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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.

Forex News

Dollar Index Heads Lower After Bouncing Earlier

By , October 23, 2014 3:57 pm

Packs of US 100-dollar billsUS dollar index is lower, even though the greenback is trading mixed today. The weighting of the euro in the dollar index’s basket of currencies means that the gains by the euro are weighing on the dollar index today. Even though the dollar is lower against the euro, it is still gaining ground against the UK pound and the Japanese yen.

US dollar index is heading lower after bouncing higher off a resistance level earlier. Even though the US dollar is gaining against the pound and the yen, it is losing against other currencies by enough to have an effect on the dollar index. The euro is most heavily weighted in the basket, so the positive economic news coming out of the eurozone, and the boost that’s brought to the 18-nation currency, is a main driver for a lower dollar index.

Today’s reading is raising the ire of some who think that the dollar index is outdated and irrelevant, though. Or that it at least needs some revamping so that the euro isn’t so heavily represented.

At 10:45 GMT the dollar index is down to 85.7240 from the open at 85.7600. EUR/USD is up to 1.2673 from the open at 1.2652. GBP/USD is down to 1.6015 from the open at 1.6050. USD/JPY is up to 107.4460 from the open at 107.1400.

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 Loses Ground Despite Supportive Data

By , October 16, 2014 7:06 am

All NZD denominationsThe New Zealand dollar fell today even though economic data from the South Pacific nation was rather positive, yet it was not enough to halt the long-term downtrend of the currency.

The BNZ-BusinessNZ seasonally adjusted Purchasing Managers’ Index rose by 1.1 points to 58.1 in September. The reading was close to the highest in the year. Yet the New Zealand currency was falling despite the report as the market sentiment is unfavorable to the kiwi. The negative traders’ mood made the US dollar, which dropped yesterday, bounce today, pushing higher-yielding currencies down.

NZD/USD dropped from 0.7986 to 0.7908 as of 12:35 GMT today. NZD/JPY edged down from 84.59 to 83.64.

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

Oil Weighs Heavily on Canadian Dollar

By , October 16, 2014 4:23 am

All the Canadian dollar bills denominationsCanadian dollar continues to struggle, thanks in large part to falling oil prices and stock prices. The loonie reached a five year low against the greenback earlier, and it appears that the struggle is likely to continue.

Oil prices have been losing steam recently, and crude oil is seeing its lowest level in quite some time. Currencies that rely on oil prices, like the Canadian dollar, are hard hit by this reality. Indeed, the loonie has lost quite a bit of ground against the greenback in recent days.

Not only are oil prices weighing on the Canadian dollar, but lower stocks are causing problems, too. There is a general flight away from risk and uncertainty, and the Canadian dollar is often associated with a certain degree of risk. Now, with oil dropping and stocks struggling, there isn’t a whole lot to bear the loonie up — especially since some are still concerned about policy divergence with the United States.

It’s been a brutal couple of days, and it doesn’t look as though things will turn around dramatically any time soon.

At 10:20 GMT USD/CAD is up to 1.1360 from the open at 1.1255. EUR/CAD is down to 1.4453 from the open at 1.4449. GBP/CAD is up to 1.8151 from the open at 1.8030.

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

Forex News

Dollar Attempts to Recover After Huge Crash

By , October 15, 2014 8:12 pm

Ulysses S. Grant on US 50-dollar billThe US dollar ticked up a little today in an attempt to recover from yesterday’s big crash. Unfavorable economic data and the resulting monetary policy outlook remain detrimental to the US currency and may cause another thrust to the downside.

The vast majority of yesterday’s economic reports from the United States were rather negative. The biggest surprise for market participants was the huge drop of the New York manufacturing index. Another report revealed that producer price inflation slowed.

US policy makers were saying recently that economic developments do not warrant an early interest rate hike. Indeed, the latest data does not provide the Federal Reserve incentive to hurry with tightening monetary policy. Such outlook hurts the dollar, which was rising previously due to expectation of higher interest rates from the Fed.

EUR/USD went down from 1.2837 to 1.2828 as of 2:38 GMT today. GBP/USD declined from 1.6019 to 1.5991, while USD/JPY rallied from 105.91 to 106.08.

