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Posts tagged: Greenback

Loonie Drops Against Greenback as Oil Prices Continue to Fall

By , November 5, 2014 6:00 am

Canadian 100-dollar billsLoonie is once again heading lower against the greenback, thanks in large part to oil prices. Even though the Canadian dollar is struggling against its US counterpart, though, it is gaining ground against European currencies. Concerns about what’s next in Europe, especially with sluggish Chinese data and policy statements coming tomorrow, are weighing on currencies across the pond.

Canadian dollar is struggling as oil prices continue to drop. Saudi Arabia has cut the price of the oil it exports to North America, and this is forcing oil prices down elsewhere as well. The loonie relies heavily on oil prices for support, and with oil falling back, the Canadian dollar is losing ground to the US dollar. The Saudis are interested in making its own production more attractive, since the United States produced more oil in September. The idea is to make oil cheap enough for Americans to buy it, rather than produce it.

However, even though the loonie is struggling against the greenback, it is gaining ground against its European counterparts. Many analysts are waiting for policy announcements and forward guidance from the ECB and BOE tomorrow.

At 11:54 GMT USD/CAD is up to 1.1448 from the open at 1.1410. GBP/CAD is down to 1.8193 from the open at 1.8253. EUR/CAD is down to 1.4288 from the open at 1.4315.

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 Joins Rally Against Greenback

By , October 6, 2014 7:37 am

Australian dollar billsThe Australian dollar joined other most traded currencies in a rally against the US dollar today, while positive economic data from Australia allowed the Aussie to rise against its other major counterparts as well.

The greenback halted its rally, allowing other currencies to log gains, and the Australian dollar joined the trend. Domestic macroeconomic indicators added to the bullish momentum of Australia’s currency. The Melbourne Institute Monthly Inflation Gauge rose 0.1 percent in September, while job advertisements grew 0.9 percent last month, demonstrating the fourth consecutive monthly increase on a seasonally adjusted basis.

AUD/USD climbed from 0.8675 to 0.8722 as of 12:29 GMT today. AUD/JPY rose from 95.18 to 95.36.

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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Euro Can’t Maintain Gains Against Greenback

By , October 3, 2014 8:56 am

Euro sign monumentWhile the euro is maintaining its recent gains against some of its counterparts, the 18-nation currency is losing ground to the US dollar. Thanks to continued policy divergence and weaker gold prices, there is little to support the euro against the greenback.

Yesterday, the euro got a bit of a boost against the US dollar when ECB President Mario Draghi was vague about plans to buy private debt and ramp up easing. Today, even though the euro is still higher against some of its major counterparts, the 18-nation currency is dropping against the dollar again.

Concerns about what’s next for the eurozone economy continue to weigh. Earlier today, Draghi pointed out that there are a lot of difficulties in the eurozone right now. While enumerating the difficulties, he also said he understands why many people living in the currency region are frustrated with the euro.

Lower gold prices are also not helping the euro’s cause. Often, the euro moves with gold prices, since gold moves inversely to the US dollar. With gold dropping, there is little to support the euro against the dollar.

At 10:47 GMT EUR/USD is down to 1.2619 from the open at 1.2669. EUR/GBP is higher, gaining to 0.7850 from the open at 0.7847. EUR/JPY is up to 137.5150 from the open at 137.3520.

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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Loonie Continues to Weaken Against the Greenback

By , September 30, 2014 4:41 am

Canadian coins on Canadian dollar billsThe Canadian dollar continues to weaken against the greenback, thanks in large part to the recent difficulties with oil prices, and with commodity prices in general. The loonie is still maintaining its gains over the European currencies, though, mainly because of the relative strength of its economy.

Loonie is once again lower against the US dollar as policy divergence and lower commodities favor the greenback. Even though there is speculation that the Bank of Canada might start raising its own rate soon, the fact of the matter is that most of the focus is on the Federal Reserve in the United States.

The dollar’s strength is weighing on commodities like oil and gold, and that means a little weakness for the loonie, which is a commodity currency and especially dependent on oil prices. Even with oil prices recovering a little bit, they are still near recent lows.

Canadian dollar is gaining against the European currencies, however. Speculation about the BOC, and evidence that the Canadian economy is picking up, puts the loonie ahead of the game as compared to euro and pound.

At 10:43 GMT USD/CAD is up to 1.1172 from the open at 1.1164. EUR/CAD is down to 1.4073 from the open at 1.4164. GBP/CAD is down to 1.8087 from the open at 1.8133.

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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Greenback Gains on Increased Policy Divergence

By , September 25, 2014 7:40 am

Focus on one US dollarUS dollar index is higher today, thanks in large part to the policy divergence that the greenback has with its counterparts. US dollar is gaining ground against other majors as expectations for higher rates provide support.

Even though the US economy has been recovering in fits and starts, overall progress has been shown, and it appears to be picking up the pace. This is in contrast to other economic regions, which seem to be stagnating and struggling.

As a result, some expect the Federal Reserve to raise interest rates relatively soon — at least compared to other policy moves by major economies. Since the greenback is expected to be supported by higher rates before other currencies are, gains for the US dollar are already being priced into the Forex market.

For now, the US dollar is mostly higher against its major counterparts, and the dollar index continues to show strength. There might be some consolidation in the near term to bring the dollar in check, but the greenback is expected maintain some level of strength in the medium to long term.

At 12:33 GMT the US dollar index is up to 85.4360 from the open at 85.0980. EUR/USD is down to 1.2723 from the open at 1.2780. GBP/USD is down to 1.6296 from the open at 1.6340. USD/JPY is up to 109.2080 from the open at 109.0425.

