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Posts tagged: Gains

Mexican Peso Gains on Interest Rate Outlook

By , July 25, 2014 9:57 am

Mexican 50-peso notesThe Mexican peso rose today on speculations that the nation’s central bank will not cut interest rates further as the economy is expected to growth with an increasing pace in the future.

The Banco de Mexico left its key interest rate at 3 percent at the meeting on July 11 after cutting it by half of a percentage point in June. The minutes revealed that the decision to keep the rate unchanged was unanimous, suggesting that the cut was a one-off event. While Mexico’s economic growth slowed this year, analysts believe that it will pick up the next year.

USD/MXN fell from 12.9606 to 12.9455 as of 16:47 GMT today.

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

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Euro Struggles to Maintain Gains With Russian Sanctions Possible

By , July 23, 2014 8:59 am

Stack of one-euro coins on a chartEuro is struggling right now, trying to maintain the gains it eked out earlier in the session. However, that is proving a bit difficult, given the possibility of harsher sanctions against Russia over the whole issue of what’s happening in Ukraine.

As the situation in Ukraine continues to trouble just about everyone, the euro is struggling. The 18-nation currency lost ground yesterday, but is trying to eke out gains today. However, the European Union is still threatening Russia with harsher trade sanctions. This could impact Germany, a country which has strong ties to Russia — and acts as the main driver of the eurozone economy.

There are worries that sanctions against Russia could slow the already tepid eurozone economy. Euro is already struggling on the presumed policy divergence between the 18-nation currency region and its major counterparts. But, with Russia continuing to meddle in Ukraine, and now with the furor over what happened with the downed Malaysian airliner, there’s a lot of speculation that sanctions will be tightened.

For now, though, the euro is managing to hold on to small gains. But it’s still early yet in the US session, so it will be interesting to see how the day goes.

At 13:37 GMT EUR/USD is up to 1.3468 from the open at 1.3466. EUR/GBP is up to 0.7905 from the open at 0.7891. EUR/JPY is down to 136.5850 from the open at 136.6380.

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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Canadian Dollar Looks to Hold to Yesterday’s Gains

By , July 22, 2014 8:30 am

A fan of 100-dollar notesCanadian dollar is hoping to hold on to some of yesterday’s gains, and with thin trading and concerns about the geopolitical situation, that’s a possibility.

Yesterday, the loonie closed higher against most of its major counterparts, thanks in large part to the fact that this week is a thin one for data, and thanks to geopolitical tensions that have many looking for non-European investments right now. Concerns that the situation in Ukraine will lead to greater sanctions on Russia are worrying some because the impact of industry-wide sanctions could bleed over into the eurozone economy.

The Canadian dollar also got some help yesterday from higher commodities. Today, though, oil and gold are heading a little lower, and so won’t be much help to the loonie. For now, the loonie is managing to hold on to tenuous gains, but it may not last. Many expect Statistics Canada to release a favorable retail sales report tomorrow, but any indication that things aren’t going as well as expected could send the Canadian dollar lower.

At 13:18 GMT USD/CAD is a little bit lower, dropping to 1.0735 from the open at 1.0739. EUR/CAD is struggling a bit more, falling to 1.4477 from the open at 1.4523. GBP/CAD is only a little lower, dropping to 1.8329 from the open at 1.8338.

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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Risk Aversion Helps Dollar End Week with Gains

By , July 19, 2014 7:00 am

Focus on hundred dollarsThe US dollar gained this week with help of geopolitical tensions in Eastern Europe and Middle East that were driving the Forex market by the end of the week. The greenback ended the week flat versus the Japanese yen, another currency that profited from the need for safety.

The US currency started the week on a positive note due to speculations about an eventual interest rate hike from the Federal Reserve. Fed Chairwoman Janet Yellen sent confusing message to the market regarding future monetary policy, resulting in a mixed performance for the dollar. Still, most Forex traders considered her comments to be more hawkish than dovish.

The greenback received another boost in the second half of the week from risk aversion, caused by the plane crash over Ukraine and Israel’s offensive in Gaza. While fears receded by the weekend, the theme of geopolitical risks will likely continue to dominate markets next week too.

EUR/USD dropped from 1.3599 to 1.3524, the weakest weekly close since January, while GBP/USD declined from 1.7121 to 1.7085, following the rally to 1.7190 — the highest since October 2008. USD/JPY closed at 101.34, not far from the opening of 101.38.

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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Risk Aversion Helps Dollar End Week with Gains

By , July 19, 2014 7:00 am

Focus on hundred dollarsThe US dollar gained this week with help of geopolitical tensions in Eastern Europe and Middle East that were driving the Forex market by the end of the week. The greenback ended the week flat versus the Japanese yen, another currency that profited from the need for safety.

