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Forex News – USDJPY breaks 100 yen level after Kuroda comments

Posted on September 5, 2013 at 8:49 am GMT

The Japanese yen was weaker on Thursday after the Bank of Japan policy meeting announced no change in the central bank’s monetary policy plan as it sees the economy growing and continuing its path to recovery. The BOJ Governor Haruhiko Kuroda mentioned in a news conference that for now the central bank sees no need to take additional stimulus measures. “Japan’s economy is likely to continue recovering moderately as a positive cycle of output, income and expenditure kicks in,” Kuroda [..]

Forex News – UK Services PMI strongest in almost 7 years, lifts sterling

Posted on September 4, 2013 at 9:01 am GMT

Sterling rose after Britain’s dominant services sector grew at its fastest pace in almost seven years last month, suggesting a nascent economic recovery is rapidly building steam, a monthly industry survey showed on Monday. The Markit/CIPS services purchasing managers’ index (PMI) leapt to 60.5 from July’s 60.2. This is the highest level since December 2006 and a surprise from economists forecast of a decline to 59.0. Meanwhile in July, the PMI had also risen from the previous month’s 56.9 in [..]

Forex News – Sterling jumps after UK construction PMI rises most since 2007

Posted on September 3, 2013 at 8:58 am GMT

Sterling jumped almost 30 pips against the dollar on Tuesday after data showed expansion in the U.K. construction sector in August, giving a signal that the economy is gathering pace. According to data from Markit/CIPS construction purchasing managers index (PMI) rose to 59.1 last month at the fastest pace in nearly six years to its highest level since September 2007 driven by residential building. The PMI rose from 57.0 in July, staying far above the 50 mark level demarcating growth [..]

Forex News – Reserve Bank of Australia Policy Statement

Posted on September 3, 2013 at 7:38 am GMT

The following is a statement by Glenn Stevens, Governor: Monetary Policy Decision, Septmeber 3, 2013. At its meeting today, the Board decided to leave the cash rate unchanged at 2.5 per cent. Recent information is consistent with global growth running a bit below average this year, with reasonable prospects of a pick-up next year. Commodity prices have declined from their peaks, but generally remain at high levels by historical standards. Inflation in most countries remains well contained. Overall, global financial conditions remain [..]

Forex News – Sterling boosted after strong UK manufacturing PMI, Euro zone also improves

Posted on September 2, 2013 at 8:45 am GMT

The final Euro zone Manufacturing PMI index hit a 26-month high of 51.4 in August, up from July’s 50.3. Germany, which is Europe’s largest economy, showed impressive activity in its manufacturing sector as its PMI hit a 25-month high. All Euro zone member countries with the exception of France showed improved PMIs and all countries except France and Greece recorded PMIs above 50.0. Any number above 50.0 shows expansion while below shows contraction. Strong orders for manufactured [..]

Forex News – Dollar ends week higher as focus reverts to Syria

Posted on August 30, 2013 at 8:34 pm GMT

The markets focus apparently has turned back on Syria late on Friday, just when early in the global day fears of a military strike had eased. However in the U.S. session, markets were roiled again after remarks from U.S. President Obama and Secretary of State John Kerry. During a press conference today Secretary John Kerry declared there was “clear” and “compelling” evidence that the government of President Bashar al-Assad had used poison gas against its citizens. The Obama administration presented [..]

Forex News – Dollar jumps after GDP rises and jobless claims fall

Posted on August 29, 2013 at 12:50 pm GMT

The U.S. dollar jumped against the yen after better-than-expected GDP data as well as jobless claims data on Thursday. Initial jobless claims decreased by more than forecast last week (ending August 24) as the number of applications Americans made for benefits fell 6,000 to 331,000 from a revised 337,000. This was much more than the average forecast by economists for a drop to 332,000. Jobs data are very important for the Fed and as long as jobless claims continue to [..]

Forex News – U.S. Pending Home Sales unexpectedly decline in July

Posted on August 28, 2013 at 2:18 pm GMT

Disappointing U.S. housing data on Wednesday showed the Pending Home Sales Index fell 1.3 percent in July, the second monthly decline in a row. Expectations were for pending home sales to rise by 0.2 percent, to improve from June’s decline of 0.4 percent. Rising home prices are having an impact on home purchases, especially in the South and Mid-West regions of the U.S. The Pending Home sales index signed sales contracts, and is released about a week later than Existing [..]

Forex News – Yen weakens as BOJ reaffirms monetary policy to reflate economy

Posted on August 28, 2013 at 1:19 pm GMT

The dollar was given an opportunity to rebound against the yen after the Japanese currency fell on comments by the Bank of Japan Deputy Governor Kikuo Iwata on monetary policy. Iwata spoke to business leaders at a meeting in Kyoto on Wednesday, reiterating that the Bank of Japan aims to achieve a 2 percent inflation target within two years and also will continue with quantitative easing until this target is met. “Our goal is to achieve 2 percent inflation as [..]

Forex News – USDJPY jumps after Consumer Confidence unexpectedly rises

Posted on August 27, 2013 at 2:19 pm GMT

The U.S dollar rose against the yen after data showed that the U.S. Conference Board’s Consumer Confidence Index rose to 81.5 in August from 81.0 (revised up from 80.3). This gain was surprisingly good considering the median estimates were for a dip to 79.0. USDJPY jumped from a pre-data level of 97.39 to 97.50 within minutes of the news. It is hoped that with stronger consumer confidence this would translate into more borrowing and spending, which would bolster job growth [..]

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