USD Falling after FOMC Euro | ForexGen

The U.S. dollar declined today against the euro, extending its weekly drop, as the chances for the Federal Reserve to increase the interest rates next week became more slim.

The dollar also headed for a weekly loss against the Japanese yen as the weak macroeconomic statistics from the United States made traders believe that the FOMC will leave rates unchanged at its meeting on June 25.

While there is a great probability that the U.S. interest rate will remain at 2 percent until Fall at least, European Central Bank will probably signal that it will be raising the interest rates soon, as the inflation in Eurozone comes out above the central bank’s target level.

Today EUR/USD rose from 1.5500 to 1.5567 as of 9:00 GMT; the weekly gain for this currency pair is 1 percent so far. USD/JPY is down insignificantly today — from 107.94 to 107.87; the weekly drop is just 19 pips.

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Yen at Record Low against एउरो | ForexGen

The Japanese yen reached another record low level against the Eurozone currency today as the ECB prepares to raise rates in July, while Japanese spendings may go abroad to seek the higher yielding assets.

The yen continued to fall today after its fastest fall against euro since June 9 after the Federal Reserve left the funds target rate unchanged at 2 percent yesterday, strengthening the euro’s positions on Forex. ECB is expected to raise the interest rate next month, while the BoJ is keeping rates low at 0.5 percent.

Strategists at the investment banks believe that the outflow of the investment from Japan will be a major driver for the currency’s loss in the short-term future. Meanwhile upward trend on the ECB rates may push euro to the new records.

EUR/JPY climbed up today from 168.96 to 169.06 as of 8:50 GMT with daily maximum at 169.46 — the highest level for this currency pair since the adoption of the European currency. GBP/USD also grew up today — it went up from 212.93 to 213.50.

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NZD Headed for Weekly Loss

The New Zealand dollar continued to lose against other currencies today (except the U.S. dollar) as the economy contracted in the first quarter and the expectations that the central bank will cut the interest rate rose.

Although, the New Zealand currency is rising today against the U.S. dollar, it’s still going down sharply against the yen, euro, and Australian dollars. It will probably end the week in the negative zone against those three currencies.

The gross domestic product fell 0.3 percent in the first quarter of 2008 in New Zealand showing that the 8.25 percent interest rate is pressing hard on the country’s economy. Output contraction may play a significant role at the next Reserve Bank of New Zealand monetary policy meeting.

Currency analysts now await at least 1 percent rate cut by the end of this year. Last several years high interest rate was one of the major reasons for NZD’s attractiveness on the currency market.

NZD/USD started the week at 0.7607 and is now trading at 0.7592 as of 9:22 GMT, it would be a deepr drop if not for today’s growth for about 45 pips. NZD/JPY opened at 81.52 this week and is closing near 80.65. AUD/NZD rose from 1.2528 to 1.2660 this week reaching its highest peak since July 2001.

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AUD at 25-Year High against ग्रीन्बैक | ForexGen

The Australian dollar reached a record high value since February 1983 against its counterpart from the United States today as the USD slumped and the commodity currencies grew on optimism.

The Australia’s national resource producers climbed up today on the stock market as the traders showed an elevetated optimism in the global economy growth. This boosted the USD-AUD conversion and supported the AUD/USD growth, while Aussie remained quite weak against other currencies.

Australian dollar came closer to parity with the U.S. dollar as only 3.35 cent are separating this two currencies from 1:1 rate now.

As the Reserve Bank of Australia is keeping the interest rate high at 7.25 percent, the national currency will be supported by the carry trades even against the dollar. The good economy growth in the first quarter of 2008 signaled that the central bank still has some time before cutting the rates.

AUD/USD rose from 0।9607 to 0.9661 as of 8:39 GMT today, with a highest value near 0.9666. Meanwhile, AUD/JPY dropped from 102.01 to 101.56 as the yen grew significantly today on Forex. AUD/NZD had a slight loss today, going down from 1.2625 to 1.2608.

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Yen Shows Growth on Moody’s रेटिंग |ForexGen

The Japanese yen showed some really strong growth against the other Forex most-traded currencies today as the investors favored the Moody’s upgrade of the Japan’s yen debt rating.

Despite the weak performance of the Japanese stock market today the country’s currency showed one of the fastest growing day this month against dollar, euro and pound after Moody’s news about rating upgrade. It also rose against the Australian and New Zealand dollars today.

Trades generally consider the upgrade of the Japanese domestic debt securities from A1 level to Aa3 a great opportunity to go long on the yen. According to the Moody’s the Japanese economy won’t be as damaged by the global financial crisis as the economies of the European countries and U.S.

USD/JPY declined from 106।21to 105.32 today as of 9:06 GMT, while the lowest daily value was 104.98. EUR/JPY sunk down from 167.55 level to 166.61, with a daily minimum at 166.08 (lowest in more than 2 weeks). GBP/JPY experienced a biggest daily drop since June 2 today — it fell from 211.79 to 210.04 with a daily low at 209.39.