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Dollar Extends Rally on Positive GDP & Jobless Claims Data

By , October 30, 2014 4:39 pm

Packs of US 100-dollar billsThe US dollar extended yesterday’s rally today as positive economic data from the United States fueled talks about a possibility of an early interest rate hike from the Federal Reserve.

US gross domestic product expanded 3.5 percent in the third quarter of this year. While the growth was below the revised previous quarter’s 4.6 percent, it was still above economists’ expectations of 3.1 percent. The number of initial claims for unemployment benefits was little changed at 287,000 last week.

The dollar surged yesterday after the Federal Reserve ended its quantitative easing program and signaled that monetary tightening can happen earlier in case macroeconomic data warrants it. The latest indicators were positive, increasing chances for an early increase of borrowing costs, helping the greenback to extend its rally today.

EUR/USD dropped from 1.2636 to 1.2607 as of 23:12 GMT today, reaching the daily low of 1.2547. GBP/USD declined from 1.6011 to 1.5991, and its daily minimum was at 1.5951. USD/JPY advanced from 108.83 to 109.33.

If you have any questions, comments or opinions regarding the US Dollar, feel free to post them using the commentary form below.

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Canadian Dollar Trades Mixed Against Major Counterparts

By , October 30, 2014 5:48 am

A fan of 100-dollar notesCanadian dollar is trading mixed today, thanks to the latest comments from central bankers. Information from the Federal Reserve, as well as testimony from the Bank of Canada’s Stephen Poloz, are contributing to the loonie’s losses to the US dollar.

The Canadian dollar is moving lower today against the US dollar, but still has the upper hand against the euro. Loonie is heading lower against the greenback after the release of a statement from the Federal Reserve ending its asset purchase program. This is as expected, and now the speculation about when interest rates will rise begins in earnest.

Stephen Poloz, from the Bank of Canada, is also having an impact. His testimony before the Senate banking committee wasn’t particularly upbeat, and that is impacting the loonie’s performance against the greenback. Poloz remarked on falling oil prices, and said that he thought that they could affect Canada’s GDP in 2015.

The greenback’s gains continue to underscore the policy divergence between Canada and the United States. The BOC still plans to keep rates low, and the Fed is showing signs moving past that.

At 10:25 GMT USD/CAD is up to 1.1194 from the open at 1.1183. EUR/CAD is lower, falling to 1.4095 from the open at 1.4126. GBP/CAD is higher, moving up to 1.7913 from the open at 1.7906.

If you have any questions, comments or opinions regarding the Canadian Dollar, feel free to post them using the commentary form below.

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FOMC Announces End to QE3, Dollar on the Rise

By , October 29, 2014 4:10 pm

Some US one-dollar billsThe US dollar jumped against other most-traded currencies today after the Federal Open Market Committee ended the third round of quantitative easing and issued rather hawkish statement after the decision.

As was widely expected, the FOMC decided to wrap up its asset-purchase program at this month’s meeting, not waiting for the next month. The major driver for such decision was signs of strength in the US labor market. The Committee explained:

Information received since the Federal Open Market Committee met in September suggests that economic activity is expanding at a moderate pace. Labor market conditions improved somewhat further, with solid job gains and a lower unemployment rate.

There were concerns about market participants about subdued inflation, but the statement downplayed them, saying:

Market-based measures of inflation compensation have declined somewhat; survey-based measures of longer-term inflation expectations have remained stable.

As for their future plans, US policy makers said that interest rates will likely remain low for a long period, yet added:

If incoming information indicates faster progress toward the Committee’s employment and inflation objectives than the Committee now expects, then increases in the target range for the federal funds rate are likely to occur sooner than currently anticipated. Conversely, if progress proves slower than expected, then increases in the target range are likely to occur later than currently anticipated.

All in all, the statement was mostly hawkish, resulting in a strong rally for the US dollar that basically erased losses the dollar has experienced at the recent sessions.

EUR/USD slumped from 1.2733 to 1.2632 as of 20:58 GMT today, falling from the daily high of 1.2770. GBP/USD turned down from 1.6130 to 1.6012, retreating from the high of 1.6161, while USD/JPY jumped from 108.13 to 108.89, bouncing fro the low of 107.94.

