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Australian Dollar Showing Choppy Trend Against Majors

 

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The Australian dollar moved in choppy trend against its major rivals in early Asian deals Wednesday as traders likely remaining reluctant to make any significant moves ahead of remarks by Federal Reserve Chairman Ben Bernanke at the Kansas City Federal Reserve's Jackson Hole symposium on Friday.

 

The Australian dollar that fell to an 8-week low of 1.2130 against the euro at the beginning of the session snapped back above yesterday's closing quote of 1.2113 in mid-morning deals. The trend for the aussie was choppy since then, trading between 1.2125 and 1.2115.

 

The Australian dollar failed to make any significant headway against the rest of majors, moving in tight ranges of 81.57- 81.43 against the yen, 1.2903-1.2886 against the NZ dollar and 1.0378-1.0365 against the US dollar in most of the early Asian session.

 

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Australian Dollar Showing Choppy Trend Against Majors

 

dollar_8.jpg

 

 

The Australian dollar moved in choppy trend against its major rivals in early Asian deals Wednesday as traders likely remaining reluctant to make any significant moves ahead of remarks by Federal Reserve Chairman Ben Bernanke at the Kansas City Federal Reserve's Jackson Hole symposium on Friday.

 

The Australian dollar that fell to an 8-week low of 1.2130 against the euro at the beginning of the session snapped back above yesterday's closing quote of 1.2113 in mid-morning deals. The trend for the aussie was choppy since then, trading between 1.2125 and 1.2115.

 

The Australian dollar failed to make any significant headway against the rest of majors, moving in tight ranges of 81.57- 81.43 against the yen, 1.2903-1.2886 against the NZ dollar and 1.0378-1.0365 against the US dollar in most of the early Asian session.

 

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Canadian Dollar Falls Against Most Majors

 

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In the early Asian session on Thursday, the Canadian dollar slipped against most major currencies following a slide in oil prices.

 

Oil prices were lower yesterday also after report showed that oil inventories rose unexpectedly last week. The U.S. Energy Information Administration in its weekly crude oil report said U.S. commercial crude oil inventories increased by 3.80 million barrels to 364.50 million barrels last week, and are above the upper limit of the average range for this time of year.

 

The loonie declined to a 2-day low of 0.9907 against the greenback and the next support level for the loonie is seen at 0.995.

 

The loonie also dropped to 79.45 against the yen and 1.2420 against the euro and the loonie may break 79.00 and 1.245, respectively on the downside.

 

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Fed Has Room for more Easing says Boe'd Posen

 

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US federal reserve has more room to ease further, said BoE's Posen, while passing a QE baton to US fed.

 

BoE's Posen will completes his term at BoE today, was talking at Jackson Hole symposium where Bernanke is scheduled to speak today.

 

He said that its too early to judge impact of BoE's funding-for -lending program, and US should also consider something which may encourage banks to lend more

 

He also said that ECB should and probably doing everything to pull down Spanish and Italian debt yield and ECB's Draghi has skipped Jackson Hole, it's an "untrammeled good news

 

Quotes

 

"There is no inflation. Unemployment is too high... there is no crowding out in bond markets, the dollar has been perfectly strong. What definition of the Fed's mandate do you have that doesn't say that you should be trying to respond to this?"

- BoE's Posen

 

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Australian Inflation Gauge rise Unexpectedly by 0.6 Pct M/m

 

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Australian inflation gauge rose by banking group TD was up 0.6 pct yy in Aug, more than 0.2 pct rise expected by economists

 

However, on yy basis inflation still remains in RBA's comfort zone with prices up 2.2 pct yy in Aug after 1.5 seen in July

 

Prices of fruits and vegetables were up 7.2 pct yy while petrol prices rose by 7.2 pct

 

But those rises were offset by decline in footwear, holiday travel, computing equipment

 

Trimmed mean of inflation measure also grew by 0.6 pct with 2.2 pct growth from last year

 

RBA is not expected to make any changes to it's 'appropriate monetary stance' at upcoming meeting

