Archive for September, 2011

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The New Zealand dollar fell today, reaching the lowest level vs. the US currency in almost 6 months, following the sovereign credit rating downgrades performed by Standard Poor’s and Fitch Ratings agencies.

The kiwi (as the currency is often nicknamed by the market participants) lost also to the euro, the Japanese yen and the Australian dollar, staying almost unchanged against the the Great Britain pound. Standard Poor’s and Fitch Ratings both downgraded the country’s credit rating by one notch: from AA+ to AA for foreign currency and from AAA to AA+ for the local currency. The main reason cited by SP is the series of the devastating earthquakes (with February 2011 Christchurch earthquake being the most significant of them):

The lowering of the foreign and local currency long-term ratings follows our assessment of the likelihood that New Zealand’s external position will deteriorate further at a time when the country’s fiscal settings have been weakened by earthquake-related spending pressures and fiscal stimulus to support growth.

The analysts point out a relative weakness of the downgrade’s effect on the background of other bearish factors for the New Zealand currency, like the global financial climate and commodity market correction. Nevertheless, this credit rating decision may set a long-term trend for the NZD.

NZD/USD fell from 0.7698 to 0.7640 as of 12:08 GMT today, reaching the daily low at 0.7617 — the minimum level since April 1. NZD/JPY declined from 59.15 to 58.75, while AUD/NZD grew from 1.2683 to 1.2719 with a daily high at 1.2773 (pair’s maximum since September 8).

If you have any questions, comments or opinions regarding the New Zealand Dollar,
feel free to post them using the commentary form below.

Earlier News About the New Zealand Dollar:

• Asian Stocks Push AUD, NZD Up (2011-09-29)
• NZ Dollar Drops as Economic Growth Stalls (2011-09-22)
• NZ Dollar Falls as Current Account Deficit Widens (2011-09-21)
• NZD Gains as RBNZ Shows Optimism for New Zealand Economy (2011-09-16)
• NZD Follows Food Prices in Decline (2011-09-13)

This entry was posted on TopForexNews
on Friday, September 30th, 2011 at 12:11 pm and is filed under New Zealand Dollar.
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Article source: http://www.topforexnews.com/2011/09/30/new-zealand-dollar-falls-sp-fitch-downgrades/

The Canadian dollar is struggling against the US dollar in Forex trading today. Indeed, the loonie is one of several currencies dropping against the dollar as Forex traders look for safe haven in these difficult and disappointing times. With Chinese growth slowing, and the European sovereign debt crisis still in full effect, Forex traders are starting to get nervous about what’s next.

This nervousness is leading to gains for the US dollar, which continues to climb against the Canadian dollar. Even though the latest economic data shows that Canada’s economy grew in July, there are still very real concerns about how a general economic slowdown, led by China and the US, could affect the Canadian dollar. Loonie is down by levels not seen in nearly a year against the greenback.

At 13:07 GMT, USD/CAD is at 1.0441, up from the open at 1.0362. The Canadian dollar is also down against the UK pound, with GBP/CAD at 1.6272, up from the open at 1.6195. It is worth noting that US dollar is up against most major currencies today, on safe haven demand, with EUR/USD lower at 1.3467, down from the open at 1.3598.

If you have any questions, comments or opinions regarding the Canadian Dollar,
feel free to post them using the commentary form below.

Earlier News About the Canadian Dollar:

• CAD Slows Decline, Posts Record Weekly Drop vs. USD (2011-09-23)
• CAD Falls Below Parity with USD After Fed Statement (2011-09-22)
• IMF Lowers Growth Forecast for Canada (2011-09-21)
• European Problems Have Negative Impact on Canada’s Currency (2011-09-20)
• Canadian Securities Drive Canadian Dollar to Two-Week Record (2011-09-17)

This entry was posted on TopForexNews
on Friday, September 30th, 2011 at 1:10 pm and is filed under Canadian Dollar.
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Article source: http://www.topforexnews.com/2011/09/30/canadian-dollar-falters-as-global-economic-concerns-grow/

BERLIN, Sept 30 (Reuters) – German retail sales fell at

their fastest pace in more than four years in August, data

showed on Friday, suggesting unease about the euro zone debt

crisis prompted some consumers to delay big-ticket purchases.

The preliminary figures, which are notoriously volatile,

showed sales tumbling 2.9 percent on a monthly basis in real

terms, much more than the 0.5 percent decrease expected by

economists.

The data sent the euro lower against the dollar

‘The uncertainty surrounding the European debt crisis weighs

on consumer sentiment,’ said Christian Schulz from Berenberg

Bank. ‘Households may postpone some purchases of durable goods.

Germany will only fully enjoy higher domestic demand once this

uncertainty is lifted.’

Germany has been one of the industrialised world’s star

performers since the end of the financial crisis, and its swift

recovery has helped stimulate its trade partners.

Recent figures, however, show clouds gathering on the

horizon for the country’s export-geared economy.

While some leading companies continue to voice optimism

about their business outlook — reflected in unemployment rates

that continue to fall to new post-reunification lows — a growing number are expressing concern.

German economic growth slowed in the second quarter to just

0.1 percent and economists are worried about weaker export

markets and consumer reluctance to spend in the face of the debt

crisis.

