On Friday, the sterling was high against the struggling euro. The euro for past week it was reported to be 16 month low against dollar however on Friday they said that euro has been at 17 month low.  Later on a day count the sources for the euro zone government informed that the Standard & Poor cut the ratings to low grade.

Warning was made on December regarding the cuts in the rates. This lower of rating has been across several countries and even the Germany was not included in the list. The sterling fell down against pence for about 1% and reached to 82.78 however it was roughly high against single currency (euro).

Noticing the statistical graph between euro and pence, the euro is noted to be at 82.22 pence. It was the lowest noted level since September 2010. Nevertheless the exporters and traders think that the euro zone debt crisis has reached a greenback that is it has finally got a back up. The pound (sterling) is tracked to be low not alone against the euro but also against dollar as well.

At July 2010 the objective barrier was set to be $1.5250 but it was breached to some low at $1.5234 which is 0.7% low. In the retracement of rally in the pound the 61.8% improvement is seen for sterling. The level of demand that is being expected was not achieved but on other side the Italy sold 4.75 billion Euros in the debt. Sterling is the single currency which is at some sentimental risk.

On Thursday the stellar sale the Spanish bonds however the Italian debt auctions also possess some reasonable pressure but not the expected demand. The BOE (Bank of England) will ease the monetary policy a so in the nearer sates the analyst has detected that pound could face some pressures.

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2. The euro made ground against the dollar on Friday, but has relinquished its gains this morning
3. Sterling has rallied strongly against the euro, pushing up over 1.09

South Africa’s rand on the trade in the Monday morning is weak against the dollar for 1%. This weakening is mainly due to the fall in the government bonds and larger response provided for the euro where dollar were not appreciated and this is persistence from last week where the South Africa’s rand is very low comparing with the last four month bond value.

At the close of trade at Friday, the rand was at 6.9060 however the rand at today’s trade was at 6.9729 where it is fallen 0.0241 points (i.e.) from 6.9970. According to the Jim, Renminbi (RMB, the legal tender over the mainland of china) rand trader said that the weakening is because South Africa’s rand was not at any mood to act against the moves of euro and that’s euro which is the cause for all their fall.

However dollar is now at little lead where this behind status of the rand will soon be overcome and they will be first as usual. Nevertheless the play on the rand will probably begin with the ranges from 6.94 to 6.99 but they have the hopes to reach the heights till 7.03 which may purely depend on the euro. It is little risk to believe euro as it was two month record low against dollar and also low against Swiss franc however, debt to reconstruct is being brought from Greece to up euro.

The slight shake at the future contracts is seen where the June contracts for the blue chips is 0.3% decremented where it worries the rand about the weakening at the start. There seems a barrier for the increase of value for six major currencies and the statistics said that there are 6.85 to 6.86 percent support has been extended for dollar seeing its drastic increase in the rally of the South Africa’s rand. Traders said that it swings between both and nothing can be said clearly.

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2. Dollar vs South Africa’s rand slight change in trade
3. Budget loss due to government bonds in South Africa

As far as the Canadian dollar is concerned the first half of this week wasn’t that good, but its losses were offset in the second half of the week, when the currency went upward even though the persuasion was favoring safety.

The depressing macroeconomic data and the strong performance of many other currencies have led to the weakness of the Canadian dollar. Yet on Thursday the Canadian currency had reversed the trend. The gains on the CAD erased the losses against some currencies and allowing to post a weekly gain against others.

This rally can be explained by the best economic reports from the US, which is the major trading partner of Canada, and some signs of economic growth in Canada. But the most interesting fact was the twist in the behavior of the Canadian currency. CAD, being the currency related to growth, usually rises in the times of stability and will fall in times of instability, thus moving reciprocally to the US dollar, which is the safe currency. But in the 2nd half of the week the greenback was rising and commodities were falling in the market. Yet the Canadian dollar was rallying, along with the US currency, not commodities. So the interesting question arises: was that just a temporary tendency or we were seeing the outgrowth of a new safe currency.

