Tag: interest rate
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The AUD took heavy losses vs. its main currency rivals during yesterday's trading session, falling a bigger than expected cut in Australian interest rates. The AUD/USD fell over 100 pips following the news, reaching as low as 1.0304 during early morning trading. The aussie also fell close to 100 pips against the JPY and 145 pips against the euro. Turning to today, traders will want to focus on the UK Construction PMI at 8:30 GMT, followed by the US ADP Non-Farm Employment Change at 12:15 GMT. Any positive news could help both the British pound and US dollar reverse their current bearish trends. Summary USD - US Manufacturing PMI Gives USD Boost EUR - EUR Stays Range Bound During Slow Trading Day Gold - Gold Reverses Gains Following Positive US News Crude Oil - US Manufacturing Data Signals Increase in Oil Demand
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Positive Chinese and German economic indicators led to some bullish movement for the euro during mid-day trading yesterday. That being said, the gains were for the most part short-lived, as the common currency once again began moving downward by the evening session. Today, traders will want to pay attention to a batch of British and US indicators that are likely to generate market volatility. Summary USD - USD Moves Downward Following Increase in Risk Taking EUR - German Data Gives EUR a Boost CAD - BOC Leaves Interest Rates Unchanged; CAD Takes Slight Losses Crude Oil - Positive Global Data Sends Crude Upward
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As we approach New Years we'll attempt to address the major issues for 2012. Summary CAD - Loose BoC Monetary Policy to Weigh on CAD GBP - AAA Rating Won't Save Sterling AUD - Interest Rate Differentials to Drive AUD Gold - Gold is Not a Safe Haven Asset
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Today's non-farm payrolls report is expected to show improvement in US employment data as many economists have upped their forecasts following the strong ADP report. However, traders may want to remain skeptical as US unemployment is still at uncomfortably high levels. Summary USD - Staying Skeptical of Todays Non-Farm Payrolls Report EUR - Draghi Suggests Greater EU Integration CHF - Negative Interest Rate Rumor Fuels CHF Weakness Wheat - Wheat Prices Underperform
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Interest rate statements released by the world's leading central banks last week portrayed a global economy in crisis. Each central bank seemed to be taking a wait-and-see approach with monetary policies, holding rates steady and declaring a pessimistic outlook. The impact appeared to get magnified with each statement, forcing a sharp return in safe-haven appeal which has helped the US dollar (USD) make significant gains. Summary USD - US Dollar Surges against Currency Rivals EUR - EUR Bearish as Traders Seek Safety JPY - Japanese Yen Mixed as Traders Weigh its Safe-Haven Appeal Gold - Gold Price Consolidating Near $1855 an Ounce
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