If you have any questions, comments or opinions regarding the US Dollar, feel free to post them using the commentary form below.

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NZ Dollar Rallies Ahead of Policy Decisions

By , October 29, 2014 10:44 am

Many 100-dollar billsPositive consumer confidence data allowed the New Zealand dollar to rally ahead of policy decisions from the Federal Reserve and the Reserve Bank of New Zealand.

The ANZ Business Confidence index climbed from 13.4 in September to 26.5 in October. While the figure was well below this year’s highs, it was still a very good reading, suggesting that the economy experiences robust growth. The Fed will announce its policy decision later today, followed by an announcement from the RBNZ. It is expected that New Zealand’s central bank will keep its key interest rate unchanged at 3.5 percent.

NZD/USD advanced from 0.7921 to 0.7960, and NZD/JPY climbed from 85.65 to 86.00 as of 15:17 GMT today.

If you have any questions, comments or opinions regarding the New Zealand Dollar, feel free to post them using the commentary form below.

Earlier News About the New Zealand Dollar:

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Euro Trades Down Against US Dollar, Japanese Yen

By , October 29, 2014 5:19 am

Euro sign monument with ECB on backgroundEuro is gaining ground against the UK pound, but losing ground against the US dollar and the Japanese yen. The 18-nation currency continues to struggle as risk appetite fades from the Forex market, and as expected policy divergence between the United States and the eurozone widens.

The latest measure of consumer confidence in the United States underscores the positive direction the US economy is taking. The euro is down against the greenback, in part, on that news. Trade has been choppy, though, as Forex traders await a policy announcement from the Fed. Risk appetite is fading as well, and that is weighing on the euro.

Euro faces a number of hurdles as well, which are sending it lower. The economy continues to send up red flags, and there isn’t a lot else that can be done, especially since it’s in the best interest of the ECB for the euro to be somewhat weak for the sake of economic recovery. Euro is gaining against the pound, though, as uncertainty and turmoil in the United Kingdom weigh on the sterling.

At 10:25 GMT EUR/USD is down to 1.2733 from the open at 1.2735. EUR/GBP is dup to 0.7900 from the open at 0.7894. EUR/JPY is down to 137.6120 from the open at 137.7280.

If you have any questions, comments or opinions regarding the Euro, feel free to post them using the commentary form below.

Forex News

Dollar Retains Weakness Ahead of FOMC Decision

By , October 28, 2014 11:52 pm

Focus on one US dollarThe US dollar weakened yesterday and retained its softness today as the string of poor economic data from the United States led to speculations that the Federal Reserve will not start monetary tightening as early as was thought previously. The greenback retained its gains versus the Japanese yen.

The dollar was experiencing weakness recently due to poor housing data, and the situation remained the same as the durable goods orders report came out worse than was expected. While other indicators were positive, including the Richmond Fed manufacturing index and the Conference Board consumer confidence index, they did not help the US currency to any noticeable degree.

The Federal Open Market Committee has started its policy meeting yesterday and will announce its decision today. It is widely expected that the FOMC will wrap up its quantitative easing program, not waiting for the next month to do so. At the same time, the signs of uneven economic recovery suggest that the Fed will not be in a hurry to start raising interest rates.

EUR/USD traded at about 1.2736 as of 4:48 GMT today after rising from 1.2696 to 1.2733 yesterday. GBP/USD was up from 1.6130 to 1.6140 at the current trading session, while USD/JPY was almost unchanged following yesterday’s rally from 107.85 to 108.11.

If you have any questions, comments or opinions regarding the US Dollar, feel free to post them using the commentary form below.

Earlier News About the US Dollar:

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Dollar Ends Week Mixed

By , October 25, 2014 6:03 am

Ulysses S. Grant on US 50-dollar billThis week was mixed for the US dollar which rose against some major currencies, like the euro and the Japanese yen, but fell against commodity-linked currencies, including the Australian and the Canadian dollars.

