Markets - FXMM
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TORONTO: The Canadian dollar held steady against its US counterpart in quiet trading on Monday, finding support from US retail sales figures that signaled underlying strength in the economy.US retail sales in April rose unexpectedly, leading forecasters to bump up second-quarter growth estimates."Considering some of the other commodity currencies have been under so much pressure recently, the Canadian dollar is holding in quite well," said David Bradley, director of foreign exchange trading at Scotiabank, attributing the support to the US recovery."I think (the market's) just looking at a 'buy North America' situation ... recently the North American situation is looking a little better, so the Canadian dollar's outperforming some of its commodity peers."The United States is Canada's largest trading partner and stronger US consumer spending is typically good for the Canadian dollar and Canada.The Canadian dollar was trading at C$1.0110 versus the US dollar, or 98.91 US cents, little changed ...
LONDON: There is every reason for the Japanese yen's slide against the dollar to continue even with the exchange rate above 101 yen but it may be a gradual slither rather than a straight line move.The severity of Thursday's break above 100 yen to the dollar was exaggerated as many traders had squared up previously-held positions given that the greenback had repeatedly failed to breach the psychologically and technically significant level.Traders were then forced to ...
LONDON: Sterling rose against the euro on Monday, after a senior European Central Bank policymaker said a cut in euro deposit rates to negative could be considered if the euro zone economy deteriorated.A cut in the deposit rate - the rate at which the banks park their excess funds with the ECB, currently at zero - to negative could make holding euros less attractive to most investors and lead to a sell-off, traders said.ECB Governing ...
LONDON: The yen suffered fresh losses on Monday after Group of Seven finance officials avoided direct criticism of Japan's monetary policy, which has pushed its currency to four-year lows.The euro also fell against a firmer dollar after European Central Bank policymaker Ignazio Visco said the central bank may opt for a negative deposit rate. This contrasted with expectations the US Federal Reserve may soon taper its asset-buying monetary easing.The yen hit 102.15 yen per dollar, ...
LONDON: The dollar continued to power higher on Monday, leaving oil and gold prices in its wake, after the Group of Seven gave a green light to Japan's efforts to spur growth with aggressive monetary easing.Comments from Italy's central bank governor that the ECB could push one of its key interest rates below zero also put pressure on the euro and lifted benchmark German Bunds as investors started to think about more profitable options.The dollar ...
JOHANNESBURG: South Africa's rand was on the back foot against the dollar on Monday and bonds also weakened on worries that job cuts in the mining sector could spark a repeat of last year's violent strikes which dented investor sentiment.The yield on the benchmark 2026 government bond was up 6 basis points at 6.735 percent while the 2015 issue added 4 basis points 5.04 percent.The rand briefly flirted with 9.1555, its weakest level in more ...More Articles...
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