 

 

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Australian Inflation Gauge rise Unexpectedly by 0.6 Pct M/m

 

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News

 

Australian inflation gauge rose by banking group TD was up 0.6 pct yy in Aug, more than 0.2 pct rise expected by economists

 

However, on yy basis inflation still remains in RBA's comfort zone with prices up 2.2 pct yy in Aug after 1.5 seen in July

 

Prices of fruits and vegetables were up 7.2 pct yy while petrol prices rose by 7.2 pct

 

But those rises were offset by decline in footwear, holiday travel, computing equipment

 

Trimmed mean of inflation measure also grew by 0.6 pct with 2.2 pct growth from last year

 

RBA is not expected to make any changes to it's 'appropriate monetary stance' at upcoming meeting

 

 

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Australian Inflation Gauge rise Unexpectedly by 0.6 Pct M/m

 

up_market_1.jpg

 

News

 

Australian inflation gauge rose by banking group TD was up 0.6 pct yy in Aug, more than 0.2 pct rise expected by economists

 

However, on yy basis inflation still remains in RBA's comfort zone with prices up 2.2 pct yy in Aug after 1.5 seen in July

 

Prices of fruits and vegetables were up 7.2 pct yy while petrol prices rose by 7.2 pct

 

But those rises were offset by decline in footwear, holiday travel, computing equipment

 

Trimmed mean of inflation measure also grew by 0.6 pct with 2.2 pct growth from last year

 

RBA is not expected to make any changes to it's 'appropriate monetary stance' at upcoming meeting

 

 

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Australia Current Account Deficit A$11.8 Billion In Q2

 

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Australia saw a current account deficit of A$11.801 billion in the second quarter of 2012, the Australian Bureau of Statistics said on Tuesday.

 

That beat forecasts for a shortfall of A$12.2 billion following the A$14.892 billion deficit in the first quarter.

 

Net exports are expected to contribute 0.3 percentage points to GDP, below forecasts for 0.6 percentage points but up from -0.5 percentage points in the previous three months.

 

 

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Euro Trades At 2-week Low Against Canadian Dollar

 

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After moving sideways at the beginning of the session, the European currency resumed downtrend against its Canadian counterpart on Wednesday morning in Asia.

 

The euro reached a 2-week low of 1.2357 against the Canadian dollar, down almost 0.3 percent from Tuesday's North American session closing value of 1.2393.

 

The euro-loonie pair is expected to extend its bearish bias as the currency cross reversed direction from the 23.6 percent retracement level of 1.2455 between its February highs and August lows in the daily chart.

 

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South Korea GDP Downgraded In Q2

 

 

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South Korea's gross domestic product was up 0.3 percent in the second quarter of 2012 compared to the previous three months, the Bank of Korea said in Thursday's final reading.

 

That was down from July's preliminary reading that called for a 0.4 percent increase following the 0.9 percent gain in the first quarter.

 

Real gross national income rose 1.2 percent on quarter, while nominal gross national income eased 0.2 percent.

 

On the production side, manufacturing declined 0.2 percent owing to the decrease in sub-sectors such as electrical and electronic device and petroleum, coal and chemical products, the bank said.

 

Construction shed 2.7 percent as buildings construction was sluggish. Services grew by 0.5 percent, with gains for instance in financial intermediation, information and communications, and health & social work.

 

On the expenditure side, private consumption added 0.4 percent as expenditures on durables and semi-durables increased. Facilities investment dropped by 7.0 percent, particularly in semiconductor manufacturing equipment and communications equipment. Construction investment dipped 0.4 percent, in line with the sluggishness of buildings construction, the bank said.

 

Exports of goods fell 1.4 percent, led by those of automobiles and petrochemical products. Imports of goods dropped by 1.8 percent as imports for example of electronic equipment and general machinery decreased.

 

On a yearly basis, GDP came in at 2.3 percent - again slowing from 2.4 percent in the advance estimate. The economy expanded 2.8 percent in the previous three months.

