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Forex News – AUDNZD tumbles after dismal Australia jobs and hawkish RBNZ

Posted on September 12, 2013 at 7:39 am GMT

AUDNZD was hit hard during the Asia session, as the Australian dollar took a double blow as a result of disappointing Australian jobs data while a hawkish Reserve Bank of New Zealand strengthened the kiwi, thereby resulting in two spikes lower for the antipodean pair. Australia’s unemployment rate hit a four-year high, up 0.1 percent to 5.8 percent in August from July while the number of full time jobs lost in the economy was more than expected. Economists had predicted [..]

Forex News – UK unemployment drops to lowest this year, sterling strengthens

Posted on September 11, 2013 at 11:07 am GMT

Sterling jumped to a fresh seven month high against the dollar after upbeat U.K. jobs data on Wednesday, adding to expectations that the Bank of England could raise interest rates sooner than expected. According to a report from the Office for National Statistics, Britain’s unemployment rate dipped to 7.7 percent in the three months ending in July from 7.8 percent previously. This was the lowest jobless rate since September-November 2012 as the number of people without a job on the [..]

Forex News – Norway Krone boosted by rising inflation and election results

Posted on September 10, 2013 at 12:59 pm GMT

Norway’s krone was the best performing G10 currency on Tuesday after being boosted by a combination of a national election outcome and much higher than expected inflation. The Conservative party won a majority in Monday’s election and have pledged to cut income and wealth taxes, boost investments in infrastructure and ease mortgage lending regulations. Fifty-two year old Conservative leader Erna Solberg will now need to put together a coalition. Meanwhile, data today showed Norway’s underlying inflation rate accelerated more than [..]

Forex News – China industrial output beats forecasts

Posted on September 10, 2013 at 8:06 am GMT

China released some important economic data on Tuesday that gives evidence the world’s second largest economy is on track to recovering from a recent slowdown. China’s industrial output growth beat forecasts in August, while retail sales also beat expectations. Industrial production rose +10.4 percent y/y, up from a previous +9.7 percent, and above +9.9 percent forecast. Retail sales were up +13.4 percent y/y from +13.2 percent. The data lifted risk appetite in markets today, both for currencies as well [..]

Forex News – Canadian dollar gains after record high building permits

Posted on September 9, 2013 at 2:54 pm GMT

The Canadian dollar gains versus the U.S. greenback after the release of Canadian building permits data which rose to a record in July, up 20.7 percent from June. The total value of building permits continued to trend upward on the strength of six gains in seven months. The gain exceeded all 10 forecasts in a Bloomberg economist survey that had a median increase of 4.4 percent increase. The main driver behind the increase was in the non-residential sector as a [..]

Forex News – Aussie at 3-month high after Australian elections, China data

Posted on September 9, 2013 at 8:11 am GMT

The Australian dollar hovers at a three-month high against the U.S. dollar on Monday, being supported by upbeat China data as well as news of an election victory by Conservative Party leader Tony Abbott over the weekend. Abbott’s Liberal-National Party coalition had won around 52.6 percent of the national vote, and projected it would win at least 88 seats in the 150-seat parliament. “From today I declare that Australia is under new management and Australia is once more open for [..]

Forex News – Tokyo Olympics will boost Japan economy and help Abenomics

Posted on September 9, 2013 at 7:27 am GMT

Japan won the bid to host the 2020 Olympic Games in Tokyo after the International Olympic Committee announced the news over the weekend and the stock markets in Tokyo were quick to react at the start of trading on Monday. The Nikkei opened up almost 3.0 percent as investors speculated there would be a boom in the Japanese economy as construction, real estate and sportswear firms will benefit greatly. It is expected that the Tokyo Olympics will cement the current [..]

Forex News – Dollar tumbles after Nonfarm Payrolls below forecast

Posted on September 6, 2013 at 12:56 pm GMT

The U.S. dollar tumbled across the board after disappointing jobs report. The highly anticipated Nonfarm Payrolls report showed a lower than expected number of new jobs added to the American economy in August. Economist had predicted 180,000 new positions but only169,000 were created, but still above July’s dismal 104,000. The unemployment rate dropped to a 4-1/2 year low of 7.3 percent, however, this was due to more workers giving up the search for work. The data today could delay the [..]

Forex News – Dollar up after strong US service sector growth and jobs data

Posted on September 5, 2013 at 2:32 pm GMT

The U.S Dollar jumped higher after economic data showed the U.S. service sector expanded more than expected in August, at its fastest pace in more than two years. A report compiled by the Institute for Supply Management showed that the business activity index rose to 58.6 in August from 56.0 a month earlier. This surprised economists who had forecast a decline in the reading. A reading above 50 indicates expansion. Driving the index higher were companies which increased hiring and [..]

Forex News – ECB Chief Mario Draghi Press Conference

Posted on September 5, 2013 at 2:00 pm GMT

The following are some extracts from a press conference that ECB President Mario Draghi held after the ECB policy meeting on Thursday. The ECB left its main interest rate unchanged at a record low of 0.50 percent. ON INTEREST RATES “On the interest rate cut, there was a discussion like we do all the time. We discuss the state of our monetary policy stance at each point in time. We discuss interest rates and other [..]

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