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June 1, 2009
by Elaine Frei
The US dollar and the yen both weakened Monday on increased investor appetite for higher-yielding currencies after a report said that Chinese manufacturing activity remained in expansion for a third consecutive month in May, although the Chinese Federation of Logistics and Purchasing’s Purchasing Manager’s Index dropped to 53.1 in May from 53.5 in April.
A separate report from the Institute for Supply Management ...
May 28, 2009
by Elaine Frei
The pound declined Thursday after the Confederation of British Industry said that 17 percent of retailers said in a survey that sales were down in May while only 3 percent said that sales advanced, and on comments from a Bank of England official that the UK economy might not expand either this year or next.
At the same time, the euro gained on ...
May 26, 2009
by Elaine Frei
The pound strengthened versus the euro but weakened in relation to the greenback Tuesday on reports that industrial orders in the Eurozone were down 26.9 percent in March from the same month last year and fell 0.8 percent from February’s orders.
The euro was also hurt by reports that the president of German bank regulator BaFin said that debt levels for German banks could ...
May 20, 2009
by Elaine Frei
The pound was stronger Wednesday as oil prices reached their highest level of the year, on investor willingness to make risky currency trades, and after a report showing that UK manufacturers are less pessimistic about output in the next few months than they have been recently.
At mid-afternoon in New York, the pound traded at 87.7p to the euro while ...
May 19, 2009
by Elaine Frei
The US dollar retreated Tuesday on reports that three major banks - Goldman Sachs (NYSE: GS), JPMorgan Chase (NYSE: JPM) and Morgan Stanley (NYSE: MS) - have all applied to pay back the money they received through the Troubled Asset Relief Program.
The reports reduced demand for the safe-haven dollar on the assumption that the banks now have enough capital to ...
May 18, 2009
by Elaine Frei
The pound strengthened versus the greenback and the euro Monday on higher demand after recent declines for the currency.
Gains for the pound also came after UK house prices were reported to have added 2.4 percent in May from April’s levels at a time when mortgages are becoming more accessible to prospective buyers and on a separate report that retail sales were up ...
May 15, 2009
by Elaine Frei
The euro was hurt Friday by new data from the European Union’s office of statistics which showed that the Eurozone’s gross domestic product was down 2.5 percent in the first quarter of the year and that it contracted by an even larger 4.6 percent while compared to last year’s first quarter.
It was the fourth consecutive quarterly contraction for the region, coming on ...
May 13, 2009
by Elaine Frei
The US dollar gained ground Wednesday as investors looked for safe places to put their cash on new data from the Commerce Department showed that US retail sales fell 0.4 percent in April, while the euro weakened on indications that the European Central Bank is likely to widen its program to purchase assets by spending more and buying a wider ...
May 12, 2009
by Elaine Frei
The US dollar weakened Tuesday after increased risk appetite reduced demand for the greenback and on new data which showed that the US trade deficit widened to $27.6 billion in March.
Meanwhile the euro strengthened on remarks from European Central Bank president Jean-Claude Trichet indicating that Bank officials believe the economy is beginning to get better, pointing to the possibility that the recent ...
May 6, 2009
by Elaine Frei
The pound was weaker versus the euro, the US dollar and the yen Wednesday on concerns that the US government report on banks, due Thursday, will say that Bank of America (NYSE: BAC) needs to raise $34 billion.
Declines for the UK currency could be limited, however, by a new report from the Chartered Institute of Purchasing and Supply which ...
May 1, 2009
by Elaine Frei
The Japanese yen and the US dollar both lost ground Friday on continuing demand for higher-yielding currencies on indications that the global economy could be beginning to recover.
The Chinese Federation of Logistics and Purchasing reported that its Purchasing Manager’s Index was up to 53.5 in April, from 52.4 in March, indicating that manufacturing is expanding in China, while in the US ...
April 30, 2009
by Elaine Frei
The Japanese yen was weaker Thursday after a number of positive quarterly reports raised investor demand for higher-yielding currencies and on sentiment that the swine flu outbreak will not seriously impact the global economy.
At just past 11 a.m. in New York, the yen traded at ¥130.4679 to the euro, at ¥98.425 to the US dollar and at ¥82.6962 to the Canadian dollar.
The ...
April 29, 2009
by Elaine Frei
The yen and the US dollar both weakened Wednesday on the possibility that the global recession may have bottomed out as the US Commerce Department reported that the US gross domestic product dropped by just 6.1 percent in the first quarter after a 6.3 percent decline in the fourth quarter of 2008.
While the decline was more than had been expected, ...
April 27, 2009
by Elaine Frei
The Mexican peso was hurt by the spreading swine flu outbreak there on concerns that the economy will be hurt as fewer tourists bring foreign currencies into the country and as Mexican consumers spend less as those concerned about contracting the disease stay home.
In late morning trade in New York, the Mexican currency traded at 13.7402 pesos to the dollar ...
April 23, 2009
by Elaine Frei
A new Markit index report which showed that manufacturing and services in the Eurozone contracted less in April than in March helped the euro see gains against the US dollar and the yen on Thursday.
At the same time, the US dollar was hurt by new numbers from the National Association of Realtors showing that existing home sales were down by 3 percent ...
April 22, 2009
by Elaine Frei
The pound weakened Wednesday after Chancellor of the Exchequer Alistar Darling told Parliament that the UK economy will contract by 3.5 percent this year.
In addition, two separate reports said that joblessness in the UK was up to 2.1 million after 177,000 more people became unemployed in the three months ending in February and that the UK’s deficit was up to £90 billion ($117 ...
April 21, 2009
by Elaine Frei
The euro gained ground versus the US dollar and the yen Tuesday after a new ZEW survey showed that German investor confidence returned to positive territory in April, coming in at 13, up from minus 3.5 in March.
At around 11 a.m. in New York, it took $1.2952 or ¥127.3345 to buy a euro.
The pound was also up on good news as UK ...
April 20, 2009
by Elaine Frei
The pound weakened Monday on a Confederation of British Industry forecast that the UK economy will shrink by 3.9 percent this year and after a report from Rightmove (LSE: RMV) showed UK house prices 7.3 percent lower in the past year, although prices rebounded by 1.8 percent in April from March.
The pound traded at 89.91p to the euro in late morning trade ...
April 15, 2009
by Elaine Frei
The pound saw gains Wednesday as the Royal Institution of Chartered Surveyors reported that fewer real estate agents said in March that house prices were down than reported lower prices in February, another sign after earlier reports that mortgage approvals were up in February and that house prices rose in March for the first time since October 2007 that the worst of ...
April 14, 2009
by Elaine Frei
The pound gained on the US dollar and the euro Tuesday as investors became more interested in risky currency deals after Goldman Sachs (NYSE: GS) said it made $1.81 billion in the first quarter, more than analysts expected.
In late morning trade in New York the pound traded at 89.05p to the euro at late morning in New York while it took ...
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