 

On the production side, the manufacturing sector climbed 2.6 percent on year, due to growth in sub-sectors such as transport equipment and metal products. Construction lost an annual 2.0 percent, with the sluggishness in both building construction and civil engineering. Services grew 2.6 percent on year, centering on health and social work and financial intermediation.

 

On the expenditure side, private consumption jumped an annual 1.1 percent, buoyed by increased expenditures on recreational products, insurance services, and telecommunication services.

 

Facilities investment dropped 3.5 percent on year, as investment in machinery such as semiconductor manufacturing equipment and in transport equipment such as ships decreased, the bank noted. Construction investment decreased by 2.1 percent year-on-year, as both buildings construction and civil engineering were sluggish.

 

Exports of goods spiked 2.1 percent on year centering around those of metal products and semiconductors, but imports of goods dropped by 0.1 percent year-on-year with decreases for instance in steel product and general machinery imports.

 

Nominal gross national income eased 0.2 percent on quarter, with nominal gross domestic product dipping 0.4 percent and despite higher net factor income from abroad including dividend income.

 

Real gross national income expanded 1.2 percent, higher than in the previous quarter as, in addition to the decrease in the magnitude of real-term losses from trade on improved terms of trade, real net factor income from abroad increased.

 

The GDP deflator increased 1.2 percent year-on-year. The gross saving ratio was at 31.2 percent, similar to the previous quarter's 31.3 percent. The gross domestic investment ratio was at 27.7 percent, 1.8 percentage points lower than in the previous quarter.

 

 

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IMF Says Ready To Cooperate With ECB On New Program

 

 

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The International Monetary Fund is ready to work with the European Central Bank in the effective implementation of its new crisis-fighting measures, IMF Managing Director Christine Lagarde said on Thursday.

 

Welcoming the ECB decision, she said "the IMF stands ready to cooperate within our frameworks."

 

Decisive implementation of the new intervention program will help repair monetary transmission, and support countries' efforts to secure finance at a reasonable cost while they undertake sustained macroeconomic adjustment, Lagarde said.

 

"We see the ECB's action as an important step toward strengthening stability and growth in the Euro Area," she added.

 

Meanwhile, in a regular press briefing on Thursday, IMF External Relations Department Director Gerry Rice said the IMF mission will go back to Athens around the middle of next week.

 

Confirming earlier reports, Rice said a conversation did take place between Lagarde and Greek Prime Minister Antonis Samaras and they discussed the current economic situation in Greece and developments in the euro area.

 

Responding to a query on a possible Spain bailout, he clarified that Spain has not requested IMF financial support and the Fund is not working on any plan in this regard.

 

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Japan Final Q2 GDP +0.2% On Quarter

 

 

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Japan's gross domestic product added just 0.2 percent in the second quarter of 2012 compared to the previous three months, the Cabinet Office said on Monday in a revised reading - again suggesting that the recovery from the March 2011 earthquake and tsunami remains stuck in neutral.

 

The headline figure was down from last month's preliminary reading of 0.3 percent, and it was significantly lower than the 1.2 percent gain in the first quarter.

 

Nominal GDP was down 0.3 percent on quarter, revised from -0.1 percent in the preliminary ready and missing forecasts for -0.2 percent.

 

Capital spending was up 1.4 percent on quarter, down from the original read of 1.5 percent but still topping forecasts for a 0.9 percent increase. Its contribution to growth was unchanged at 0.2 percentage points.

 

But private sector inventories removed 0.2 percentage points from growth and net exports took off 0.1 percentage point.

 

On a yearly basis, GDP was up 0.7 percent - cut in half from the preliminary reading that showed a 1.4 percent increase, and missing forecasts for a slide to 1.0 percent. GDP had surged 4.7 percent in the previous three months.

 

The GDP deflator fell 0.9 percent on year, beating forecasts for a 1.1 percent contraction, which would have been unrevised.

