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Forex News – Draghi postpones QE decision for early 2015

Posted on December 4, 2014 at 3:06 pm GMT

Mario Draghi disappointed expectations on delivering hints of future QE by keeping the ECB’s options open on whether to embark on additional stimulus programs and saying that such a decision would be taken in 2015. Overall there was little news for the market to trade on as the ECB would wait until “early 2015” in order to reassess the situation and possibly decide on any fresh measures. There were technical committees working on such possible measures of “unconventional nature”. The [..]

Forex News – Aussie crashes to fresh 4-year low after big miss in GDP numbers

Posted on December 3, 2014 at 11:05 am GMT

News that the Australian economy only grew by a 0.3% rate quarter-on-quarter during Q3 was a significant negative surprise. Economists were expecting the economy to grow by 0.7%. The yearly growth rate was at 2.7% versus 3.1% that was expected. Although these growth rates would probably excite other developed countries, the change in national income, which mainly adjusts for capital consumption (depreciation) and certain taxes, was negative. Contrary to other developed economies, Australia also has positive demographics due to population [..]

Forex News – RBA keeps rate at 2.5% as falling iron ore prices drag economy

Posted on December 2, 2014 at 12:03 pm GMT

The Reserve Bank of Australia held its monthly monetary policy meeting on Tuesday and made a decision to keep its overnight cash rate unchanged at 2.5%. This the 16th consecutive month that the benchmark interest rate has been left at a record low as the central bank attempts to give the economy a chance to recover from the effects of a slowing mining sector and falling export prices. The RBA decision was widely expected by the market which is probably [..]

Forex News – SNB commits to 1.20 EURCHF peg after referendum

Posted on December 1, 2014 at 1:54 pm GMT

A referendum was held on Sunday in Switzerland for a proposal to boost gold reserves. The “Save our Swiss gold” initiative was rejected by a “no” vote by 77% of Swiss voters. If the vote went through, the proposed measures would have required the Swiss National Bank (SNB) to hold 20% of its reserves in gold. The current level of gold reserves is 8%. A “yes” vote would have forced the SNB to buy gold alongside any currency interventions. The [..]

Forex News – Week Ahead – Nonfarm payrolls and ECB are highlights of the week

Posted on November 28, 2014 at 1:51 pm GMT

The European Central Bank policy decision will be closely watched next Thursday and will be one of the main highlights of the week as investors are eager to see whether the ECB will take further steps to bolster the sluggish Eurozone economic recovery. The majority of analysts do not foresee any change in policy at this meeting as the ECB has only recently launched new stimulus measures which include the commencement of a new asset purchase scheme in October. ECB [..]

Forex News – Oil tumbles as OPEC decides not to cut output

Posted on November 27, 2014 at 3:29 pm GMT

Oil prices tumbled below $75 dollars on news reports that ministers from the Organization of the Petroleum Exporting Countries (OPEC) decided to leave oil output unchanged. Brent crude oil dipped to a fresh 4-year low of $74.36 a barrel just before 15:00 GMT on Thursday following comments made by Saudi Oil Minister Ali al-Naimi who broke the news of OPEC’s decision after a 5-hour meeting in Vienna today. Meanwhile, US crude oil fell to $71.50. “That is right,” Naimi told [..]

Forex News – US third quarter GDP revised higher pointing to strong growth ahead

Posted on November 26, 2014 at 2:14 pm GMT

The US dollar rose on better-than-expected growth data on Tuesday but other mixed US data afterwards pared gains with downbeat housing prices and consumer confidence. Real gross domestic product (GDP) – the value of the production of goods and services adjusted for price changes – increased at an annual rate of 3.9% in the third quarter of 2014, according to the “second” estimate released by the US Bureau of Economic Analysis. In the advance estimate, the increase in real GDP [..]

Forex News – Euro pauses decline after upbeat German Ifo

Posted on November 24, 2014 at 10:04 am GMT

The euro erased some losses from Friday’s sharp decline and managed to move back above the key 1.2400 level in early European session trading on Monday. The rebound followed data from the German Ifo Institute that indicated German business confidence rose for the first time in seven months in November. The Ifo Business Climate Index beat expectations and rose to 104.7 from October’s 103.2. This was the first increase since April this year and surprised markets which expected a drop [..]

Forex News – Week Ahead – GDP from across the globe are highlights of the week

Posted on November 21, 2014 at 10:41 am GMT

GDP data appear to be the focus of next week as various countries will be releasing growth figures. The first country to release GDP will be the United States, where an update for the third quarter growth figures are due on Tuesday. This comes after a first estimate showed the US economy expanded at an annualized rate of 3.5%. Any downward revision to the initial figure will concern the Fed. US Flash services PMI for November are out on Monday [..]

Forex News – Eurozone recovery at risk as Flash Composite PMI falls to 16-month low

Posted on November 20, 2014 at 10:51 am GMT

A (source: Markit) A series of business surveys that were released out of the Eurozone today indicated recovery in the area lost steam in November, fuelling concerns over another recession. Business growth was weaker-than-forecast this month and new orders have fallen for the first time in more than a year. The Purchasing Managers’ Index published by Markit showed that the flash composite number for the Eurozone dropped to 51.4 points in November from 52.1 in October. Although the figure is [..]

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