak housing data in the US renewed concern over the health of the global recovery.The data dragged European equities down to three-week lows, which appeared to impact more severely on the single-currency, enabling the pound to gain.This morning, the pound is consolidating its position above 1.1100, with analysts reiterating that sterling is likely to remain in a holding pattern until next week’s BoE asset purchase decision.Investors are cautious amid uncertainty over whether the Central Bank will extend their quantitative easing programme, and so sterling movements may continue to be dictated by risk appetite in over the coming days.

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Sales data took the pound higher against the kiwi, continues to climb in trading this morning

Posted by admin on October 28th, 2009

The pound made up further ground on the kiwi dollar, gaining 0.65% after positive sales data supported evidence that the UK economy is still on the road to recovery. The sales data, which came in above market forecasts, encouraged investors to buy back into the UK currency, with the price briefly reaching above 2.20. Conversely, selling pressure remained on the New Zealand dollar after the nation’s Prime Minister expressed concern over the currency’s strength, and stated that there were few tools with which to deal with it. Higher-yielding currencies were also under pressure overnight as Asian equities turned negative, with Nikkei 225 losing over a percent, dulling demand for “riskier” assets. In trading this morning the pound has continued to rally, rising to a three-week high over 2.22 as a New Zealand business confidence survey unexpectedly undershot forecasts, weakening the possibility of a hawkish RBNZ rate statement to be made this evening at 20:00.

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The pound continues its rally against a broadly weaker aussie

Posted by admin on October 28th, 2009

Sterling edged up against the aussie yesterday, benefiting from improved UK sales data, which supported claims that the UK economy is recovering. On Monday evening, MPC member Adam Posen, following negative GDP data, stated that there were still signs of an economic recovery even if Britain is behind other countries in pulling out of the recession. His statement found support yesterday after the UK CBI sales showed month-on-month improvement, beating market expectations and buoying demand for the UK currency. The UK currency has pushed higher in trading this morning after investors pared bets of a steep rate rise in Australia after inflation data did not increase by as much as some had anticipated.

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UBS predicts growth of dollar / franc to the end of the year

Posted by admin on October 27th, 2009

According to currency analysts UBS, the recent restoration of the dollar / franc could be due to the fact that investors will convert denominated in foreign currency savings back into dollar assets. The bank believes that this process has undoubtedly contributed to the restoration of the American currency, however, is unknown to what extent these flows will be able to compensate for unfavorable for the dollar long-term fundamentals. Projected UBS, in the 4 th quarter pair dollar / franc rise to a mark of 1.09, while in the 1 st quarter of 2010 will drop to a level of 1.07.

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