 

Also on Monday, the Ministry of Finance said that Japan posted a current account surplus of 625.4 billion yen in July, down 40.6 percent on year. The headline figure blew away forecasts for a surplus of 485.6 billion yen and an annual decline of 52.0 percent. That follows the 433.3 billion yen surplus and the 19.6 percent annual contraction in June.

 

The trade balance came in at a deficit of 373.6 billion versus forecasts for a shortfall of 439.5 billion after posting a surplus of 112.0 billion in June. Exports were down 7.4 percent on year to 5.118 trillion yen, accelerating from the 1.5 percent annual contraction in June. Imports collected 1.9 percent on year to 5.491 trillion yen after easing an annual 1.2 percent in the previous month.

 

The adjusted current account reflected a surplus of 335.4 billion yen, missing forecasts for a surplus of 389.0 billion yen following the 773.6 billion yen surplus in June.

 

Also, the Bank of Japan said that overall bank lending in Japan was up 1.1 percent on year in August, coming in at 396.432 trillion. That was in line with expectations following the downwardly revised 0.9 percent annual increase in July - which was originally pegged at 1.0 percent higher.

 

Including trusts, bank lending added 0.9 percent on year to 458.219 trillion yen - up from the 0.7 percent increase in the previous month. Lending from foreign banks plummeted 21.7 percent on year to 2.147 trillion yen, after plunging an annual 22.4 percent a month earlier.

 

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Japan Tertiary Industry Index Falls 0.8% In July

 

 

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An index measuring tertiary industry activity in Japan was down a seasonally adjusted 0.8 percent on month in July, the Ministry of Economy, Trade and Industry said on Wednesday - coming in at 98.7.

 

That missed forecasts for a contraction of 0.5 percent following the upwardly revised 0.2 percent increase in June.

 

Industries that contributed to the decrease included wholesale and retail trade, transportation, finance, personal services, accommodations and learning support.

 

Industries that contributed to the increase included utilities, real estate, communications, scientific research and health care.

 

 

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NZ Dollar Slips Versus Majors As RBNZ Holds Official Cash Rate Unchanged

 

 

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The New Zealand dollar edged down against major opponents after the announcement of Reserve Bank of New Zealand's interest rate decision in early Asian trading on Thursday. The Reserve Bank of New Zealand left its Official Cash Rate (OCR) unchanged at 2.5 percent.

 

The OCR has held steady at 2.50 percent since March 2011.

 

At present, the NZ dollar is trading near 63.84 against the Japanese yen, 1.5746 versus the euro, 1.2775 against the Australian dollar and 0.8198 versus the US dollar.

 

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New Zealand Food Prices -0.5% In August

 

 

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Food prices declined 0.5 percent on year in August, Statistics New Zealand said on Friday, after falling 1.8 percent in July.

 

Among the individual categories, prices were down 2.1 percent for grocery food and 0.7 percent for meat, poultry and fish. Offsetting the decline, restaurant meal prices were up 1.3 percent.

 

"Food prices are slightly lower than a year ago, reflecting cheaper vegetables, dairy products and lamb," prices manager Chris Pike said in a statement accompanying the data "Annual food prices have now fallen for four months in a row. This hasn't happened since 2010, when a run of four annual falls also ended in August."

 

Among individual items, lettuce was down 39 percent, followed by fresh milk (down 9.2 percent), and broccoli (down 50 percent). Lamb prices decreased 19 percent from their peak in August 2011.

 

The food items that increased most for the year were: tomatoes (up 26 percent), fresh chicken pieces (up 9.2 percent), and kumara (up 90 percent).

 

Kumara prices reached their highest level since February 2008, influenced by low prices in August 2011 and poor weather conditions in both the planting and harvesting seasons, which affected this year's crop.

 

On a monthly basis, food prices were up 0.1 percent after adding 0.2 percent in the previous month.

 

Fruit and vegetable prices rose 1.5 percent, reflecting higher tomato prices (up 31 percent). Non-alcoholic beverage prices rose 1.3 percent, reflecting higher prices for fruit juice and soft drinks.

