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Posts tagged: Gains

Euro Gains with Help of Positive Economic Sentiment

By , November 18, 2014 5:48 pm

20-euro bill and the map of EuropeThe euro ended yesterday’s trading session with solid gains and is trading sideways during the current session, unsure where to go now. The currency was rising on the back of the surprisingly good European economic sentiment.

The ZEW Indicator of Economic Sentiment for Germany climbed from -3.6 in October to 11.5 in November. The actual figure was far above the predicted reading of 0.9. The Indicator of Economic Sentiment for the Eurozone has jumped from 4.1 to 11.0 this month, also exceeding forecasts by a wide margin.

The euro halted its decline against the dollar on November 7 and was consolidating since then. Prospects for additional monetary stimulus from the European Central Bank still weigh on the common 18-nation currency, but for now the euro is slowly crawling upwards. The shared currency is even stronger against the sterling and the yen — the losers on the Forex market as of now.

EUR/USD climbed from 1.2449 to 1.2533 yesterday and traded at 1.2525 as of 00:14 GMT today. EUR/JPY was near 146.73, trading close to the highest rate since October 2008, after rising from 145.21 to 146.44. EUR/GBP traded at about 0.8018 following the rally from 0.7958 to 0.8016.

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

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Yen Gains Ground After Initial Drop

By , November 18, 2014 6:55 am

Rolled 1,000-yen banknoteThe Japanese yen slipped against the majority of most-traded currencies today after a speech of Japanese Prime Minister Shinzo Abe. The currency managed to trim losses against some of its peers and to erase them completely against others.

Abe announced early elections and said that the planned sales-tax increase will be postponed. The announcement followed yesterday’s data that showed recession of Japan’s economy. The yen sank after the Prime Minister’s speech, reaching new multi-year low versus the euro, but is currently moving higher.

USD/JPY advanced from 116.64 to 117.01 before falling back to 116.54 as of 13:21 GMT today. EUR/JPY was up from 145.21 to 145.93, while its daily maximum of 146.63 was the highest rate since October 2008.

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

Earlier News About the Japanese Yen:

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Pound Drops vs. Dollar, Gains on Euro

By , November 17, 2014 2:36 pm

A fan of 50-pound billsThe Great Britain pound fell against the US dollar during the current trading session as today’s data showed decline of UK house prices. The general risk-off market sentiment was not helping the currency to hold ground against the greenback though it allowed the sterling to outperform the euro.

The Rightmove House Price Index dropped 1.7 percent in November from the previous month. House prices were still up on an annual basis. The unexpected recession in Japan made Forex traders prefer safer currencies, not riskier ones. This hurt the sterling, which was already soft due to last week’s comments from policy makers.

GBP/USD declined from 1.5682 to 1.5641 as of 20:21 GMT today following the rally to 1.5735. EUR/GBP edged down from 0.7987 to 0.7961.

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

Earlier News About the Great Britain Pound:

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Canadian Dollar Holds to Gains

By , November 13, 2014 7:11 am

Canadian coins on Canadian dollar billsCanadian dollar is holding to gains made yesterday, following the announcement of positive employment news. Loonie is managing to hold its own a bit better now that oil prices seem to have stabilized somewhat, and with economic data remaining fairly positive.

Loonie is a little bit higher against the US dollar today, maintaining some of its gains from yesterday. Additionally the Canadian dollar is higher than the UK pound, which is still reeling from economic data disappointment.

Canadian data has been relatively positive, with employment numbers showing strength. And, even though the budget surplus for next year will be lower than originally expected, the reality is that many analysts think that the family-friendly measures reducing the surplus will help the Canadian economy.

Also helping the loonie right now is the fact that oil prices seem to be stabilizing. Oil prices have been dropping rather quickly, but they seem to have leveled off a little bit, even though the price of crude is slightly lower today. Canada relies on oil for economic growth, so stabilizing prices are helpful.

At 11:29 GMT USD/CAD is lower, falling to 1.1308 from the open at 1.1316. EUR/CAD is higher, moving up to 1.4099 from the open at 1.4070. GBP/CAD is lower, falling to 1.7831 from the open at 1.7862.

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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Aussie Gains on Inflation Expectations, Dismisses Data from China

By , November 13, 2014 4:30 am

Australian coins and banknotesThe Australian dollar dipped against its US counterpart and the Japanese yen at the start of today’s trading session but jumped after the gauge of inflation expectations rose.

Melbourne Institute reported that the expected inflation rate rose to 4.1 percent in November from 3.4 percent in October. The data allowed the Aussie reverse the earlier losses and rally. The currency kept gains even after China’s industrial production disappointed market participants, growing at the 7.7 percent rate in October — below the median forecast of 8.0 percent.

AUD/USD rose from 0.8716 to 0.8750 as of 10:30 GMT today after falling to 0.8671 before. AUD/JPY advanced from 100.67 to 101.08, trading near the highest level since May 2013.

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:

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EUR Loses to USD & JPY, Gains on GBP

By , November 12, 2014 5:35 pm

Euro banknotesThe euro declined today against the US dollar and the Japanese yen as concerns about the struggling European economy continued to hurt the currency. At the same time, the euro managed to gain on the Great Britain pound.

Wednesday’s economic data from Europe was mixed. Seasonally adjusted industrial production grew 0.6 percent in October from the previous month (both in the European Union and the eurozone). On the other hand, German wholesale prices fell 0.7 percent last month from a year ago.