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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Greenback Gains Across the Board

By , August 5, 2014 7:10 am

Focus on one US dollarUS dollar is gaining against its major counterparts today, heading higher ahead of data releases. Greenback is higher today, and the US dollar index is gaining ground.

Many expect that economic data will show that the US economy continues to strengthen. Even though the dollar lost some ground toward the end of last week, with disappointing jobs data pulling the greenback lower, this week there is a little more optimism. There are expectations for PMI data to come in strong.

A strengthening US economy increases speculation that the Federal Reserve will have to accelerate its timetable for tightening monetary policy. The Fed is already in the process of stepping down its monthly asset purchases. The next step that Forex traders and others are watching for is an increase in interest rates.

If economic data comes in relatively strong today, that will provide more support for the US dollar against its major counterparts.

At 13:42 GMT the US dollar index is higher, moving up to 81.4950 from the open at 81.3140. EUR/USD is lower, falling to 1.3381 from the open at 1.3422. This represents another psychological victory for the greenback over the euro. GBP/USD is also lower, falling to 1.6861 from the open at 1.6863. USD/JPY is heading higher, up to 102.7105 from the open at 102.5670.

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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NZD/USD Near Record as Traders Flee Greenback

By , June 26, 2014 9:22 am

Many 100-dollar billsThe New Zealand dollar advanced today, trading near the all-time high against its US counterpart, after yesterday’s poor macroeconomic data from the United States triggered flight of traders from the greenback to other currencies.

The gross domestic product report showed that last quarter’s decline of US economy was much bigger than was previously considered. It led to speculations that the Federal Reserve will be required to postpone monetary tightening, which may derail economic recovery. Meanwhile, the Reserve Bank of New Zealand has already started its cycle of interest rate increases, giving boost to the New Zealand currency.

NZD/USD rose from 0.8737 to 0.8762 as of 11:18 GMT today, while its daily high of 0.8776 was near the record high level of 0.8779 reached on May 6. NZD/JPY advanced from 89.00 to 89.13.

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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Greenback Gains Ground Against Euro After Jobless Claims

By , June 26, 2014 9:21 am

US dollar is up against the euro today, gaining ground after the jobless claims report. While the report missed expectations by a little bit, the general trend is still toward economic recovery, and the rising dollar index reflects that today.

The latest weekly jobless claims data is in, and initial claims fell by 2,000, dropping to a seasonally adjusted 312,000. Expectations had been to drop to 310,000, though. Even though this news has had a somewhat negative affect on the US stock market, the US dollar is holding its own against the euro and the dollar index is higher.

Greenback is mixed against its major counterparts, but mostly higher overall. The trend toward lower jobless claims and other positive economic moves has some hoping for the Federal Reserve to raise rates. Indeed, there are some calls for the Fed to focus more on inflation, and less on the jobs market at this point.

Also helping the dollar right now against the euro is the fact that gold prices and oil prices are falling.

At 13:52 GMT the US dollar index is higher, gaining to 80.2840 from the open at 80.2140. EUR/USD is lower, falling to 1.3589 from the open at 1.3629. GBP/USD is higher, moving up to 1.7009 from the open at 1.6984. USD/JPY is down to 101.5480 from the open at 101.8655.

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 Looks for Gains Against Greenback

By , June 24, 2014 8:23 am

All the Canadian dollar bills denominationsSpeculators taking short positions on the loonie against the greenback are starting to capitulate a little bit. With inflation picking up in Canada, there is interest in what policymakers will do next, and some think that action will include some sort of interest rate hike, or some other mechanism to slow inflation.

Late last week, Statistics Canada released a report on consumer prices, showing that the annual rate of inflation picked up to 2.3 per cent for the month of May. While the Bank of Canada has given no guidance on when it might hike interest rates, or what else might happen, there are some who think that this news necessitates a change in course for Stephen Poloz and the BOC.

However, there are still speculators holding on to their short bets on the loonie, and that is weighing on the currency a bit. There are signs that some are capitulating, though. The economic data coming out of Canada lately has been such that it’s hard to keep holding to the short bet.

Also helping are rising oil prices, even though oil is lower today.

At 1:34 GMT USD/CAD is down to 1.0730 from the open at 1.0731. EUR/CAD is up to 1.4617 from the open at 1.4600. GBP/CAD is down to 1.8242 from the open at 1.8272.

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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Greenback Gains Against Most Other Currencies

By , June 17, 2014 7:39 am

The all-seeing eye on top of pyramid on one-dollar billThe US dollar index is higher today, thanks to the greenback’s performance against most of its counterparts. The US dollar is gaining ground against a number of its counterparts as economic data from other regions comes in, and as the ECB announces that it will extend its dollar liquidity program.

The US Department of Labor released its latest CPI data, showing that that May CPI rose 0.4 per cent in May. While this change is lackluster, there are still hopes for economic recovery. Besides, the US situation is still better than what is happening in the eurozone, and that is giving the greenback an edge.

Indeed, many Forex traders are still counting on changes to the Federal Reserve’s asset purchase program, as well as an increase in interest rates sometime in the relatively near future.

With expectations of better economic performance, the US dollar is mostly higher today, gaining against most of its major counterparts. Also helping is the fact that the ECB announced, today, that it will be extending its US dollar liquidity operations.

At 14:01 GMT the US dollar index is up to 80.6090 from the open at 80.4580. EUR/USD is down to 1.3542 from the open at 1.3574. GBP/USD is down to 1.6961 from the open at 1.6983. USD/JPY is up to 102.1685 from the open at 101.8300.

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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