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Posts tagged: Gains

GBP Gains vs. EUR & JPY After BoE Minutes & Employment Data

By , December 17, 2014 1:00 pm

Great Britain pound symbolThe Great Britain pound dropped against the US dollar today but rose versus the euro and the Japanese yen. The minutes of the latest central bank’s policy meeting revealed that some policy makers want to raise interest rates. UK employment data was good, supporting the currency.

The Bank of England minutes showed that the Monetary Policy Committee voted unanimously to keep the asset-purchase program at £375 billion. Yet the MPC members Martin Weale and Ian McCafferty voted for the fifth consecutive time to raise interest rates by 25 basis points.

As for the employment report, the number of Britons applying for unemployment benefits fell 26,900 in November from the previous month, more than was expected. Average weekly earnings rose 1.4 percent in the third quarter of this year from a year ago, exceeding forecasts and the previous quarter’s growth.

All in all, news was positive for the sterling, but the currency was unable to outperform the dollar that was too strong ahead of the Federal Reserve’s policy decision.

GBP/USD dropped from 1.5748 to 1.5647 as of 17:40 GMT today. EUR/GBP was down from 0.7941 to 0.7932 but bounced from the daily low of 0.7910. GBP/JPY advanced from 183.31 to 183.91, reaching the high of 184.69 intraday.

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

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Ruble Gains with Support from Bank of Russia

By , December 17, 2014 12:58 pm

Top view on various RUB billsThe Russian ruble jumped as attempts of the Bank of Russia to stem the currency’s drop resulted in a success, at least for now. The central bank was selling dollar and pledged to help companies to meet their foreign-currency debt obligations.

The Bank of Russia revealed measures it is going to take for stabilizing the financial sector. Among them, the central bank mentioned:

In order to limit the impact of revaluation of assets and liabilities denominated in foreign currencies on prudential ratios of credit institutions, the Bank of Russia intends to grant credit institutions a temporary right to use the exchange rate computed for the previous quarter when calculating prudential requirements for operations in foreign currencies.

While the previous attempts to bolster the ruble were unsuccessful, the currency performed well after the central bank made the announcement. How long the ruble will stay firm remains to be seen.

USD/RUB fell from 68.3270 to 61.5171 as if 18:21 GMT today.

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

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Russian Ruble Unable to Keep Record Gains

By , December 16, 2014 4:21 am

Russian 5,000-ruble banknotesRussia’s central bank made a surprise massive interest rate hike today in an attempt to support the currency and tame accelerating inflation. While the Russian ruble surged on the news initially, it was unable to keep gains and fell. Yet as of now, the ruble managed to return above the opening level

The Bank of Russia announced a substantial increase of its key interest rate by as much as 650 basis points to 17 percent. The central bank said in the statement:

This decision is aimed at limiting substantially increased ruble depreciation risks and inflation risks.

The ruble jumped after the announcement, demonstrating the biggest intraday gain in 16 years. Yet the rally was short-lived as the currency reversed its advance quickly.

USD/RUB fell from 65.9809 to 65.0292 as of 9:15 GMT today after rising to the daily high of 66.6033 and dropping to the low of 58.2262.

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

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Dollar Gains vs. Major, Unable to Beat Yen

By , December 15, 2014 2:43 pm

Panoramic view on many US hundred-dollar billsThe US dollar rallied against its major counterparts today as a positive industrial output report fueled speculations about an early interest rate hike from the Federal Reserve. The greenback was unable to outperform the yen.

US industrial production grew 1.3 percent in November, exceeding analysts’ expectations. Moreover, the October’s reading was revised from a 0.1 percent drop to an increase by the same rate. The data reinforced the view that the Fed’s policy statement released this week should be hawkish.

The dollar was strong as a result of the positive fundamentals, especially against commodity currencies that were suffering from decline of oil prices. The US currency failed to beat the yen, which rallied following the parliamentary elections over the weekend.

EUR/USD dropped from 1.2471 to 1.2436 as of 21:07 GMT today, touching the low of 1.2414 intraday. GBP/USD declined from 1.5722 to 1.5636. USD/JPY fell from 118.67 to 117.69.

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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Yen Gains After Abe Wins Elections

By , December 15, 2014 9:16 am

1,000-yen banknotesThe Japanese yen rose against other majors today, though the currency retraced its gains versus the US dollar as of now. The rally followed the victory of Japan’s Prime Minister Shinzo Abe in the snap elections over the weekend.

Abe’s gamble to call a snap election has paid off as his party won the majority in the parliament. While the yen rallied after the news, analysts think that the outcome is negative for the Japanese currency in a long run. The Prime Minister will be able to continue with his plans for economic recovery, which include weaker yen.

USD/JPY was down from 118.67 to 117.77 before bouncing close to the opening level as of 10:55 GMT today. EUR/JPY declined from 147.98 to 147.37, reaching the low of 146.83 intraday.

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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UK Pound Gains Some Ground

By , December 10, 2014 9:32 am

20-pound banknotesIt’s been a bit of a rough go for the UK pound recently, but the sterling is currently gaining some ground on the Forex market. While trading mixed today, sterling is a little higher against the euro and the US dollar.

