The greenback and the FX marketThe U.S. dollar is trading mixed today in currency trading. Forex traders are awaiting the U.S. interest rate decision to be made today by the Federal Reserve in order to determine which way to go with the greenback on the FX market. Forbes reports on the dollar and forex trading today:
The euro traded at $1.3462, up from $1.3445 late Wednesday in New York.
Other dollar rates:
_123.11 Japanese yen, up from 122.43
_1.2283 Swiss francs, unchanged
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Loonie closer to parity with greenback on FX marketThe Canadian dollar is inching closer to parity with the U.S. dollar in forex trading on the currency market as crude oil prices move up. Because the loonie is a commodity currency, it relies on its exports, such as oil, for support on the FX market. Bloomberg reports on the gains made by the Canadian dollar in currency trading:
Canada’s currency gained 0.5 percent to 94.86 U.S. cents at 7:51 a.m. in Toronto. One U.S. dollar buys C$1.0541. The currency earlier touched C$1.0471, the strongest since May 19 (more…)
Loonie struggles in currency tradingThe Canadian dollar is down in forex trading as oil prices remain soft on the commodities market. Half of Canada’s exports are commodities, and oil is one of the major commodities exported by Canada. Oil prices fell dramatically overnight, affecting the loonie in currency trading on the FX market. Bloomberg explains the relationship between oil and the Canadian dollar in forex trading:
“Oil is still on people’s mind,'’ said Stephen Malyon, a currency strategist in Toronto at Scotia Capital Inc. “The soft commodity pr (more…)
Paring back the carry tradeMany forex traders are paring back the carry trade as BOJ concerns over the Japanese yen mounts. Some Japanese officials feel that the yen is too weak, and may encourage steps to help strengthen the ailing currency. This is also having an effect on other currencies, such as the Swiss franc, that are used in the carry trade. Reuters reports on the carry trade and the FX market:
"There has been a change in stance in Japan with recent comments suggesting that the government is concerned with yen weakness," said (more…)
