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By Nick, April 23, 2013 11:23 am

Aussie is heading lower against the US dollar after the latest data out of China disappoints. However, as European currencies continue to weaken, Australian dollar is finding some success against them.

Aussie is trading mixed today against its major counterparts. Against the US dollar, the Australian dollar is heading lower. Lower commodity prices, as well as risk aversion, have many Forex traders favoring the greenback. Aussie is also down against the Japanese yen as risk appetite fades.

However, against European currencies, the Aussie is doing well. Concerns about what’s next in the eurozone are weighing on the euro, and that is helping the Aussie. Germany’s latest PMI disappointed, prompting talk of an ECB rate cut, and there are expectations of more quantitative easing from the United Kingdom. With those concerns, European currencies are being undermined.

For now, though, Australian dollar is unlikely to make any truly bold moves. Australia’s economy is connected to China’s and the Chinese economy has been showing slowed growth. Additionally, struggling commodities are likely to hold the Australian dollar back as well.

At 17:19 GMT AUD/USD is down to 1.0256 from the open at 1.0274. AUD/JPY is down to 101.8515 from the open at 101.9550. EUR/AUD is down to  1.2678 from the open at 1.2718. GBP/AUD is down to 1.4878 from the open at 1.4884.

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By Nick, April 18, 2013 11:39 am

Canadian dollar is getting a little help today, heading higher after recent losses. The loonie’s success against the greenback is being helped along by higher commodity prices.

Canadian dollar is getting a boost against the US dollar today, following a few days of relative weakness. The Bank of Canada recently lowered its economic growth forecast for the country, and it wasn’t helping that commodities were heading lower, either. With oil prices struggling, the Canadian dollar was displaying difficulty, since oil is a major export, and a major source of economic support.

Commodity prices are on the rise again, though, and that is helping the Canadian dollar. Loonie is a commodity currency, and sensitive to price changes. With gold trying to regain the $ 1,400 an ounce level, and with oil prices back above $ 87 a barrel, loonie is getting some help.

However, the help might be short-lived. If concerns about the global economy continue, high beta currencies like the loonie will be sold in favor of safe haven currencies like the US dollar. For now, though, Canadian dollar is working on a recovery.

At 16:35 GMT USD/CAD is down to 1.0254 from the open at 1.0266. EUR/CAD is up to 1.3427 from the open at 1.3378. GBP/CAD is up to 1.5695 from the open at 1.5643.

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By Nick, March 25, 2013 10:47 am

After losing ground to the euro earlier, the US dollar is back on top against its European counterparts. After re-thinking the Cyprus bailout, many Forex traders are less than enthusiastic. Greenback is in demand as safe haven is sought.

Forex traders and investors are trying to wrap their heads around what is likely to happen next on a number of levels. Earlier, the US dollar was lower against its European counterparts, particularly the euro, as traders and others celebrated the Cyprus bailout.

Now, though, things have changed. The implications of the last-ditch bailout deal are starting to cause worry amongst Forex traders and investors. The lack of a deal could have meant the exit of Cyprus from the eurozone. However, now there appears to be a precedent: Bailout at all costs.

With that in mind, the US dollar is gaining some traction. The US economy is in a better position right now than the eurozone economy or the British economy. That is lending the greenback some strength. On top of that, US dollar is also seen as a safe haven. In these uncertain times, that becomes attractive.

At 15:44 GMT EUR/USD is down to 1.2888 from the open at 1.2962. GBP/USD is down to 1.5187 from the open at 1.5231. USD/JPY is down to 94.4305 from the open at 94.5150.

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By Nick, February 13, 2013 7:30 am

US dollar index is dropping today, but the greenback performance overall is mixed as Forex traders look for direction, and try to figure out what, exactly, the G-7 countries feel about the recent sharp fall by the Japanese yen.

While the dollar index is lower today, the greenback is mixed against its major counterparts. As has been usual lately, the greenback is down against the euro. However, following yesterday’s G-7 statement about avoiding currency war, the US dollar has regained some lost ground against the yen. While G-7 countries jointly agreed to stay away from currency war, they didn’t mention what they thought about the yen’s recent weakness.

Dollar is also rising against the UK pound today, thanks in large part to the dovish comments from the Bank of England. Sterling is struggling in general, and it’s no surprise that the dollar has the upper hand against the British currency today.

For now, the greenback is likely to remain mixed. There is a lot of uncertainty out there, mixed with pockets of optimism. Forex traders are looking for direction.

At 14:22 GMT US dollar index is down to 79.981 from the open at 80.028. EUR/USD is up to 1.3475 from the open at 1.3455. GBP/USD is down to 1.5576 from the open at 1.5662. USD/JPY is up to 93.5975 from the open at 93.4735.

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By Nick, January 4, 2013 12:24 pm

Euro continues to struggle against the greenback today. After spending some time gaining against the US dollar, the euro is now down again. It’s been a bit of a see-saw today as Forex traders look for direction.

Right now, a lot of the EUR/USD action is coming as a result of the dramatic drop in gold today. Gold and the euro often move together, with the euro gaining against the US dollar when gold prices rise. The latest indication from the Federal Reserve is that asset purchases might end this year. The news sent gold prices plunging, taking the euro with them.

However, there are also other concerns related to the eurozone itself. Even though many political leaders throughout the eurozone insist that the worst of the debt crisis is over, there are worries that there are still more problems to overcome. Eurozone still faces a recession, and things could still go worse for countries like Italy, Ireland, and Spain. Even Greece isn’t exactly on firm footing, even after all that has been done to bail that country out.

