Currencies Tumble Across The Board -- Mexico's Peso Bucks the Trend
01/07/2011 0 comments
MyPlanIQ tracks trends in multiple categories using ETFs. For more information, please visit MyPlanIQ 360 Degree Market View. After a couple of positive weeks, currencies tumble. Only the Mexican Peso bucks the trend and on that basis pops into the top three.
The bottom of the table remains the same although the Real should break out of there before too long.
| Assets Class | Symbols | 01/05 Trend Score | 12/29 Trend Score | Direction |
|---|---|---|---|---|
| Australia Dollar | FXA | 6.0% | 10.31% | v |
| Mexican Peso | FXM | 3.47% | 2.59% | ^ |
| Swedish Krona | FXS | 3.42% | 4.25% | v |
| Japanese Yen | FXY | 2.82% | 5.73% | v |
| Swiss Franc | FXF | 2.81% | 6.42% | v |
| Canadian Dollar | FXC | 2.37% | 3.57% | v |
| G10 Carry Trade | DBV | 1.59% | 2.34% | v |
| Chinese Yuan | CYB | 0.4% | 0.5% | v |
| US Dollar Bearish | UDN | -0.63% | 1.34% | v |
| British Pound | FXB | -1.15% | -0.45% | v |
| Euro | FXE | -2.37% | -0.26% | v |
| Brazilian Real | BZF | -4.52% | -3.79% | v |
Despite strong fundamentals, the Australian Dollar has fallen to two week lows as confidence on growth waned in the wake of heavy flooding in Queensland. It still heads the table by some distance as it remains well poised as China drives demand.
The Mexican peso's entrance into the top three could be a New Year phenomenon, as investors look forward to decent economic growth. In addition, the Mexican peso has become aligned with copper and crude oil prices, both of which Mexico produces and both of which are considered hot commodity items.
The Real was hit by concerns of Brazilian banks shorting the US Dollar as the currency has already appreciated 37% against the Greenback.
The Euro and the pound trade places at the bottom as they are mired with debt and austerity issues that will continue to drag on the currency even though the Euro has done better against some of the world currencies.
We will see who returns to positive territory next week.
labels:investment,
Symbols:FXA,FXM,BZF,FXY,FXC,FXF,FXS,DBV,CYB,UDN,FXB,FXE,
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