Posts Tagged ‘ today ’

Aussie Lifted As RBA Relatively Upbeat

As was widely expected the RBA left its benchmark rates at 4.5% for the second month in a row acknowledging the fact that global growth is beginning to moderate. However, the country’s central bankers did not signal that this was the end of the tightening cycle suggesting rather that today’s action was merely a [ READ MORE ]

Currencies Shrug Off Reversal In Equities

U.S. stocks staged a dramatic reversal today, giving up most of its earlier gains. The Dow Jones Industrial Average was up as much as 168 points during the first hour of trading but it failed to hold onto its gains after the London markets closed. This suggests that European traders are far more [ READ MORE ]

Euro Declines off the Highs on Fears of QE

High beta FX gave up some of its gains against the dollar in Asian and early European trade today as risk aversion flows returned to the market. With no meaningful economic data on the calendar risk currencies followed equities to the downside as Nikkei slipped -0.6% while European bourses were lower by -1.0% in mid [ READ MORE ]

Dollar Rebounds in Quiet Holiday Trade

It’s been an unsurprisingly quiet session at the start of the week given the absence of US participation today due to celebration of Independence Day holiday with majors carving out narrow 25 point ranges on low volume. The micro economic data across the G-20 continued to show a slowdown in activity tempering any positive risk [ READ MORE ]

EUR/USD Extends Gains on Low Nonfarm Payrolls & Factory Orders

EUR/USD currency pair extended its gains today as lower-than expected nonfarm payrolls and decreasing factory orders added to signs that the U.S. economic growth slows. While the employment in the U.S. was showing troubling results for some time, the manufacturing sector previously supported the optimism for the U.S. And even it can’t support… [ READ MORE ]

Lower Mining Tax No Help To Aussie

Australian Prime Minister Julia Gillard announced today that the proposed Resource Super Profits Tax would be replaced by the Mining Rent Tax at a reduced rate of 30% rather than 40% as initially indicated. The new tax proposal excludes all commodities from tax with the exception of iron ore and coal. The news was seen [ READ MORE ]

EUR/USD Extends Gains on Unexpectedly Bad Economic Indicators

The EUR/USD currency pair extended its gains today as U.S. macroeconomic indicators left a very unpleasant impression today. The manufacturing sector showed a slowdown in the economic activity and home market confirmed its tremendous weakness, as pending home sales dropped a way more than was expected. Unexpected increase of jobless claims… [ READ MORE ]

EUR/USD Rises on Bad Employment Report & Lower ECB Lending

The euro strengthened today against the U.S. dollar as the Central European Bank would lend European bank less than was predicted, igniting hopes that European financial system recovers from crisis. ECB announced that it’d loan 131.9 billion euro to banks in a three-month tender, while forecasts spoke… [ READ MORE ]

Euro Rebounds But All Eyes on ECB Tender Offer

Risk FX rallied off its lows in early European trade boosted by a slight rebound in equity prices, but currency markets remained cautious ahead of the 3 month ECB tender offer due later today. The ECB 1 year tender of 442 Billion euros is due to expire tomorrow and in its stead the central bank [ READ MORE ]

Forex – Weaker US Data Offset by Positive ECB Tender Results

Risk appetite did not collapse overnight, but it is looking very vulnerable this morning following the weaker U.S. economic reports. The smaller than expected rise in ADP pressured the dollar against the Japanese Yen but the euro managed to hold steady thanks to soft demand at today’s 3 month ECB tender. [ READ MORE ]

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