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Sunday, August 23, 2009

Forex News- Aug.23rd, 2009

Canadian Dollar Hits 2-Week High on Stocks, Crude Oil
The Canadian dollar extended its yesterday’s gains today as optimism rose worldwide regarding the so much waited economic recovery, pushing commodities that influence loonie’s rates up.

Yen Declines On U.S. Home Sales Improvement
The Japanese currency declined before the end of this week’s session on improved U.S. housing data, suggesting that the wealthiest country in the world is finally reacting economically from the worst recession in decades.

Brazilian Real Climbs on European Confidence
The Brazilian real, the best performing currency among the emergent markets, rose today after the German and French positive PMI reports, which brought investors back to riskier assets relying on speculations that the economic recovery has already started.

German Manufacturing Provides Support for Euro Climb

Germany and France posted favorable reports today indicating that the wealthiest countries in the Eurozone may be finding its way out of recession, evidence which helped the euro to gain versus several currencies towards the end of this week’s session.

Goldman Sachs Influences Canadian Dollar Rally
The Canadian dollar traded at the highest level this week after one of the most relevant investment banking corporations in the world suggested that the loonie is likely to gain versus its U.S. counterpart in the short term.

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