Concerns about Europe’s economic health made investors prefer safer currencies, like the dollar and the yen, over the euro. But worsening outlook for growth in Great Britain allowed the shared 18-nation currency to outperform the weak sterling.

EUR/USD dropped from 1.2473 to 1.2428 as of 23:49 GMT today. EUR/JPY sank from 144.40 to 143.62 following the rally to 144.69 — the strongest rate since January 2. Meanwhile, EUR/GBP climbed from 0.7833 to 0.7881, bouncing from the daily low of 0.7801.

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

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Yen Gains on Stimulus Exit Talks

By , November 11, 2014 10:32 pm

Japanese currency and coinsThe Japanese yen was rising during the Asian trading session today, though the currency retreated closer to the opening level as of now. The rally was triggered by comments from members of the central bank about potential timing for dropping monetary stimulus.

Bank of Japan board member Ryuzo Miyao said today that the bank may end its extremely accommodative monetary policy in the second half of 2015. Such outlook counts on inflation staying at the 2 percent level. Miyao said that the recent expansion of stimulus should not make it harder for policy makers to exit monetary accommodation:

As a result of this measure, I think we can comfortably achieve a balanced 2% inflation that comes with improved corporate profits, employment and wages.

He added that growth of consumer prices should accelerate as the impact of falling prices for crude oil will fade:

If that happens, we will be able to have a prospect for anchoring 2% inflation with corresponding certainty.

The yen rose after these comments. Previously, the currency weakened on rumors that the government is going to postpone the planned increase of sales tax.

USD/JPY traded at 115.82 as of 4:40 GMT today after falling from 115.79 to 115.24 earlier. EUR/JPY ticked down from 144.40 to 144.32, while GBP/JPY traded close to the opening level of 184.27.

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

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Loonie Gains Some Ground After China Swap Agreement

By , November 10, 2014 5:43 am

A fan of 100-dollar notesThe Canadian dollar is gaining a little bit of ground today, following an announcement of a currency swap arrangement with China. Also helping the loonie today is the fact that oil prices are moving higher again.

Loonie is gaining ground today as the factors that generally help the Canadian currency improve. Oil prices are higher today, thanks in part to positive Chinese economic data. China’s solid performance is also likely to help with Canada’s latest international venture.

Over the weekend, The Bank of Canada and the People’s Bank of China signed an agreement for a bilateral swap. The agreement is to be in effect for three years, and allow for a reciprocal swap line between the loonie and the renminmbi. The maximum value is C$ 30 million, or about RMB 200 billion.

Another piece of the oil puzzle is increased fighting in Ukraine. With tensions on the rise, oil prices are likely to move a little higher, and that should help the Canadian dollar a bit, since the loonie relies heavily on oil for support in Forex trading.

At 11:59 GMT USD/CAD is down to 1.1305 from the open at 1.1325. EUR/CAD is down to 1.4119 from the open at 1.4135. GBP/CAD is down to 1.7979 from the open at 1.7993.

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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Euro Gains vs. Dollar on Back of Disappointing US Employment

By , November 7, 2014 12:25 pm

Euro sign monument with ECB on backgroundThe euro gained on the US dollar today after employment data from the United States missed analysts’ projections. The currency also rallied versus the Great Britain pound but was unable to advance against the Japanese yen.

US non-farm payrolls grew by 214,000 jobs in October. While not bad by itself, the figure was below market expectations. Yet at the same time the unemployment rate dropped to 5.8 percent, even though experts predicted that it would stay unchanged at 5.9 percent.

The worse-than-expected US data allowed the euro to halt its decline and to push back the dollar. Yet it is hard to believe that euro’s gains will last long, considering prospects for additional stimulus from the European Central Bank and tighter monetary policy from the Federal Reserve.

EUR/USD climbed from 1.2374 to 1.2434 as of 18:03 GMT today after touching 1.2357 — the lowest rate since August 2012. EUR/GBP jumped from 0.7814 to 0.7845. EUR/JPY traded at 142.58, close to its opening level of 142.55, after rising to 143.05.

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

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Euro Pares Gains as European Union Revises Outlook

By , November 4, 2014 5:30 am

Multiple euro banknotes and coinsEuro is mostly higher today, but the 18-nation currency is paring some of its gains. The latest growth outlook from the European Union has been revised lower, and that is weighing a bit on the euro, and causing it to give up some of its earlier gains.

Earlier, the euro saw some solid gains against its major counterparts as the US dollar pulled back and as the outlook for the world in general improved a bit. However, concerns about the eurozone are back in the spotlight, and the euro is paring some of its earlier gains as a result.

The European Union released a revised outlook for the eurozone, indicated that the GDP for the 18-nation currency region would see growth of 0.8 per cent for 2014, and 1.1 per cent in 2015. This is lower than expectations for 1.2 per cent growth this year and 1.7 per cent growth for next year.

These revised expectations are weighing on the euro, since they underscore the continued difficulties facing the eurozone, and there is an indication that, perhaps, the ECB will have to take even more drastic measures to prop up the eurozone economy.

At 11:53 GMT EUR/USD is up to 1.2515 from the open at 1.2492. EUR/GBP is barely higher, to 0.7821 from the open at 0.7820. EUR/JPY is up to 141.9060 from the open at 1.4188.

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

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