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Pound Ends Friday with Gains

By , October 24, 2014 9:53 pm

A fan of Great Britain 10-pound notesThe Great Britain pound ended Friday with gains thanks to GDP report that was in line with analysts’ expectations and poor economic data from the United States. The currency still ended the week with losses versus the euro.

Britain’s gross domestic product grew 0.7 percent in the third quarter of this year from the previous three months. While the expansion was slower than the second quarter’s 0.9 percent, it matched forecasts. Experts argue that most market participants counted on a worse figure and the not-so-bad report resulted in relief, bringing the sterling higher.

The UK currency was falling at the previous trading session due to the negative retails sales report. Sales were down 0.3 percent in September from August, demonstrating a bigger drop than was expected by specialists.

GBP/USD rose from 1.6029 to close at 1.6085 on Friday. EUR/GBP dropped from 0.7915 to 0.7874, while GBP/JPY advanced from 173.50 to 173.91, bouncing from the intraday low of 172.96.

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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Norwegian Krone Gains as Norges Bank Remains Passive

By , October 23, 2014 6:40 pm

Focus on 100-krone noteThe Norwegian krone gained today following yesterday’s decision of Norway’s central bank to keep its benchmark interest rate unchanged. Such decision was widely expected by market analysts.

Norges Bank announced yesterday that it is keeping its main interest rate at 1.5 percent. Governor Oeystein Olsen said in the statement:

New information suggests that inflation and growth in the Norwegian economy are broadly in line with the September projections.

Yet Olsen added:

At the same time, developments abroad and the fall in oil prices has increased the uncertainty regarding the outlook for the Norwegian economy.

The central bank noted that the krone has depreciated this month. Despite uncertain future, the krone managed to gain after the policy decision.

USD/NOK declined from 6.5779 to 6.5687 as of 00:52 GMT today. EUR/NOK fell from 8.3171 to 8.3135.

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

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Euro Gains on Manufacturing Data

By , October 23, 2014 3:59 pm

1,200 eurosThe latest manufacturing data is in for the eurozone, and it’s more positive than expected. As a result, the euro is gaining ground against many of its counterparts. This might the news that the 18-nation currency region has been waiting for, since it signals that maybe another recession isn’t inevitable after all.

Today, a release of a Purchasing Managers’ Index for the eurozone shows that the situation has improved. PMI rose to 50.7 for October, which is an improvement over the predicted fall to 49.9. The reading remains above 50, which indicates expansion, and is generally considered a better thing for the economy. On top of that, factories in Germany are recovering from a slump last month.

The good news is also helped along by indications that Spain’s economic recovery is picking up steam. While Germany is the large economic driver for the euro region, the periphery has been dragging the eurozone down. Recovery by Spain could go a long way toward getting the periphery out of trouble and increasing the stability of the eurozone.

It’s little surprise that we’re seeing some risk appetite on this news, and that the euro is heading a little bit higher.

At 10:21 GMT EUR/USD is up to 1.2665 from the open at 1.2652. EUR/GBP is up to 0.7910 from the open at 0.7882. EUR/JPY is up to 136.1850 from the open at 135.5190.

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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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.

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Loonie Gains Against European Counterparts

By , October 14, 2014 6:06 am

Canadian coins on Canadian dollar billsBetter employment data released toward the end of last week is still helping the Canadian dollar in Forex trading today. Indeed, there are hopes that Canadian rates will start rising again. This hope is allowing the loonie to log gains against European currencies, even as it continues to struggle against the greenback.

The latest employment data is providing a boost for the Canadian dollar. The latest numbers indicated that the unemployment rate fell to 6.8 per cent in September, from 7.0 per cent in August. This was a bit of a surprise, as was the 74,100 increase in jobs for the month of September. Analysts had expected tamer numbers.

With this good news, the loonie is seeing a bit of a boost against European currencies, whose economies are not surprising to the upside. Many hope that the Bank of Canada will decide to increase interest rates again soon, since the rate has been at 1.0 per cent for the last four years.

The Canadian dollar isn’t having the same luck against its US counterpart today, however. With oil prices slightly lower, and with the US economy doing much better, the loonie is down against the greenback.

At 10:46 GMT USD/CAD is up to 1.1253 from the open at 1.1199. EUR/CAD is down to 1.4236 from the open at 1.4281. GBP/CAD is down to 1.7946 from the open at 1.8014.

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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Yen Gains, Downside Threat Remains

By , October 13, 2014 4:30 pm

1,000 yenThe Japanese yen rose today against the US dollar and the Great Britain pound, which were demonstrating softness at the current trading session, but was unable to outperform the euro, which is now trying to gain ground after it has halted its long decline.

The Monday’s trading session was rather quiet as markets in many countries, including Canada, Japan and the United States, were closed for various holidays. The yen managed to gain versus other weak currencies, like the dollar and the sterling, but its own strength was not enough to outperform stronger currencies.

While the yen demonstrated strong performance since the middle of September, there are reasons for the currency to halt its rally. Japan’s economic recovery proceeds not as fast as Japanese officials have hoped, reducing the attractiveness of the yen. Indeed, the International Monetary Fund lowered its growth forecast for Japan, confirming that the country’s economy experiences difficulties.