Private consumption contracted in the April-June period for

the first time since 2009, wrongfooting economists who had grown

to count on households providing a welcome boost to the economy.

Most had assumed Germans would start shopping again in the

July-September period, but the abrupt turn for the worse that

the debt crisis has taken has hit confidence across the globe.

In step with doubts about European policymakers’ commitment

to tackling the crisis, German consumer morale as measured by

the GfK research group fell steadily over the summer, settling

at a year-low heading into October.

The survey showed that, while Germans seem increasingly

confident about their personal income, worries about what may

happen in the months ahead was leading them to signal a

reluctance to spend.

(Reporting by Brian Rohan; Editing by John Stonestreet)

Keywords: GERMANY RETAIL/

(b.rohan@thomsonreuters.com)(+49 30 2888 5223)(Reuters Messaging: brian.rohan.reuters.com@reuters.net)

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Article source: http://www.xe.com/news/2011/09/30/2186185.htm?utm_source=RSS&utm_medium=TL&utm_content=NOGEO&utm_campaign=News_RSS_Art3

LONDON, Sept 30 (Reuters) – Russian precious metals miner Polymetal plans to list on the London Stock Exchange’s main market, potentially entering the FTSE-100, and undertake an offering to institutional investors that it hopes will raise about $500 million.

JSC Polymetal shares or GDRs will be exchanged for shares in

a new Jersey-based holding company, Polymetal International, on a one for one basis.

HSBC and Morgan Stanley are acting as joint sponsors to Polymetal International for the listing. Deutsche Bank, HSBC and Morgan Stanley are acting as joint global co-ordinators and together with VTB Capital, as joint bookrunners in relation to the offer.

(Reporting by Julie Crust) Keywords: POLYMETAL/

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The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.

Article source: http://www.xe.com/news/2011/09/30/2186193.htm?utm_source=RSS&utm_medium=TL&utm_content=NOGEO&utm_campaign=News_RSS_Art2

COPENHAGEN, Sept 30 (Reuters) – Denmark’s central bank threw a lifeline to the country’s liquidity-squeezed banks on Friday by offering a new six-month loan based on its main lending rate and expanding the scope of collateral that it accepts.

Up to now the bank has provided one-week liquidity loans.

The Nationalbank had said last month it would slightly expand the range of collateral that banks and mortgage lenders could use when borrowing from the central bank by qualifying shares in jointly owned corporations as security.

‘The expansion has the goal of providing financial institutions with access to borrow and thereby build a bridge to a situation without state guarantees when those (guarantees) expire in 2012 and 2013,’ central bank Governor Nils Bernstein said in a statement.

The expansion of the collateral basis will take effect from Oct. 1, the bank said.

(Reporting by John Acher) Keywords: DENMARK BANKS/LIQUIDITY

(john.acher@thomsonreuters.com)(+45 26 30 96 50)(Reuters Messaging: john.acher.thomsonreuters.com@reuters.net)

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Copyright Thomson Reuters 2011. All rights reserved.

The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.

Article source: http://www.xe.com/news/2011/09/30/2186189.htm?utm_source=RSS&utm_medium=TL&utm_content=NOGEO&utm_campaign=News_RSS_Art1

Risk appetite is making an appearance today, helping the euro in Forex trading as investors look for better yields. Unexpectedly good news has many Forex traders considering that things might start turning around — and this is helping the euro right now.

One of the biggest supports for the euro is that German parliament voted to support the euro bailout fund. With a little more support for the EFSF, there is hope that the sovereign debt crisis could be contained. This news has spurred the euro higher against the US dollar in forex trading, although there are still some doubts about whether or not the sovereign debt crisis can be resolved.

Another bit of positive news is that US economic data surprised to the upside. Jobless claims dropped dramatically, falling to their lowest level in six months. While the US economy still has a long way to go (the Federal Reserve recently downgraded the outlook), there are signs that things might be turning around for the US economy — albeit slowly.

These two pieces of news have combined, however, to create a situation where risk appetite is making an appearance. At 13:42 GMT, EUR/USD is at 1.3611, up from the open at 1.3543. EUR/JPY is at 104.80, up from the open at 103.75. Euro isn’t faring so well against the UK pound, though; EUR/GBP is down to 0.8685, down from the open at 0.8695.

If you have any questions, comments or opinions regarding the Euro,
feel free to post them using the commentary form below.

Earlier News About the Euro:

• Euro Continues Its 4-Day Rally on New Prospects for Stability (2011-09-28)
• Euro Finds Support on Assumption that Sovereign Debt Crisis will be Contained (2011-09-27)
• Germany: Greens and SPD Vow to Support Euro (2011-09-26)
• Euro Rebounds as Stocks Rises on Hopes for G-20 Meeting (2011-09-23)
• EU Ministers’ Meeting Ends Without Result, Euro Slumps (2011-09-20)

This entry was posted on TopForexNews
on Thursday, September 29th, 2011 at 1:45 pm and is filed under Euro.
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Article source: http://www.topforexnews.com/2011/09/29/risk-appetite-appears-helping-euro-in-forex-trading/

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