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Euro’s Rally Halted After Greece’s Credit Rating Dropped

The euro halted its rally against the U.S. dollar and the Japanese yen today as the fears that the European debt crisis will spread resurfaced after Moody’s Investors Service reduced Greece’s credit rating.

Lower Greece’s Credit Rating Drives Rupee Down

The Indian rupee went down today after Moody’s Investors Service reduced Greece’s credit rating, refueling the concerns that the problems in Europe will slow the global economic recovery.

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This was not bad week for the euro as the currency rose against some other majors, though the European currency is far from doing well as many other most-traded currencies outperformed it.

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Concern for Global Recovery Goes Away, Helping Euro

The euro extended its rally today as the concerns that the troubles in Europe would slow the global economic recovery eased and the risk sentiment among the investors improved.

The economic growth in the U.S. and Asia weakens the impact of the European crisis on the global growth. The MSCI World Index of global stocks gained 0.3 percent, the fourth consecutive increase. Jean-Claude Trichet, the president of the European Central Bank, said yesterday that the bank would continue to buy the government bonds and to offer unlimited cash to aid in the fight with the crisis.

EUR/JPY traded at 111.17 as of 9:58 GMT today after opening at 110.74. EUR/USD traded near its opening level of 1.2122.

If you want to comment on the Euro’s recent action or have any questions regarding this currency, please, feel free to reply below.

Pound Weakens as Manufacturing Declines

The Great Britain pound weakened today after the set of unfavorable reports was released, causing concern that the budget cuts, planned in order to fight the budget deficit, would have negative impact on Britain’s struggling economy.

Total production output decreased by 0.4 percent between March and April. Month on month the output prices measure for all manufactured products rose 0.3 percent in May, compared to the predicted increase of 0.6 percent and the 1.6 percent growth in April.

GBP/USD traded today at about 1.4642 as of 10:40 GMT after opening at 1.4712.

If you want to comment on the Great Britain pound’s recent action or have any questions regarding this currency, please, feel free to reply below.

Declining U.S. Retail Sales Boosted U.S. Currency

The U.S. dollar rose against other major currencies today after the report showed the decrease of the retail sales, causing the doubt whether the global economic recovery would keep its pace.

The U.S. retail sales provided an unpleasant surprise by declining 1.2% in May, while they were expected to increase by 0.2%. While these news might hurt the U.S. currency, the greenback managed to appreciate. The experts say that the currency actually benefited from the ensuing risk aversion sentiment.

The markets are on the look-out for the bad news, always ready to shy away from the risk and stick to the safety. And the U.S. brought the bad news today, yet the U.S. currency profited from them as it’s still considered the safe currency.

EUR/USD traded today at about 1.2070 as of 17:07 GMT after opening at 1.2122. USD/JPY rose to 91.62 from the opening price of 91.34.

If you want to comment on the U.S. dollar’s recent action or have any questions regarding this currency, please, feel free to reply below.

Canadian Dollar’s Rally Falters on Low U.S. Retail Sales

The Canadian dollar halted its

four-day rally today after the report that the retail sales in the U.S. fell unexpectedly caused concern about the global economy and weakened the currencies tied to growth.

The retail sales in the U.S. rose 0.6 percent in April and were expected to increase further by 0.2 percent in May. Therefore, the traders were completely unprepared for the 1.2 percent decline in May. The impact of this data is resounding throughout the markets and affecting the currency.

The economists say that the reason for the loonie’s present underperformance is the sentiment toward risk aversion. The Canadian economy has the strength to help the currency to outperform its counterparts in the long run, though.

USD/CAD trade at 1.0384 today as of 18:28 GMT after opening at 1.0300. CAD/JPY dropped to about 88.16 down from its opening level of 88.66.

If you want to comment on the Canadian dollar’s recent action or have any questions regarding this currency, please, feel free to reply below.