Thursday, April 26, 2012

FOREXYARD: Forex News Blog

FOREXYARD: Forex News Blog

Link to Forex Trading Education : Forex Trading Blog by FOREXYARD » In-Depth Analysis

Pound Drops As U.K Falls Into New Recession

Posted: 25 Apr 2012 09:11 AM PDT

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The British Pound saw its biggest decline in two months against the Euro as statistics indicate the UK has officially gone into another recession. The sterling also slid from a seven-month high versus the U.S dollar after GBP Gross Domestic Product Figures showed 0.2 percent drop for the first three months of 2012.

Despite the sharp slide of the Sterling, according to Bloomberg Correlation-Weighted Indexes,the British currency has grown 1.5 percent in the past month, which indicates the currency to be the best performer among the 10 developed nation currencies.Elsewhere the 17-nation currency fell 0.8 percent whilst the greenback showed a 0.2 percent decline in the past month.

In order for a nation to fall into a recession,Gross Domestic Product figures need to be on the decline for two consecutive quarters. Prior to the 0.2 percent drop for the first quarter of the year, the previous GDP figures also indicated a 0.3  percent drop.

Canadian Dollar Rises to 7-Month High Versus U.S Dollar

Posted: 25 Apr 2012 08:10 AM PDT

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The Canadian Dollar appreciated to a seven-month high versus its currency counterpart, the U.S dollar.The rise of the “loonie” was a result of speculation that the global growth outlook is on the mend,boosting  prospects for Canada’s exports.

The Canadian currency has strengthened against 15 of its 16 major currency counterparts, except for the Japanese Yen.The CAD is heading towards a 1.6 percent climb against the ’safe haven’ U.S dollar for the month of April.

The Canadian dollar reached the strongest level since September after hitting 98.23 cents per U.S dollar before climbing to 98.34 which was a 0.4 percent rise.

Governor of the Bank of Canada Mark Carney is expected to deliver a speech on Friday. The Governor has the biggest influence on the nations currency value and therefore the outcome of the speech could result in a short term positive or negative trend.

Yen Declines Versus Majors Ahead Of BoJ Meeting

Posted: 24 Apr 2012 08:11 PM PDT

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The Japanese Yen traded down versus the majority of its currency counterparts ahead of speculation that officials from the Bank of Japan will add stimulus measures at a policy meeting expected to take place this week.

The Yen fell 0.1 percent versus the 17-nation euro to trade at 107.43 during the morning hours of the Asian trading session,after dropping 0.5 percent during yesterday’s trading.The Japanese currency also saw losses against the U.S Dollar and the British Pound.

The Australian Dollar also made gains over the Yen after the first case of Mad Cow Disease in six years boosted speculation that the demand for Australian beef will rise.

There a number of Yen-related reports due for release on Thursday which could affect the price movements of the currency. The reports include,Japanese Unemployment Rate,Tokyo Core CPI,Retail Sales as well as the Bank of Japan’s Interest Rate Decision.
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