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Posts tagged: Greenback

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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Greenback Mostly Higher Today

By , June 9, 2014 9:11 am

The all-seeing eye on top of pyramid on one-dollar billUS dollar is mostly higher today as the greenback is identified as a likely candidate for strength in the coming months. Recent developments in the eurozone are likely to help the greenback, and positive economic news is spurring speculation — again — that the Federal Reserve will have to make a move to cap inflation soon.

On Friday, the nonfarm payrolls data for the United States indicated more jobs to the economy. Employment has officially returned to its pre-recession peak, and that is prompting many to feel that the Federal Reserve will have little choice but to start considering how it will taper its asset purchase program. Additionally, there continue to be hopes that the FOMC will decide to raise interest rates sooner rather than later.

The strengthening US economy stands in contrast to a still-struggling eurozone economy. The latest business confidence survey in the eurozone shows deterioration of sentiment, and the ECB just announced easing measures. All of this bodes well for US dollar strength.

At 14:15 GMT the US dollar index is up to 80.6700 from the open at 80.4240. EUR/USD is down to 1.3590 from the open at 1.3643. GBP/USD is also lower, dropping to 1.6787 from the open at 1.6803. USD/JPY is higher, moving up to 102.5360 from the open at 102.4945.

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

Forex News

Loonie Trades Flat Against the Greenback

By , May 28, 2014 8:46 am

Canadian 100-dollar billsThe Canadian dollar is trading flat against the US dollar today, but it is gaining some ground against its counterparts in Europe. Many traders expect reasonably good news out of Canada later this week, and this is helping the loonie in Forex trading.

Many Forex traders are looking ahead to data releases later this week. There are expectations for a slight month over month increase of 0.1 per cent, and for an increase of 1.7 per cent for the first quarter. While this doesn’t seem like a lot, the numbers, which Statistics Canada is expected to release on Friday, would still show Canada moving ahead with economic growth, and doing so in spite of the difficulties surrounding the economies of other countries.

Right now, loonie is up against its European counterparts, which continue to struggle to some degree — especially the euro. The Canadian dollar is slightly higher against the US dollar, but the trading is mostly flat for that currency pair. Many think that the United States economy might actually have contracted in the last quarter, and the word on revised GDP is awaited.

At 13:17 GMT USD/CAD is down to 1.0854 from the open at 1.0858. EUR/CAD is down to 1.4779 from the open at 1.4805. GBP/CAD is down to 1.8166 from the open at 1.8252.

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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Loonie Gains Against Greenback on Slow Memorial Day

By , May 26, 2014 7:45 am

All the Canadian dollar bills denominationsIt’s a slow day for the markets, thanks to the Memorial Day holiday in the United States. However, the FX market is open, and the Canadian dollar is making some progress against its US counterpart as traders look ahead to economic data to be released later in the week.

Loonie is getting a bit of a bump today as Forex traders and analysts look ahead to economic data due at the end of the week. Statistics Canada is expected to release a report for GDP, and many expect to see an increase of 1.7 per cent annualized for the quarter, as well as a monthly gain of 0.1 per cent.

Initial reports for first quarter GDP in the United States showed a gain of only 0.1 per cent. With that in mind, the Canadian dollar is getting a little help on today’s slow trading day. While there is some small amount of action, most markets are quiet with US markets closed down in observance of the Memorial Day holiday.

Loonie isn’t seeing the same gains against its European counterparts, though.

At 14:54 GMT USD/CAD is lower, dropping to 1.0858 from the open at 1.0869. EUR/CAD is up to 1.4824 from the open at 1.4811. GBP/CAD is also higher, up to 1.6846 from the open at 1.6837.

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 Surges Against Major Counterparts

By , May 9, 2014 7:36 am

Some US one-dollar billsUS dollar is gaining ground against its major counterparts as the fallout from Mario Draghi’s comments continue to encourage traders to change direction. Dollar index is higher, as the greenback makes particular gains against the euro and the pound.

The US economy has been gather steam, and even though Janet Yellen refused to set a timetable for the Fed’s taper and provide clear guidance on interest rates, more immediate matters are taking precedence. After Yellen’s comments before Congress, ECB President Mario Draghi made is own remarks about what the ECB might do — and he indicated that rates in the eurozone might be cut as soon as June.

The news that the eurozone policy might be eased is lending strength to the US dollar. The news was even enough to give the greenback a boost against another European currency, the sterling. For now, the dollar index is getting quite a boost, and the greenback is likely to strength when compared to other currencies’ weakness.

At 13:48 GMT the US dollar index is up to 79.7260 from the open at 79.4350. EUR/USD is lower, dropping to 1.3787 from the open at 1.3840. GBP/USD is also lower, falling to 1.6860 from the open at 1.6933. USD/JPY is higher, moving up to 101.7350 from the open at 101.6700.

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 Loses Ground on Continued Loose Policy

By , May 6, 2014 8:52 am

Even with positive data in the United States, the greenback continues to lose ground against its major counterparts. Today, the dollar index has taken a dive, thanks in large part to the way that continued quantitative easing in the United States makes other currencies attractive.

Even though the economic data in the United States has been improving, there are no signs that the Federal Reserve is ready to more aggressively taper its quantitative easing program, nor is there any indication that interest rates will be on the rise anytime soon. Indeed, remarks from Fed Chair Janet Yellen seem to indicate that interest rates will remain low for quite some time.

As a result, other currencies appear more attractive against the US dollar. The euro is especially attractive when placed next to the greenback, due to the fact that eurozone data has been improving. Even efforts by ECB officials to talk the euro down are falling flat.

For now, the dollar is likely to remain weak, until traders have a good reason to buy.

At 13:12 GMT DXY is down to 79.0870 from the open at 79.5040. EUR/USD is up to 1.3939 from the open at 1.3875. GBP/USD is up to 1.6984 from the open at 1.6867. USD/JPY is down to 101.6100 from the open at 102.1450.

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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