USD/CAD closed at 0.9867, which was near its opening level of 0.9871, after it bounced as high as 0.9987.
EUR/CAD opened at 1.3392 and closed at 1.3367 after reaching the weekly high of 1.3658.
CAD/JPY opened at 83.29, fell to as low as 82.34 and then it advanced to 84.54.
AUD/CAD closed at 0.9886 after opening at 1.0003, which touched the weekly high of 1.0125.

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In the Philippine, Stock Exchange BEL or Willy Ocier-led Belle Corporation was one of the top stories among the domestic stock market last year. Belle Corporation was actually a sleeper during the first half of last year (2010). It was only trading around a PHP of 1.80 in the month of July before it moved to north. From the month of August to the December of 2010, it had a rise from PHP 1.85 to PHP 4.60.It didn’t stop there as Belle Corporation  continued to move higher in the first month of 2011 and on 19th of the same month, it reached a high PHP of 6.49. Then onwards a profit taking took over and the stock was slid back to a much low PHP of 4.92.

Many people have started asking, “Will BEL soon get back on the bullish track?” I would say that given its present technical set-up, there is a pretty good chance that Belle Corporation would surely make a turn around and will head back to north. As it’s very clear from its daily chart, BEL has weakened back to the PHP price level of 5.00. If you notice, that this mark also coincides with the 38.2% Fibonacci retracement level of the last up wave, making it a better level of support. The issue’s uptrend level is still around to keep it from decreasing further. Moreover, a hidden bullish divergency, where the price registers higher lowers while the RSI makes lower lows, is also present. This suggests that the traders and investors could quickly pick up the stock. A rally from PHP of 5.00, therefore, could send it back to its former high PHP level of 6.49.On the other hand a break below that, could push its PHP down to the other Fibonacci retracements PHP levels ranging from 4.50 or 4.00.

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2. Sterling halted its recent rally and is slipping back sharply against the kiwi as UK GDP figure disappoints
3. The single currency slipped back on Friday following weak Bank of America earnings

The British currency had a favorable performance today versus multiple

key-currencies today, beating the euro and the Swiss franc as the country starts to show more evident signs of recovery, attracting investors back to the U.K.

After inflation surpassed analysts estimates and Bank of England’s target today, the pound gained considerably versus most of the main traded currencies, specially versus the euro, as Greece’s budget deficit is still affecting the currency’s outlook, and ths Swiss franc, which had a rally halted as fears of interventions from the nation’s central bank emerged.

EUR/GBP slid to 0.8727 as of 23:41 GMT from a previous rate of 0.8785 yesterday.

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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3. Swiss Franc Retreats After Central Bank Statement

The Swiss currency finally felt the central bankers pressure and declined considerably versus most of its main trading partners’ currencies, on speculations that measures will be taken by the financial authorities to avoid the franc to gain.

The Swiss franc dropped even versus the European single currency as some of the bloc’s members are providing negative economic data, evidencing that the Swiss National Bank pressure to halt the franc’s rally is taking effect. The pound was one of the biggest winners versus the franc as the U.K.’s inflation rose beyond forecasts.

GBP/CHF traded at 1.6886 as of 22:31 GMT from a previous rate 1.6737 yesterday.

If you want to comment on the Swiss franc’s recent action or have any questions regarding this currency, please, feel free to reply below.

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3. Swiss Franc Retreats After Central Bank Statement

The Swiss franc gained versus several

key-currencies today despite the nation’s central bank concerns regarding the strength of its currency, which already was expressed previously in statements mentioning eventual future interventions to halt the franc’s rally.

Even if the Swiss National Bank President Philipp Hildebrand stated last week that franc’s fluctuations will be monitored closely, expressing concern with the Swiss currency high rates, the franc advanced today versus the euro as traders feel it is still undervalued versus the European single currency. According to analysts, the SNB will impose more than verbal interventions anytime soon as long as the franc continues bullish.