At 17:05 GMT EUR/USD is down to 1.3044 from the open at 1.3048. EUR/GBP is up to 0.8134 from the open at 0.8101. EUR/JPY is higher as well, gaining to 115.0195 from the open at 113.8350.

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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By Nick, December 12, 2012 9:17 am

Euro is finding support today as a number of developments take the focus of eurozone recession and sovereign debt issues. Right now, the 17-nation currency is gaining ground against its major counterparts as risk appetite, expectations of stimulus, and talks of a banking union for the European Union help support it.

There is a lot going on right now, and many Forex traders are interpreting all of the action as positive for the euro. First of all, there is the expectation that the Federal Reserve will announce more stimulus for the United States economy. Such a move would weaken the US dollar, and that means a stronger euro.

But there are other things going on right now. There is general risk appetite as Forex traders look to the future and expect more gains for riskier assets. This desire for yield is helping the euro, along with other high beta currencies.

And there is also hope that the EU banking system (and the eurozone system) will be shored up by a banking union. Eurogroup leaders are meeting right now, trying to hammer out an agreement and structure for a single banking supervisor.

At 14:19 GMT EUR/USD is up to 1.3039 from the open at 1.3006. EUR/GBP is up to 0.8079 from the open at 0.8070. EUR/JPY is up to 108.0755 from the open at 107.3350.

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By Nick, November 30, 2012 11:34 am

US dollar is mixed against major currencies today, but its gains against the yen and the pound aren’t helping the dollar index move higher. Instead, the dollar index is slipping on the greenback’s weakness against the euro and the Swiss franc.

Greenback is mixed today, heading lower against the euro, but gaining against the UK pound. There is a lot to process right now, but the US dollar index is lower in general as concerns about the current situation in the United States weigh.

Still no agreement has been reached about what to do about the fiscal cliff the United States is facing. With the expiration of tax breaks, along with a huge cut in benefits, there is expected to be a huge impact on the US economy, unless some sort of agreement can be reached.

For now, though, compromise is hard to come by in a bitterly divided US Congress. So, for now, some of the focus is on the good news of a Greek deal in the eurozone, and the dollar is getting help against the yen, which is expected to see some serious easing from the Bank of Japan in the next few weeks.

At 17:45 GMT the US dollar index is down to 80.156 from the open at 80.195. EUR/USD is up to 1.3007 from the open at 1.2980. GBP/USD is down to 1.6026 from the open at 1.6041. USD/JPY is up to 82.5200 from the open at 82.1400. USD/CHF is down to 0.9265 from the open at 0.9274.

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By Nick, November 27, 2012 10:06 am

US dollar is heading higher today, finding support as uncertainty about the eurozone weighs on the 17-nation currency and sends Forex traders looking for a little stability.

Greenback is getting a bit of a boost today as uncertainty about the eurozone continues to weigh on the 17-nation currency. Even though an agreement was reached in the situation with Greece, after the initial excitement faded, Forex traders started getting a look at the rest of the eurozone. There are still plenty of problems that need solving, and EU leaders are nowhere near solving them.

Also helping the US dollar are the comments made by Richard Fisher, the President of the Dallas Fed. Speaking in Europe, he cast doubt on the necessity and effectiveness of the current quantitative easing program from the Federal Reserve. With opposition growing to the basically unlimited QE, there is a chance that the greenback will recover and see some gains, since easing weakens currencies.

For now, the US dollar is moving higher against the euro, but is down against the UK pound, which is gaining on some solid economic news.

At 14:25 GMT EUR/USD is down to 1.2935 from the open at 1.2973. GBP/USD is up to 1.6042 from the open at 1.6027. USD/JPY is up to 82.1900 from the open at 82.0700.

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By Nick, November 24, 2012 12:28 am

The Canadian dollar rose against the US dollar and and reached the highest closing price since April versus the Japanese yen as Canada’s inflation was steady and the market sentiment was good. The Canadian currency fell against the euro.

Canada maintained its monthly inflation growth at 0.2 percent in October. The core component of the Consumer Price Index rose 0.3 percent in the last month from the month before. Analysts predict that the report next week will show an expansion of Canada’s economy that followed the decline in August.

This week was marked by a good sentiment on the Forex market and Friday did not change that. It was somewhat puzzling that traders looked favorably on the usual “can-kicking” of the European policy makers. Anyway, the optimistic traders’ mood allowed the loonie to gain, though the euro outperformed the Canadian currency.

USD/CAD fell from 0.9969 to close at 0.9918 yesterday, the lowest closing price since November 6. CAD/JPY climbed from 82.63 to 83.07 — the highest close since April 4. Meanwhile, EUR/CAD rallied from 1.2843 to 1.2870 and its daily maximum of 1.2896 was the highest since November 2.

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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By Nick, October 9, 2012 4:01 pm

The Canadian dollar gained against the euro today as commodities rallied, increasing the attractiveness of the currency. The loonie weakened against the US dollar and the Japanese yen though, as the market sentiment was not very positive today.

The Standard & Poor’s GSCI Index of 24 commodities gained 1 percent today, following two sessions of decline. Crude oil jumped as much as 1.4 percent to $ 90.62 per barrel in New York. The risk sentiment improved after China injected money in its economy and German Chancellor Angela Merkel said that Germany wants Greece to remain in the eurozone.

Still, the loonie was weaker against safe currencies. The IMF growth projections, which were lowered in the last report, decreased willingness to risk among traders and hurt stock market. The S&P 500 Index went down 0.4 percent.

EUR/CAD fell from 1.2666 to 1.2599 as of 22:13 GMT today, the lowest close since September 14. Meanwhile, USD/CAD rose from 0.9766 to 0.9780 and CAD/JPY fell from 80.14 to 79.99.

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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