The week was relatively light on economic data, yet the greenback reacted virtually to every piece of data that came out from the United States. This resulted in very volatile trading as the currency was rising one day and was falling the next. Still, the dollar ended its two-week losing streak versus the euro and the yen. Gains of the US currency resulted in the first weekly decline of prices for gold after two weeks of rally.

The next week should be more eventful. With a monetary policy announcement from the Federal Reserve and GDP data, as well as other important economic releases, the dollar will have strong fundamental drivers for its performance. This may result in even more volatility for the currency.

EUR/USD fell from 1.2750 to 1.2668, while USD/JPY advanced from 107.21 to 108.11 over the week. At the same time, AUD/USD ticked up from 0.8757 to 0.8799, and USD/CAD dropped from 1.1287 to 1.1232.

If you have any questions, comments or opinions regarding the US Dollar, feel free to post them using the commentary form below.

Forex News

Dollar Ends Week Mixed

By , October 25, 2014 6:03 am

Ulysses S. Grant on US 50-dollar billThis week was mixed for the US dollar which rose against some major currencies, like the euro and the Japanese yen, but fell against commodity-linked currencies, including the Australian and the Canadian dollars.

The week was relatively light on economic data, yet the greenback reacted virtually to every piece of data that came out from the United States. This resulted in very volatile trading as the currency was rising one day and was falling the next. Still, the dollar ended its two-week losing streak versus the euro and the yen. Gains of the US currency resulted in the first weekly decline of prices for gold after two weeks of rally.

The next week should be more eventful. With a monetary policy announcement from the Federal Reserve and GDP data, as well as other important economic releases, the dollar will have strong fundamental drivers for its performance. This may result in even more volatility for the currency.

EUR/USD fell from 1.2750 to 1.2668, while USD/JPY advanced from 107.21 to 108.11 over the week. At the same time, AUD/USD ticked up from 0.8757 to 0.8799, and USD/CAD dropped from 1.1287 to 1.1232.

If you have any questions, comments or opinions regarding the US Dollar, feel free to post them using the commentary form below.

Forex News

NZ Dollar Ignores Negative Trade Data

By , October 24, 2014 1:43 pm

A heap of NZD billsThe New Zealand dollar advanced today even though the trade data from New Zealand was rather bad. Yet the kiwi managed to rise as a negative housing report from the United States drove trades away from the US dollar to other currencies.

The New Zealand trade deficit expanded from NZ$ 0.5 billion to NZ$ 1.4 billion in September, much more than was expected by analysts. It is interesting to note that Australia regained its place as the biggest trading partner of New Zealand, replacing China in this role. Yet poor economic data from the USA allowed the NZ dollar to rally at the expense of the greenback, outweighing New Zealand’s own negative indicators.

NZD/USD rose from 0.7822 to 0.7853 as of 18:57 GMT today. NZD/JPY advanced from 84.68 to 84.87, bouncing from the daily low of 84.26.

If you have any questions, comments or opinions regarding the New Zealand Dollar, feel free to post them using the commentary form below.

Earlier News About the New Zealand Dollar:

Forex News

Dollar Jumps vs. US with Help of Positive US Data

By , October 23, 2014 6:42 pm

Mix of US dollar billsThe US dollar jumped against the Japanese yen today on the back of positive economic reports from the United States. The currency also rose against the Great Britain pound and erased earlier losses versus the euro.

Today’s US employment data was welcomed by dollar bulls. While initial jobless claims rose last week more than was expected, the four-week average fell to the lowest level since May 2000. Continuing claims also reached the lowest level in 14 years. The Conference Board leading indicators were up 0.8 percent in September.

The positive reports reinforced the view that the Federal Reserve is going to raise interest rates earlier than central banks of other developed nations. This allowed the greenback to gain on other currencies, though the euro was too strong after positive data from Europe, resulting in sideways trading for EUR/USD.

EUR/USD traded little changed at 1.2648 as of 23:17 GMT today. GBP/USD went down from 1.6050 to 1.6031, reaching the daily low of 1.5994. USD/JPY jumped from 107.13 to 108.16.

If you have any questions, comments or opinions regarding the US Dollar, feel free to post them using the commentary form below.

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