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:

Forex News

Dollar Builds on Gains Against European Currencies

By , October 15, 2014 3:52 am

Some US one-dollar billsOnce again, expected policy divergence is taking its toll on European currencies. The US dollar is gaining ground today, with dollar index heading higher and greenback making gains against its high beta counterparts in Europe.

With the latest economic news out of the the United Kingdom and Germany, the US dollar index is gaining ground. The news out of the United Kingdom is lower than expected inflation data. While Germany’s inflation data is in line with expectations, policymakers cut the growth forecast for that country, and that is weighing on the euro.

The news is in contrast with the better information coming out of the United States. Even though economic growth in the United States isn’t particularly strong, when compared to what’s happening in Europe, it appears dynamic. The expected policy divergence, and the continued comparison between what’s happening in Europe and the United States, is likely to lead to continued more gains for the greenback.

At 10:43 GMT the US dollar index is higher, gaining to 85.9110 from the previous close at 85.8220. EUR/USD is down to 1.2644 from the open at 1.2658. GBP/USD has managed to move off its low of 1.5877 and gain to 1.5931, which is higher than the open at 1.5904. USD/JPY is up to 107.2400 from the open at 107.0530.

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

Forex News

Australian Dollar Fails to Rally

By , October 14, 2014 8:49 am

Reverend John Flynn on Australian 20-dollar billThe Australian dollar was trying to rally earlier during the current trading session but failed and retreated to trade below the opening level as of now. Economic data and comments from central bank’s officials were playing against the currency and contributed to the decline.

The National Australia Bank reported that business confidence fell “in the face of a persistently soft operating environment for many firms”. Guy Debelle, Assistant Governor at the Reserve Bank of Australia, signaled that the recent decline of the Aussie was not enough to address Australia’s economic issue:

While that depreciation will do something to foster more balanced growth in the Australian economy, it has only served to take the trade-weighted index back to its levels of earlier in the year.

The Australian dollar attempted to hold ground even in face of the unfavorable fundamentals but lost its battle at the Asian trading session, continuing to fall at the European session.

AUD/USD fell from 0.8771 to 0.8726 as of 14:33 GMT today, retreating from the daily high of 0.8812. AUD/JPY traded at 93.35 following the rally from 93.69 to 94.52.

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

Forex News

Dollar Continues to Experience Weakness

By , October 13, 2014 1:46 pm

A sheet of new hundred-dollar billsThe US dollar continued to experience weakness today as comments of US policy makers were less hawkish than dollar bulls have hoped for, suggesting that the long-awaited monetary tightening may be postponed, and this reduced the appeal of the US currency.

Minutes of the latest Federal Reserve policy meeting were not as optimistic as was expected, resulting in rather poor performance for the dollar last week. The greenback started this week retaining its weakness, allowing many riskier currencies, as well as gold and other precious metals, to rally. Reports that Russia pulled back its troops from the border with Ukraine also played against the dollar, reducing demand for the currency as a safe asset.

Despite the current performance of the dollar, many analysts believe that the bullish story of the greenback still has not ended. Barclays thought that the drop of the currency is a buying opportunity, while Goldman Sachs predicted that EUR/USD will resume its decline.

EUR/USD advanced from 1.2631 to 1.2689 as of 19:48 GMT today. USD/JPY declined from 107.54 to 107.11. GBP/USD traded at 1.6070 following the rally from 1.6073 to 1.6127.

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

Forex News

Australian Dollar Rises on China’s Trade Data

By , October 13, 2014 2:53 am

Reverend John Flynn on Australian 20-dollar billThe Australian dollar rose as today’s trade data from China was generally well-received by Forex market participants, leading to fairly positive outlook for Australia’s economy that depends on trading with its Asian partner strongly.

The balance of China’s imports and exports resulted in the surplus of $ 31 billion in September. While the figure was below analysts’ expectations and the previous month’s reading, the excess more than doubled from the same period a year ago. Also, both imports and exports were bigger than was anticipate by experts, suggesting that the Chinese economy performs well.

AUD/USD rose from 0.8691 to 0.8742 as of 9:47 GMT today, bouncing from the daily low of 0.8652. AUD/JPY was up from 93.48 to 93.86 after touching 92.87 — the lowest rate since March 24.

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

Earlier News About the Australian Dollar:

Forex News