The US currency started the week on a positive note due to speculations about an eventual interest rate hike from the Federal Reserve. Fed Chairwoman Janet Yellen sent confusing message to the market regarding future monetary policy, resulting in a mixed performance for the dollar. Still, most Forex traders considered her comments to be more hawkish than dovish.

The greenback received another boost in the second half of the week from risk aversion, caused by the plane crash over Ukraine and Israel’s offensive in Gaza. While fears receded by the weekend, the theme of geopolitical risks will likely continue to dominate markets next week too.

EUR/USD dropped from 1.3599 to 1.3524, the weakest weekly close since January, while GBP/USD declined from 1.7121 to 1.7085, following the rally to 1.7190 — the highest since October 2008. USD/JPY closed at 101.34, not far from the opening of 101.38.

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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UK Pound Pauses After Gains Earlier This Week

By , July 18, 2014 9:14 am

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UK pound is pausing today, looking for consolidation at the end of this week after solid gains driven by encouraging economic data. More strength is expected for the sterling going forward, especially against the euro, thanks to the improving economic picture. So while the pound is lower today, it is likely to strengthen in coming weeks. (…)Read the rest of UK Pound Pauses After Gains Earlier This Week […]

The post UK Pound Pauses After Gains Earlier This Week appeared first on Forex News.

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US Dollar Index Gains Mostly Due to Policy Divergence

By , July 15, 2014 10:29 am

Many US hundred-dollar billsUS dollar index is heading higher today, gaining ground as policy divergence becomes more of an issue, especially with the euro. Since the euro is the currency with the heaviest weight in the dollar index basket of currencies, it’s no surprise that the index is doing well.

The US dollar continues to benefit from a combination of expectations that the Federal Reserve will have to raise rates at some point and the fact that policy divergence means that other currencies won’t see the same tightening.

Indeed, the dollar is higher against the euro after a disappointing ZEW, while the sterling remains strong against the greenback as good economic news continues to come in for the United Kingdom. There is a bit of risk aversion in the markets as well, with concern about the geopolitical situation, as well as fresh worries that stocks are in a bubble.

For now, all signs point to a stronger dollar index, although that could change quite quickly.

At 13:37 GMT the dollar index is up 80.2070 from the open at 80.1690. EUR/USD is down to 1.3603 from the open at 1.3619. GBP/USD is higher, moving up to 1.7166 from the open at 1.7084. USD/JPY is gaining, moving up to 101.6180 from the open at 101.5385.

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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Indian Rupee Gains as Exporters Repatriate Earnings

By , July 11, 2014 6:03 am

Various Indian rupee notesThe Indian rupee demonstrated biggest advanced in more than a week today, following yesterday’s massive slump, as India’s exporters were selling dollars to convert their earnings into the local currency.

Exporters were buying the rupee to profit from the currency’s weakness. Finance Minister Arun Jaitley revealed that the government plans to allow more foreign investment. He also promised to reduce the current account deficit. All these news were beneficial for the currency, allowing it to rally.

USD/INR fell from 60.0650 to 60.0045 as of 13:15 GMT today, reaching the low of 59.9150 intraday.

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

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NZ Dollar Gains as Fitch Raises New Zealand’s Credit Rating Outlook

By , July 8, 2014 9:48 am

Many 100-dollar billsThe New Zealand dollar gained today as Fitch ratings raised the outlook for the nation’s credit rating from stable to positive, adding to signs that the New Zealand economy performs very well.

Fitch kept the credit rating at AA, two notches below the top grade, but raised the outlook to positive. The credit agency cited several reasons for such decision, among them “fiscal consolidation” that “is strengthening the resilience of New Zealand’s sovereign credit profile” and the fact that “the authorities have a credible plan to lift the fiscal surplus”. Indeed, Prime Minister John Key said that he expects the budget to demonstrate a surplus in the current financial year for the first time in seven years.

NZD/USD jumped from 0.8757 to 0.8794 as of 13:06 GMT today, while its daily high of 0.8806 was strongest since August 2011. NZD/JPY advanced from 89.19 to 89.38, touching the high of 89.63 intraday.

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

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Aussie Gains with Business Sentiment

By , July 8, 2014 9:48 am

Reverend John Flynn on Australian 20-dollar billThe Australian dollar gained today as the Australian business confidence improved last month, albeit not much. The currency was also supported by hopes for strong employment growth.

The Business Confidence Index of National Australia Bank rose from 7 in May to 8 in June. NAB said:

Business confidence showing no ill effects from the government’s ‘tough budget’, rather improving in line with better business conditions (reflecting sales and profits) – albeit conditions remain sub trend.

Australian employment data for June will be released on July 10, and analysts predict that it will show an increase by 12,300, which would be a far better reading that the May drop by 4,800.

AUD/USD rose from 0.9372 to 0.9405, and AUD/JPY ticked up from 95.46 to 95.58 as of 13:27 GMT today.

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

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