Archive for February, 2008
Loonie Falls On Rate Cut Expectations
Last Friday saw a big charge for the Canadian Dollar (known to some as the Loonie), as much better than expected employment figures were released.
The Canadian Employment Change came out 36,000 above expectation which sent the USD over 90 points down against CAD. The price moved from 1.0072 to 0.9984 within the first few minute [...]
Euro’s Embraced In The Big Apple
New York City is seeing some shops and retailers accepting payments in Euro’s and other foreign currency as the USD continues to weaken across the board.
As foreign currency continues to strengthen against the greenback, more and more foreign tourists are flocking to the Big Apple, and taking their foreign currency with them.
Although shops and businesses [...]
Gold Rises
Futures traders took Gold higher as investors looked to alternatives to the US dollar.
Gold rallied 31 percent in 2007 as the Federal Reserve cut the benchmark interest rate.
It is expected that Gold will rally if the European Central Bank keeps the benchmark interest rate unchanged tomorrow.
A Look At The Chart
A look at the GDX chart [...]
Crude Oil Price Falls
Data figures released in the US showed a slow-down in the US service industry for January.
The result of weak US service sector figures suggests a slow-down in the US economy as well as a reduction in energy demands.
Crude oil fell over $1 a barrel after the report was released. James Ritterbusch, president of Ritterbusch & [...]
Poor Job Data Drops USD Further
Unexpectedly poor figures for US jobs caused the USD to fall further, nearing the all-time low of $1.4968 in November 2007.
Non-Farm Payroll figures (often referred to as NFP) showed a January fall in employment of 17000, contradicting market expectation of a rise of 70000 jobs.
This below expectation data caused the USD to fall to [...]
Sell US Dollars Says Lehmans
According to Lehman Brothers Holdings Inc., investors should sell dollars and purchase Euro’s. After cutting the interest rate twice in January, the Federal Reserve looks to cut the interest rate further to spur economic growth.
Lehman lowered its forecast for the dollar to $1.50 against the Euro by the end of March. Lehman previously forecast $1.45.
So [...]
