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Posts tagged: growth

New Zealand Economic Growth Lifts NZD

By , September 18, 2014 1:31 am

A heap of NZD billsThe New Zealand dollar advanced today with the help of a positive report about nation’s economic growth. The kiwi managed to reverse earlier losses and rally versus its US counterpart but is far from erasing yesterday’s huge drop.

New Zealand gross domestic product expanded 0.7 percent in the second quarter of this year. While the growth was slower than the first quarter’s 1.0 percent, the actual value was a bit above the analysts’ projections of a 0.6 percent expansion.

Most currencies fell against the US dollar yesterday after the release of the Federal Reserve policy statement. The New Zealand currency was among such losers, touching the lowest level since February. Today, the kiwi struggled at the start of the session but managed to rally on the back of the positive economic data.

NZD/USD advanced from 0.8096 to 0.8109 as of 7:03 GMT today after touching the low of 0.8078 earlier — the weakest rate since February 4. EUR/NZD slipped from 1.5887 to 1.5845 before trading at 1.5884. NZD/JPY rose from 87.73 to 88.13.

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

Forex News

Chilean Peso Ignores Negative Revision to Growth Projections

By , September 3, 2014 9:23 pm

Some Chilean peso banknotesThe Chilean peso rose with other currencies of emerging markets thanks to the positive risk sentiment among Forex market participants. It allowed the currency to ignore a downward revision to the projected economic growth by the nation’s central bank.

Hope for cease-fire in Ukraine brought risky currencies of emerging markets up, allowing some of them to ignore negative domestic fundamentals. One of such currencies was the peso, which shook off the quarterly Monetary Policy Report from the Central Bank of Chile that predicted growth by 1.75–2.25 percent for this year, down from the 2.5–3.5 percent range in the previous estimate. At the same time, the bank raiised the inflation projection a little.

USD/CLP went down from 589.05 to 588.60 as of 2:07 GMT today.

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

Forex News

Almost as Surprising as Islamic State’s Explosive Growth: Its Baath Military Leadership

By , August 28, 2014 9:53 am
Top members of the Islamic State met at the U.S. detention center Camp Bucca in Iraq. (Photo: demostene35 / Flickr)

Top members of the Islamic State met at the U.S. detention center Camp Bucca in Iraq. (Photo: demostene35 / Flickr)

At the New York Times, Ben Hubbard and Eric Schmitt report that Islamic State (which the Times still calls ISIS) chief Abu Bakr al-Baghdadi “handpicked many of his deputies from among the men he met while a prisoner in American custody at the Camp Bucca detention center a decade ago.” They continue:

He had a preference for military men, and so his leadership team includes many officers from Saddam Hussein’s long-disbanded army.

They include former Iraqi officers like Fadel al-Hayali, the top deputy for Iraq, who once served Mr. Hussein as a lieutenant colonel, and Adnan al-Sweidawi, a former lieutenant colonel who now heads the group’s military council.

The pedigree of its leadership … helps explain its battlefield successes: Its leaders augmented traditional military skill with terrorist techniques refined through years of fighting American troops, while also having deep local knowledge and contacts. ISIS is in effect a hybrid of terrorists and an army. … it fights more like an army than most insurgent groups, holding territory and coordinating operations across large areas.

Michael Knights of the conservative Washington Institute for Near East Policy, told Hubbard and Schmitt that “it was no surprise that so many officers from Mr. Hussein’s era had joined ISIS. Discontent in the military was widespread near the end of his rule, and underground Islamist movements were gaining strength, even inside the military.

In other words, the Middle East is still suffering the effects of Coalition Provisional Authority Order Number 2 issued by CPA administrator Paul Bremmer and the Defense Department, which ordered the Iraqi military Saddam Hussein disbanded.

Foreign Policy In Focus

Growth Forecast Weighs on Kiwi

By , August 19, 2014 5:54 am

Some coins on NZD notesNew Zealand dollar is mostly lower today, following the latest growth forecasts. Kiwi is down as GDP forecasts for the year are adjusted downward, and due to the release of the latest producer prices information.

Back in July, the New Zealand dollar hit record highs. Now that is all over as concerns about future growth weigh on the kiwi. The latest GDP forecasts indicate that growth will be slower than expected going forward, and that has many currency traders disappointed in the Down Under currency.

Not only is the latest growth data a cause for concern for the kiwi, but the latest dip in producer prices is also weighing. All of the latest data points to slower growth, and that isn’t good news for the kiwi, which is often supported by growth and higher commodity prices.

Indeed, the concerns about growth are strong enough that higher commodity prices aren’t doing much to help the New Zealand dollar. Even with gold back above $ 1,300 per ounce and oil prices gaining, the kiwi continues to struggling in Forex trading.

At 11:54 GMT NZD/USD is lower, dropping to 0.8458 from the open at 0.8479. AUD/NZD is higher, gaining to 1.1041 from the open at 1.0997. NZD/JPY is also down, dropping to 86.8350 from the open at 86.9750.

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

Forex News

Growth Forecast Weighs on Kiwi

By , August 19, 2014 5:54 am

Some coins on NZD notesNew Zealand dollar is mostly lower today, following the latest growth forecasts. Kiwi is down as GDP forecasts for the year are adjusted downward, and due to the release of the latest producer prices information.

Back in July, the New Zealand dollar hit record highs. Now that is all over as concerns about future growth weigh on the kiwi. The latest GDP forecasts indicate that growth will be slower than expected going forward, and that has many currency traders disappointed in the Down Under currency.