EUR/CHF traded at 1.4740 as of 21:31 GMT from an opening rate of 1.4753 yesterday.

If you want to comment on the Swiss franc’s recent action or have any questions regarding this currency, please, feel free to reply below.

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3. Morgan Stanley predicts the strengthening of the Swiss franc

The Canadian dollar declined versus its U.S. counterpart and

lower-yielding currencies as risk aversion rose impacting markets with extreme influence in the loonie rates, those of raw materials and equities, which dropped globally this Friday.

The loonie was impacted today as energetic and metallic commodities declined, specially the crude oil, as raw material exports account for more than half of the country’s international trade revenue, in a day of bearish markets in New York and Toronto. China’s new tightening lending policy declined appeal for high-yielding currencies, and despite U.S. mediocre data published in reports this Friday showing a slow down in the country’s inflation, the greenback advanced versus the loonie after touching a three-month low earlier this week.

The Canadian dollar has been fluctuated in almost perfect correlation with commodities in the beginning of 2010, despite the country’s fundamentals, which are also adding confidence for the loonie to gain in currency markets, according to analysts. As the crude oil retreated below $80 a barrel, the loonie’s rally was halted, but may continue if risk appetite returns during the next weeks.

USD/CAD traded at 1.0284 as of 16:38 GMT after touching 1.0219 yesterday. CAD/JPY declined to 88.27 from 88.85.

If you want to comment on the Canadian dollar’s recent action or have any questions regarding this currency, please, feel free to reply below.

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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.

AUD/USD traded at 0.9315 as of 00:11 GMT from a previous intraday rate of 0.9241.

If you want to comment on the Australian dollar’s recent action or have any questions regarding this currency, please, feel free to reply below.

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The Japanese currency declined in the beginning of this Thursday’s session on Australia’s better than expected employment data, which increased attractiveness for riskier assets as the South Pacific economy recovery improves confidence among traders.

The yen, known as the best refuge currency for times of uncertainty, declined today as unemployment surprisingly fell in Australia, bringing Japanese investors to buy riskier assets overseas, as the Australian economic recovery indicates better economic conditions not only in the South Pacific region but also among its main trading partners.

AUD/JPY traded at 85.01 as of 02:35 GMT from a previous rate of 83.89 in the intraday chart.

If you want to comment on the Japanese yen’s recent action or have any questions regarding this currency, please, feel free to reply below.

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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.

As speculations of immediate rate hikes fade away in the U.S., the greenback rates will be more determined by the pace of recovery in the country compared to other economic regions throughout the world, specially in Europe and Asia, where the main U.S. trading partners are located.

EUR/USD traded at 1.4506 as of 20:57 GMT from a previous intraday rate of 1.4480 yesterday, in a session of high volatility for the currency pair. GBP/USD trded at 1.6286 from 1.6171.

If you want to comment on the U.S. dollar’s recent action or have any questions regarding this currency, please, feel free to reply below.

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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.

If you want to comment on the Norwegian krone’s recent action or have any questions regarding this currency, please, feel free to reply below.

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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.

Doubts regarding the overconfident Canadian economic outlook helped other currencies to pare losses versus the loonie, specially its U.S. counterpart, which jumped from the lowest rate almost 3 months versus Canada’s currency. Monthly reports can be deceiving thought, as seasonal adjustments may hide the actual economic scenario of a country, which is the case of Canada, is still above the average.

USD/CAD traded at 1.0362 as of 16:39 GMT from a previous rate of 1.0334. CAD/JPY tumbled to 87.59 from 89.09.

If you want to comment on the Canadian dollar’s recent action or have any questions regarding this currency, please, feel free to reply below.

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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. The Swiss franc also advanced considerably last week versus the greenback, as bets that interest rates will be raised in the U.S. declined after negative data was released.

Most of the franc’s advance during the past month were based on speculations that the SNB authorities would take a rather passive policy regarding the currency’s fluctuations, but after today’s affirmations, it’s likely that the Swiss currency will experience a considerable decline, or at least, a rather neutral trend as fears for interventions will certainly count on trader’s sentiment towards the Swiss franc.

