Forex - Dollar broadly lower as riskier currencies climb
Published May 08, 2013 09:26PM ET
In Asian trading Thursday, EUR/USD inched up 0.04% to 1.3160 after Germany's industrial output, which includes manufacturing, mining, electricity and gas concerns, shot up 1.2% in March, the largest increase in a year and defying expectations for a 0.1% decline. February’s figure was revised up 0.6% from 0.5%.
Official data released on Tuesday revealed that German factory orders climbed 2.2% in March, defying expectations for a 0.5% decline. Germany is the euro zone’s largest economy. Those data points were published Wednesday.
GBP/USD nudged up 0.04% 1.5542 as traders speculated the Bank of England will not expand its monetary stimulus program when it meets later Thursday. BOE currently has an asset-buying program of USD583 billion that few economists polled expect to change.
USD/JPY fell 0.12% to 98.90. A technical analyst at Mitsubishi UFJ Morgan Stanley Securities said USD/JPY could drop back to the 91 area. The yen is worst-performing developed market currency in the world this year.
USD/CHF inched lower by 0.04% to 0.9353 while USD/CAD fell 0.08% to 1.0027 after Alberta's Energy Resources Conservation Board said the region in Western Canada could double its output to 3.8 million barrels per day by 2022. Canada’s oil sands region is believed to be home to the world’s third-largest reserves behind OPEC members Saudia Arabia and Venezuela.
NZD/USD climbed 0.54% to 0.8449, reclaiming all of its post-intervention revelation losses after Statistics New Zealand said in a report that the country’s employment rate rose 1.7% in the first quarter, easily topping analysts’ expectations calling for a 0.8%. New Zealand’s unemployment rate is now 6.2%, well below the 6.8% economists expected.
AUD/USD rose 0.17% to 1.0191 ahead of Australia’s April jobs report due out later Thursday. Economists expect the addition of 11,000 jobs and the unemployment rate to remain at 5.6%.
The U.S. Dollar Index fell slightly by 0.04% to 81.95.
Get The News You Want
Written By: Investing.com
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.