 

These prices were influenced by less discounting than in July 2012. Grocery food prices fell 0.7 percent - the fifth fall in six months.

 

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Yen Slightly Off Early Lows Against Pound And U.S. Dollar

 

 

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The Japanese yen that declined against the pound and the U.S. dollar in early Monday Asian trading bounced back slightly shortly thereafter.

 

The yen is now trading at 126.91 against the pound, compared to a 4-month low of 127.35 hit in early deals.

 

The yen also recovered from a 10-day low of 78.49 against greenback and the pair now trading at 78.22.

 

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Yen Rises Against Majors

 

 

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The Japanese yen advanced against its major opponents in Asian morning deals on Tuesday.

 

The yen is now trading at 78.54 against the greenback, 102.87 against the euro, 84.72 against the franc, 127.57 against the pound and 64.81 against the kiwi.

 

Against the Canadian and Australian dollars, the yen is trading at 4-day highs of 80.55 and 82.06, respectively.

 

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NZ Dollar Advances To 5-day High Versus Euro

 

 

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During early Asian deals on Wednesday, the New Zealand dollar traded higher against its major counterparts after the releasing of Q2 current account balance data.

 

The Statistics New Zealand reported that New Zealand saw an unadjusted current account deficit of NZ$1.797 billion in the second quarter of 2012.

 

That missed expectations for a shortfall of NZ$1.620 billion following the upwardly revised deficit of NZ$1.072 billion in the first quarter.

 

At 7:25 pm ET, the kiwi climbed to a 5-day high of 1.5757 versus the euro, compared to yesterday's closing value of 1.5779.

 

The NZ unit also edged up against the US dollar and the Japanese yen in early trading and as of now worth 0.8285 and 65.30, respectively.

 

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New Zealand Dollar Trades Higher Amid GDP Data

 

 

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In the early Asian session on Thursday, the New Zealand dollar reversed its direction and traded higher against other major currencies following the release of nation's better-than-expected gross domestic product report for the second quarter.

 

Statistics NZ reported that New Zealand's economy expanded 0.6 percent in the second quarter of 2012 compared to the previous three months. That beat forecasts for an increase of 0.4 percent following the downwardly revised 1.0 percent expansion in the first quarter (originally 1.1 percent).

 

On a yearly basis, GDP jumped 2.6 percent, also beating estimates for an increase of 2.4 percent, which would have been unchanged from the previous three months.

 

The kiwi advanced to 0.8305 against the U.S. dollar, its strongest level since September 17. This may be compared to an early 2-day low of 0.8254. If the kiwi rises further, it may target 0.835 level. The kiwi-greenback pair closed yesterday's deals at 0.8270.

 

Against the Australian currency, the kiwi advanced to 1.2612, reversing from a 3-day low of 1.2703. The next resistance level for the kiwi is seen at 1.26. The pair closed Wednesday's deals at 1.2682.

 

The kiwi that rose to 1.5728 against the euro from a 2-day low of 1.5819 held steady thereafter. The next upside target level for the kiwi is seen at 1.565. At Wednesday's close, the pair traded at 1.5789.

 

The kiwi that bounced back from a 6-day low of 64.70 against the yen edged up to 65.12 before moving sideways thereafter. The kiwi ended yesterday's deals at 64.83 versus the yen.

 

Japan saw a merchandise trade deficit of 754.127 billion yen in August, the Ministry of Finance said today.

 

That beat forecasts for a shortfall of 829.3 billion yen following the downwardly revised deficit of 518.9 billion yen in July (originally 517.382 billion yen).

 

Looking ahead, Bank of Japan's monthly economic report is due at 1:00 am ET.

 

German producer prices, U.K. retail sales and Swiss trade data -all for August, PMI's from major European economies and Switzerland's second quarter industrial production are expected in the New York morning session.

 

From the U.S., weekly jobless claims for the week ended September 15 and leading indicators for August are expected in the American morning session.

