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Posted December 3rd, 2015 by Charles Purdy

Great GDP figures for Australia – but does this tell the whole story?

Australia fared well yesterday, when early morning Gross Domestic Product (GDP) figures were posted at 0.2% above growth expectation. However, the reality isn’t as positive; data showed that domestic demand has actually contracted by 0.5% in the same period. Overall, the results are a success, considering the Australian dollar dropped 9% during the same period. The rise in GDP can be attributed to a huge surge in exports, an indirect correlation with the weakening of their dollar

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Posted December 2nd, 2015 by Charles Purdy

Canadian economy emerges from recession

There was fantastic news for the Canadians yesterday as it appears their economy has emerged from a recession. After two quarters of contraction, their Gross Domestic Product (GDP) figure rose 0.6%, courtesy of a 2.3% rise in the export of goods and services. We would have witnessed an even greater recovery, were it not for maintenance and fires disrupting oil production in September. This month’s GDP figures were less encouraging, contributing to Canadian dollar weakness yesterday – as their currency fell against all major world currencies; this included nearly -1.5% changes against the other commodity currencies: the New Zealand and Australian Dollars. Today there is more important data out of Canada with the release of the overnight rate; this is expected to remain at 0.5%.

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Posted November 26th, 2015 by Charles Purdy

Bank of Japan monetary policy likely to remain unchanged

The Bank of Japan’s Monetary Policy meeting minutes were released late on Tuesday, along with the Services Producers’ Price Index. The latter was slightly below expectation and the meeting suggested that monetary policy will remain unchanged, despite Japan’s growth declining 0.8% in the three months from July to September. Yesterday was quiet for Japan with no economic data out, but today we see the release of household spending and Tokyo core inflation data. Both are expected to be slightly better than last month’s figures – any surprises could affect the Japanese yen.

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Posted November 19th, 2015 by Charles Purdy

Indian rupee falls as US interest rate seems more likely

India’s rupee fell the most in a week on Wednesday, as whispers from the US continue to fuel the belief that we are about to see an interest rate hike. There is a fear that the rate rise will cause further capital outflows, and on the back of this, we saw the rupee fall 0.4% yesterday – meaning a total decline of 1.6% this month

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Posted November 12th, 2015 by Charles Purdy

Tough times for the Canadian dollar, better times for the Australian dollar

It was a tough day for the Canadian economy yesterday as the Canadian economy fell against most currencies, including a 0.5% drop against sterling. Canadian stocks have fallen for a sixth day in a row, the worst performance since August. Just as it was in August, the fall can be attributed to weak industrial data in China. However, increasing stockpiles of commodities in the US has also lessened the value of Canadian commodities and by extension, their currency. Today the new house pricing index is out at 1.30pm and is expected to be worse than last month’s – any surprises could provide a little support for the Canadian currency.

The Australian dollar has gained nearly three cents against sterling first thing this morning as the Australian unemployment rate fell to 5.9% reducing expectations of an imminent cut in their interest rate.

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Posted October 28th, 2015 by Charles Purdy

Bleak times for the South African economy

The future looks bleak for the South African economy as President Jacob Zuma admitted the nation faces a ‘serious struggle’. The government’s original plans to cut unemployment and increase growth have been put on hold because of the global slowdown and drop-off in commodities.

It is having trouble determining how to create more jobs and, due to the fall in metal prices, many of South Africa’s mining companies are considering firing workers in order to decrease further losses. Student riots continue to be a problem and it is believed that these actions have genuinely rattled investors, perhaps contributing to the rand’s 4.3% drop against the dollar since the start of the week!

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Posted October 22nd, 2015 by Charles Purdy

South African Rand falls as police face protestors

The South African Rand weakened yesterday due to social behaviour rather than economic data – as their Finance Minister Nene was delivering their mid-term budget, police had to deal with groups of protestors outside; they fired stun grenades in an attempt to subdue the crowds. This outbreak, coupled with the less convincing comments in Nene’s speech, contributed to a drop of 1.8% against the dollar yesterday. This contributes to the overall 14% loss against the American currency this year. Unfortunately the future doesn’t look any brighter, as the South African government have stated that debt will likely be at 49% of Gross Domestic Product (GDP) by March 2016.

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Posted October 15th, 2015 by Charles Purdy

Renewed vigour for economies in Asia-Pacific?

The Singapore and New Zealand dollars surged against their US counterpart, gaining 1.1% on the US dollar as both nations’ national banks signified their willingness to stimulate the economy. These gains actually lifted the Singapore dollar to its strongest level for four years. Yet, despite this recovery, the Royal Bank of New Zealand is still expected to further reduce the cash interest rate later this month.

At the same time, Consumer Confidence figures rose in Australia for the first time in two months, as optimism surround Malcolm Turnbull’s rise to the prime ministership.

In contrast, both consumer and producer inflation in China fell on Wednesday, citing worries that there is more bad news to come for China. While producer inflation posted yet another negative figure, consumer inflation has been slowly declining over the last couple of months, as the Chinese economy continues to struggle.

Are you looking to buy or sell currencies? With considerable activity in the commodity currencies in particular, contact your trader now for live rates, news and currency purchasing strategies.

Posted October 8th, 2015 by Charles Purdy

Little movement in the minor currencies

There was little data of note out yesterday. Switzerland’s Foreign Currency Reserves came out slightly stronger compared to the previous month, but this didn’t help the Swiss Franc, which fell over 1% against sterling, and 0.5% against the US dollar.

Very much the same for today, The Japanese core machinery orders and Current account was released early this morning and Canada’s New Housing Price Index data, which will be released at 13.30.

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Posted September 30th, 2015 by Charles Purdy

Canadian growth figures due

It was very quiet on the data front again yesterday, with the only notable release being the Raw Materials Price Index (RMPI) out of Canada which was better than expected – however, this had little effect on the market. Today’s release of growth figures at 1.30pm is expected to be the same as last month’s; however, any surprises could have a large influence on the strength of the Canadian dollar.

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