EUR/CHF currently trades at 1.4752, 15:52 GMT, from as 1.4722 when markets opened yesterday. GBP/CHF also climbed to 1.6391 from 1.6310.

If you want to comment on the Swiss franc’s recent action or have any questions regarding this currency, please, feel free to reply below.

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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. counterpart, despite retreating later, trading at the highest level in almost three months, as the global economic recovery is providing support for traders to take further risks raising equities rates, which also have a strong correlation with Canada’s currency price.

Analysts are very confident regarding the loonie’s strength as no fundamental or technical factor is so far being an obstacle for its advance. The Bank of Canada may, at some point, halt its currency rally, as it had already done it in late 2009, alleging that a strong currency may affect the country’s exports, and consequently, its recovery.

USD/CAD currently trades at 1.0306 as of 14:17 GMT after bottoming at 1.0250 two hours earlier, and from as high as 1.0372 last Friday.

If you want to comment on the Canadian dollar’s recent action or have any questions regarding this currency, please, feel free to reply below.

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The krone fell today from the highest rate since September 2008 as the nation’s government finally expressed concern regarding the currency’s strength, halting a rally versus the euro that started in the end of 2009.

Norway’s Industry Minister Trond Giske affirmed today that the krone may become too strong, fueling speculations that the government may intervene if the currency continues to extend its gains, mostly fueled by renewed demand for crude oil, one of the country’s chief exports.

EUR/NOK closed today at 8.1805 from an opening rate of 8.1622.

If you want to comment on the Norwegian krone’s recent action or have any questions regarding this currency, please, feel free to reply below.

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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.
• Support has also come from improved manufacturing data in China, a key importer of New Zealand goods, which has outweighed some of the negative sentiment toward the currency.
• Analysts have noted though that reduced support for a rise in interest rates and lower risk appetite may prevent the kiwi from regaining its strong valuation.

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2. Demand for the kiwi remained strong yesterday, but it has lost ground in the wake of comments from Ben Bernanke
3. Sterling traded strongly at the end of last week against the kiwi but has slipped back sharply this morning

The pound climbed just over two cents against a broadly weakened aussie dollar on Friday with a rise in risk aversion putting selling pressure on the higher-yielding currency.

• Weak data in the US and plummeting global equity markets enable the pound to gain as investors took the opportunity to cash profits in the aussie and retreat to safer assets.
• Analysts have recently noted that the rally in risky assets could come to an end. Conditions for perceived riskier assets to gain requires a flow of positive economic data combined with loose global monetary policies and low interest rates.
• The strong US GDP figure supported the rally in higher-yield currencies, but as the economic recovery shifts the balance in favour of tightening policy, it will likely signal the end of the rally in risky assets.
• However, the aussie is trading strongly again this morning, currently up over a percent, as investors bet that the Reserve Bank of Australia will raise interest rates at their meeting on Tuesday.
• Traders also said that Chinese data showing manufacturing activity at an 18-month high helped to mitigate some of the recent loss in risk appetite, bolstering aussie demand.

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2. The aussie continues to trade strongly, supported by risk appetite in the market
3. Profit taking ahead of the weekend allowed the pound to make further ground against the aussie on Friday

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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2. Sterling lost ground against the euro on Friday, and has dipped below 1.09 in trading this morning
3. The euro made ground against the dollar on Friday, but has relinquished its gains this morning

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.
• Analysts did note however, that concern may still linger over whether the US economy will be able to sustain this level of growth as the government begins to unwind its stimulus packages.
• In addition, trading yesterday saw the European Commission’s economic sentiment indicator post a bigger-than-expected October rise. The index for the eurozone rose to 86.2 from 82.8 in September, beating expectations and lending support to the single currency’s rally.

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2. Aussie was broadly sold yesterday as investors withdrew riskier positions
3. Sterling halted its recent rally and is slipping back sharply against the kiwi as UK GDP figure disappoints