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Fed Rates to Continue at Historic Lows
The greenback fell slightly on Thursday as the Fed announced that interest rates would continue at historical lows and the purchase of Treasuries would be extended for a month. The Fed also had a more positive view of the US economy raising risk appetite and pressuring the dollar. High yielders such as the Australian and New Zealand dollars rose.Investors Cautious in Advance of FOMC Meeting
Currency traders and investors became somewhat cautious in advance of Wednesday’s FOMC statement. The US dollar fell from a one and a half week against the euro and the dollar struggled against the yen in a trading session that many described as ‘choppy.’ Forex markets saw waning risk sentiment in advance of the Fed’s rate decision.Dollar Pushed to Five Month Low
The US dollar has been getting slammed for the last two weeks in global forex currency trading. Last week there were concerns about the triple A credit rating of the US being downgraded which sent the dollar to a five month low against the euro. Fears of a downgrade faded after Moody’s Investor Service affirmed the credit rating of the US. The euro to dollar rate rose to $1.41 for the first time in 2009 as risk appetite rose on hopes that the global recession is easing.Dollar Up Against Euro on German Banking Concerns
The dollar rose against the euro on concerns about Germany’s banks brought the Euro’s rally to a halt. Improving consumer confidence also helped the dollar to euro exchange rate. Weak Euro Zone data also put pressure on the euro. The Conference Board’s U.S. consumer confidence index rose to 54.9 significantly higher than the 42.0 that had been predicted for May.Use Caution When Downloading an Online Forex Converter
There are many currency converters available online. A few are well known like the Yahoo and the popular XE Universal Currency Converter. These are well known and trusted sites. Other well known and trusted include Bloomberg, CNN Money, and many others operated by reputable companies. All of these sites offer global currency exchange rates in real time.New Forex Opportunities
Currency markets were active last week and Friday’s US jobs report showed better than expected results. The report showed a deceleration of US job losses but this time the reaction of investors was different. In the past good economic news put downward pressure on the dollar as investors dumped dollar denominated assets in favor of higher yielding currencies.Finding a Currency Converter
Currency converters serve many purposes. Travelers find currency converters invaluable when calculating transactions in foreign currencies. Business that engage in international trade use currency converters to keep a sharp eye on currency exchange rates which can easily mean increased or diminished profits.A Difficult Market
Last week currency trading was largely affected by second quarter US corporate earnings reports. The stellar performance of Goldman Sachs, Intel and JP Morgan triggered a slight rise in risk sentiment among investors and currency traders. These results were followed by bad news from General Electric and Bank of America Corp.Currency Converters For Online Merchants
The internet has taken business to a whole new level. Since the internet is global in scope entrepreneurs are often faced with problems that present themselves when doing business internationally. The e-businessman is more than likely to encounter foreign currencies and the difficulties currency conversion presents.Mobile Currency Converters
Mobile technology has profoundly changed the way people communicate and do business. People are now able to communicate from anywhere with mobile service and mobile technology also allows access to the internet from almost any location. Mobile technology has also changes currency trading. Day traders are no longer limited to a stuffy office and trade currencies while on the go.The Popularity of the Yahoo and XE Currency Converters
For forex day traders a currency converter is an absolute necessity. The currency, or forex, market is the worlds largest and also the most volatile. Currency exchange rates can, and do, change several times daily. Most day traders use an online currency converter and many of these are updated regularly in real time.‘Green Shoots’ Drying Up
For the last two months forex traders and investors have been reading about the ‘green shoots’ of recovery theory which has affected currency exchange rates. Although many experts warned that the optimism displayed was premature investors searched for signs that the worst of the global recession was over. Recent unemployment data from the US and weak industrial figures from the US combined with poor stock market performance have left doubts about the progress of global recovery.Dollar Holds on to Last Week’s Gains
Mr. Mahon also suggested that investors are waiting to see if last week’s dollar rally is a sign that the correlation between the dollar and risk sentiment is breaking down. Since the current recession began bad news has helped the dollar and good news has put downward pressure on the greenback.