USD/JPY declined from 107.54 to 106.87 as of 21:16 GMT today. GBP/JPY fell from 172.86 to 171.91, trading near the lowest level since September 10. At the same time, EUR/JPY climbed from 135.85 to 136.34, bouncing from the daily low of 135.55 — the lowest rate since November 21, 2013.

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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Canadian Dollar Loses Steam After Initial Gains

By , October 10, 2014 3:01 pm

LooniesThe Canadian dollar advanced today with the help of an impressive employment report that beat analysts’ projections by a wide margin. The currency retained its gains against the euro but was unable to maintain the rally versus the the US dollar and yen and will likely close below the opening level against these currencies.

Canada’s employment data, unlike Australia’s one, was really good, helping the loonie to log gains. Canadian employers added a whooping 74,100 jobs in September, much more than was predicted by experts — 18,700. Growth was registered both in full-time and part-time employment, and full-time jobs were the major contributor to the general increase of employment. As a result, the unemployment rate unexpectedly fell from 7.0 percent to 6.8 percent.

The positive data may prompt the Bank of Canada to review its plans for monetary policy. The BoC was talking about weakness of the labor market as a sign of slack in economic growth, but today’s report gives hopes for traders with bullish bets on the loonie that the central bank may consider monetary tightening earlier than was expected previously.

USD/CAD declined from 1.1185 to 1.1160 intraday but bounced to 1.1212 as of 19:27 GMT today. CAD/JPY fell from 96.41 to 96.11 following the rally to 96.67. At the same time, EUR/CAD was down from 1.4193 to 1.4145.

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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UK Pound Gains Ground Today

By , October 9, 2014 3:40 am

After struggling recently, the UK pound is gaining a little ground today. Recently released data is helping the sterling, especially as the economic divergence between the United Kingdom and the eurozone remains pronounced.

After seeing some unexpected weakness earlier, the UK pound is turning around and making some gains against some of its major counterparts. The pound is seeing success against the dollar and the euro today, even though it is struggling a bit against Down Under currencies.

Recent economic data points to a recovering sterling. The financial services sector is expanding, and new car registrations are up. Even through the Centre for Economics and Business Research is predicting a bit of a cool down for the housing market in the United Kingdom, there is still good news for the sterling, since it means the Bank of England could be closer to raising rates.

And, of course, the pound continues to do relatively well against the eurozone. Investor confidence and other measures of interest in the eurozone are dropping, and the pound looks like a good alternative to the 18-nation currency.

At 10:36 GMT EUR/GBP is down to 0.7869 from the open at 0.7876. GBP/USD is up to 1.6204 from the open at 1.6168. GBP/JPY is down to 174.5440 from the open at 174.7550.

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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US Dollar Sees Broad Gains After Earlier Selloff

By , October 8, 2014 5:53 am

Panoramic view on many US hundred-dollar billsUS dollar is in the midst of a recovery after yesterday’s selloff. Right now, greenback appears to be correcting by logging gains following excessive selling. However, even with the current gains, a little caution is in order as we wait for the release of the minutes from the latest FOMC meeting, since many of the dollar’s potential gains might already be priced in.

Yesterday, there was a bit of a selloff in the US dollar. Today, though, the greenback is gaining against its major counterparts and the dollar index is on the rise.

Many Forex traders are looking forward to the release of the latest minutes from the Federal Open Market Committee meeting. Many expect to see more evidence that monetary tightening is on the way. Indeed, there are expectations for interest rates to start rising in 2015, and QE3 is supposed to come to an end this month.

All of this is dollar-positive. However, there are concerns that much of this has been priced in, and that the greenback might have appreciated too much, too fast.

A 11:33 GMT the dollar index is up to 85.7620 from the open at 85.5990. EUR/USD is down to 1.2653 from the open at 1.2669. GBP/USD is down to 1.6065 from the open at 1.6096. USD/JPY is up to 108.3430 from the open at 108.0290.

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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Aussie Rallies After RBA, Gains Limited

By , October 7, 2014 5:24 am

General Sir John Monash on Australian 100-dollar billThe Australian dollar rallied after the Reserve Bank of Australia refrained from changing its monetary policy during today’s meeting. The gains were not big as the central bank continued to complain about the strength of the currency.

The RBA left its main interest rate at 2.5 percent today. The bank maintained the outlook for a period of stability for monetary policy, saying in the statement:

In the Board’s judgement, monetary policy is appropriately configured to foster sustainable growth in demand and inflation outcomes consistent with the target. On present indications, the most prudent course is likely to be a period of stability in interest rates.

At the same time policy makers thought the depreciation of the currency was not big enough to overcome the slump of commodity prices:

The exchange rate has declined recently, in large part reflecting the strengthening US dollar, but remains high by historical standards, particularly given the further declines in key commodity prices in recent months. It is offering less assistance than would normally be expected in achieving balanced growth in the economy.

The RBA also talked about “moderate” growth both in global and domestic economies. The bank said that it expects that the current accommodative policy will continue to support economic growth.

AUD/USD rose from 0.8763 to 0.8789 as of 11:19 GMT today. EUR/AUD dropped from 1.4439 to 1.4334. AUD/JPY ticked up from 95.32 to 95.41.

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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