Recent economic data out of the United Kingdom has been disappointing, and that has been weighing on the pound recently. Manufacturing data recently missed expectations, and the Bank of England continues to stay the course. Indeed, last week’s decision to keep rates and purchases the same makes it harder for the pound to gain agains the dollar, which is stronger on policy divergence.

Today, though, the pound is getting a little help. Sterling is slightly higher against the euro and the dollar. Pound is expected to maintain some of its strength against the euro long-term, especially after the BOE starts raising rates again, while the strength against the US dollar is likely to be short-lived.

At 11:30 GMT GBP/USD is higher, moving up to 1.5677 from the open at 1.5667. Sterling’s gains against the euro are even smaller, with EUR/GBP falling to 0.7896 from the open at 0.7897. GBP/JPY is lower, with the yen one of the few currencies gaining on the pound, moving to 186.9170 from the open at 187.3880.

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

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Yuan Gains Even as Inflation Slows

By , December 10, 2014 6:51 am

Various yuan banknotesThe Chinese yuan gained today even though macroeconomic indicators were negative for the currency. Consumer inflation slowed unexpectedly and producer prices continued to fall.

The Consumer Price Index rose 1.6 percent in November from a year ago while analysts have expected inflation to stay at the previous month’s level of 1.4 percent. Consumer prices fell 0.2 percent month-on-month. The Producer Price Index dropped 2.7 percent last month from the same month of the previous year after falling 2.2 percent in October.

USD/CNY fell from 6.1860 to 6.1768 as of 12:58 GMT today.

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

Earlier News About the Chinese Yuan:

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UK Pound Gains Ground Against Major Counterparts

By , December 8, 2014 5:52 am

A fan of Great Britain 10-pound notesUK pound is gaining ground against its major counterparts today, thanks to improving data. Pound is doing especially well against the euro, thanks to better economic data and policy divergence.

Sterling is mostly higher today, thanks in large part to recent economic data. Much of the recent data, from PMI to GDP, has been reasonably positive, especially when compared with what is happening in the eurozone. Indeed, the UK pound continues to do well against the euro in Forex trading. Pound is also up against the US dollar, even though the Fed is cutting back on its easing at a faster rate than the Bank of England.

One of the items holding the pound back from even higher gains is the reluctance of the Bank of England to reduce stimulus at a faster rate. The inflation expectation in the United Kingdom was recently cut to 2.5 per cent from 2.8 per cent, and that is reducing the interest in raising rates. However, the situation still looks good when compared with what is happening in the eurozone.

At 11:30 GMT EUR/GBP is lower, falling to 0.7853 from the open at 0.7886. GBP/USD is higher, gaining to 1.5614 from the open at 1.5574. GBP/JPY is a little bit lower, falling to 189.1010 from the open at 189.4550.

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

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CAD Touches Lowest Since 2009 vs. USD, Gains vs. EUR & JPY

By , December 5, 2014 11:25 pm

LooniesThe Canadian employment report was not nearly as good as the US one. As a result, the Canadian dollar dropped against the US dollar, touching the lowest level since July 2009. Surprisingly enough, the loonie managed to log gains against such major currencies as the euro and the Japanese yen.

Canadian employment shrank by 10,700 in November from October, according to the Statistics Canada, even though specialists expected growth. As a result, the unemployment rate inched up by 0.1 percentage point to 6.6 percent.

Employment data was not the only Canadian indicators that missed expectations. The trade balance surplus narrowed in October while analysts predicted an increase.

Considering that the US employment report was stellar, it is not surprising to see that the loonie dropped against the greenback. What is a surprise is the fact that the Canadian dollar managed to trim its losses and even gained against other majors.

According to the CFTC Commitments of Traders report, the number of short positions by leveraged funds exceeded the number of long positions as of December 2.

USD/CAD climbed from 1.1384 to close at 1.1431, reaching the high of 1.1476 intraday. At the same time, EUR/CAD declined from 1.4090 to 1.4049, and CAD/JPY advanced from 105.17 to 106.22 — the highest settlement since July 2008.

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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Indian Rupee Gains as RBI Remains Passive

By , December 2, 2014 1:47 pm

A heap of 500-rupee banknotesThe Indian rupee gained today as the nation’s central bank kept its interest rates stable, refraining from monetary easing. At the same time, Governor Raghuram Rajan hinted that the bank is able to cut borrowing costs if necessary.

The Reserve Bank of India kept all of its rates stable at today’s policy meeting, including the benchmark Bank Rate that remained at 9 percent. Previously, Prime Minister Narendra Modi was calling for lower interest rates. The RBI hinted that it is not impossible, saying in the statement:

A change in the monetary policy stance at the current juncture is premature. However, if the current inflation momentum and changes in inflationary expectations continue, and fiscal developments are encouraging, a change in the monetary policy stance is likely early next year, including outside the policy review cycle.

USD/INR fell from 61.9250 to 61.8250 as of 19:00 GMT today.

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

Earlier News About the Indian Rupee:

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