Not only is the latest growth data a cause for concern for the kiwi, but the latest dip in producer prices is also weighing. All of the latest data points to slower growth, and that isn’t good news for the kiwi, which is often supported by growth and higher commodity prices.

Indeed, the concerns about growth are strong enough that higher commodity prices aren’t doing much to help the New Zealand dollar. Even with gold back above $ 1,300 per ounce and oil prices gaining, the kiwi continues to struggling in Forex trading.

At 11:54 GMT NZD/USD is lower, dropping to 0.8458 from the open at 0.8479. AUD/NZD is higher, gaining to 1.1041 from the open at 1.0997. NZD/JPY is also down, dropping to 86.8350 from the open at 86.9750.

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

Forex News

Yuan Rises as Manufacturing Growth Beats Expectations

By , July 24, 2014 12:11 pm

A fan of 50-yuan billsThe Chinese yuan advanced today after the gauge of the nation’s manufacturing sector demonstrated an increase this month which was above economists’ projections.

The HSBC Flash China Manufacturing Purchasing Managers’ Index climbed from 50.7 in June to 52.0 in July, reaching the highest level in 18 months. The actual reading was above the median forecast of 51.2. The data eased concerns about economic slowdown in China, allowing the yuan to gain ground.

USD/CNY went down from 6.1987 to 6.1949 as of 19:23 GMT today.

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

Earlier News About the Chinese Yuan:

Forex News

Fading Growth Momentum Makes Britain’s Currency Less Appealing

By , July 11, 2014 1:58 pm

A fan of Great Britain 10-pound notesThe Great Britain pound slid against most of its major peers today as Forex market participants are becoming increasingly concerned that growth momentum of the UK economy is waning, making the sterling less attractive as an investment vehicle.

Britain’s currency was under pressure lately as economic indicators painted much bleaker picture of the UK economic health than they were doing before. Today’s data did nothing to improve the traders’ sentiment towards the British currency as construction output shrank 1.1 percent in May from the previous month. This reading was nowhere near the expected increase by 0.8 percent.

Most of the pound’s strength relied on investors’ confidence in resilience of Britain’s economy, and the recent reports hurt that confidence significantly. While some analysts argue that the sterling remains in a bullish trend from a long-term point of view, in a shorter term the currency definitely lost its shine.

GBP/USD fell from 1.7132 to close at 1.7121. The currency pair demonstrated the first weekly drop since May. GBP/JPY ticked down from 173.60 to 173.47. EUR/GBP was up from 0.7943 to settle at 0.7948.

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

Forex News

Malaysian Ringgit Profits from Signs of Growth in USA & China

By , July 4, 2014 7:50 am

100-ringgit billThe Malaysian ringgit rallied together with other Asian currencies today as signs of economic growth in the United States and China, two biggest world economies, increased risk appetite among Forex market participants.

It turned out that good employment data from the USA had an unexpectedly positive impact not only on the currency of one of the US major trading partners but on other risky currencies as well. The ringgit was one of the strongest Asian currencies this week, bested only by the Indonesian rupiah. The Malaysian currency was also supported by domestic fundamentals as analysts think that the nation’s central bank may raise interest rates for the first time in three years on the next policy meeting.

USD/MYR went down from 3.1948 to 3.1862 as of 14:50 GMT today.

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

Forex News

NZD Dips as New Zealand Economic Growth Misses Expectations

By , June 19, 2014 3:12 am

Kiwi denominationsThe New Zealand dollar dipped today after nation’s economic growth missed analysts’ estimate. The currency halted its decline by now and actually managed to erase all losses versus the US dollar.

New Zealand gross domestic product expanded 1.0 percent in the first quarter of 2014, at the same rate as in the previous three months. Experts have predicted an increase by 1.2 percent. The kiwi is still supported by the prospects for additional interest rate hikes from the Reserve Bank of New Zealand. The New Zealand dollar was particularly resilient versus its US counterpart, which was weakened by the comments from the Federal Reserve.

NZD/USD went down from 0.8731 to 0.8705 before bouncing to the opening level as of 9:41 GMT today. NZD/JPY dropped from 88.99 to 88.84.

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

Forex News

Dollar Drops on Fed Outlook for Growth & Interest Rates

By , June 18, 2014 4:18 pm

Great Seal of the United States on one-dollar billThe US dollar fell today after the Federal Reserve trimmed its monetary stimulus but lowered the growth forecasts and predicted that interest rates will remain extremely low for a long period of time.

The Fed cut its monthly asset purchases by $ 10 billion to $ 35 billion dollar, a move that was widely expected by traders. The central bank reduced its projections for economic growth in 2014 to 2.1–2.3 percent from its previous estimate of 2.8–3.0 percent. Regarding interest rates, the Fed said:

The Committee continues to anticipate, based on its assessment of these factors, that it likely will be appropriate to maintain the current target range for the federal funds rate for a considerable time after the asset purchase program ends, especially if projected inflation continues to run below the Committee’s 2 percent longer-run goal, and provided that longer-term inflation expectations remain well anchored.

Such outlook is not particularly positive for the dollar, and economic data was not helpful either. The US current account deficit widened from $ 87.3 billion the fourth quarter of last year to $ 111.2 billion in the first quarter of this year, more than was expected.

EUR/USD jumped from 1.3547 to 1.3587 as of 23:09 GMT today. GBP/USD advanced from 1.6964 to 1.6989 after touching the daily low of 1.6920. USD/JPY was down from 102.14 to 101.93, retreating from the daily maximum of 102.35.

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

Forex News