 

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Japan Resident Sold Net Y289.4 Billion In Foreign Stocks Last Week

 

 

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Japanese investors sold a net 289.4 billion yen in foreign stocks in the week ended September 15, the Ministry of Finance said on Friday.

 

Japanese residents also purchased a net 64.4 billion yen in bonds and notes last week.

 

Foreign investors bought a net 60.4 billion in Japanese stocks last week, the data showed, and they also purchased a net 521.7 billion yen in Japanese bonds and notes.

 

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Japan Resident Sold Net Y289.4 Billion In Foreign Stocks Last Week

 

 

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Japanese investors sold a net 289.4 billion yen in foreign stocks in the week ended September 15, the Ministry of Finance said on Friday.

 

Japanese residents also purchased a net 64.4 billion yen in bonds and notes last week.

 

Foreign investors bought a net 60.4 billion in Japanese stocks last week, the data showed, and they also purchased a net 521.7 billion yen in Japanese bonds and notes.

 

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U.S. Dollar Spikes Up Against European Majors

 

 

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The U.S. dollar firmed against its European major counterparts during the early Asian session on Monday.

 

The greenback is trading at 0.9362 versus the franc, its highest level since September 13.

 

The greenback also approached 4-day highs of 1.2936 against the euro and 1.6207 against its British unit.

 

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Yen Mixed Versus Majors After Japan's Corporate Service Price Report

 

 

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The Japanese yen showed mixed trading against major opponent after the releasing of Japan's corporate service price report for the month of August in early Asian deals on Tuesday. The yen held steady against the dollar, while edged down versus the major European currencies.

 

As of now, the yen is trading near 77.88 against the US dollar, 100.80 versus the euro, 83.34 against the Swiss franc and 126.40 versus the poundnit.

 

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New Zealand Trade Shortfall NZ$789 Million In August

 

 

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New Zealand posted a seasonally adjusted merchandise trade deficit of NZ$789 million in August, Statistics New Zealand said on Wednesday - representing 24 percent of exports.

 

The headline figure was well shy of forecasts for a shortfall of NZ$630 million after posting an upwardly surplus of NZ$97 million in July. This compares with a deficit of $690 million (20 percent of exports) in August 2011.

 

Exports were down 3.4 percent on year to NZ$3.32 billion - also missing expectations for NZ$3.55 billion after coming in at NZ$4.00 billion in the previous month.

 

Mechanical machinery and equipment and crude oil had the largest decreases.

 

The value of exports to Australia - New Zealand's largest export destination - fell $172 million (17 percent) in August 2012 compared with August 2011, Statistics New Zealand said. The fall was led by petroleum and products.

 

"Lower exports to Australia contributed to the overall fall in export values," industry and labor statistics manager Neil Kelly said. "But an increase in exports to China, led by dairy products, partly offset the fall."

 

Imports fell an annual 0.4 percent to NZ$4.10 billion, in line with forecasts after showing NZ$3.99 billion a month earlier.

 

Seasonally adjusted exports fell 8.0 percent compared with July 2012. There was a large fall in seasonally adjusted milk powder, butter, and cheese exports, which followed two large increases in June and July. Seasonally adjusted imports fell 1.3 percent.

 

The trend for exports appears to have been increasing since March, while the trend for imports has been flat in recent months. The trend for imports is 6.0 percent lower than its record level in September 2008.

 

Upon the release of the data, the New Zealand dollar edged down against major rivals, trading near 0.8200 against the U.S. dollar, 1.5742 versus the euro, 63.81 against the yen and 1.2659 versus the Australian dollar.

 

 

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US Dollar Slips Against Majors

 

 

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The US dollar traded lower against major rivals during early Asian deals on Thursday.

 

At 7:45 pm ET, the greenback dropped to 0.9389 against the Swiss franc, 1.6180 versus the British pound, 1.2887 against the euro, 0.8257 versus the NZ dollar, 77.70 against the yen and 1.0380 versus the Australian dollar from previous session's highs of 0.9419, 1.6140, 1.2840, 0.8187, 77.92 and 1.0331, respectively.

 

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