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Forex News – Euro’s post-German IFO rally fizzles out

Posted on August 27, 2013 at 9:18 am GMT

The German Ifo business index for August rises more than expected which is good news for Europe and outlook for its economic recovery. Germany is the Euro zone’s largest economy so the data is important, especially for the euro. The Ifo index rose to 107.5 in August from a reading of 106.2 in July. This was a fourth consecutive monthly increase and more than the expected 107.0. The data give investors confidence that Germany’s economic recovery is improving steadily and [..]

Forex News – USDJPY drops after U.S. durable goods orders fall more than expected

Posted on August 26, 2013 at 12:52 pm GMT

U.S. durable goods orders fell more than expected on Monday and pushed the dollar lower against the yen as markets reacted negatively to the data. USDJPY dropped to 98.25 yen immediately after the data from where it was trading at 98.51 just before the data. The July number fell after three months of increases, indicating manufacturing will be slow to strengthen in the world’s largest economy. Durable goods are goods that are meant to last at least three years. According [..]

Forex News – Dollar crushed after weak nonfarm payrolls

Posted on August 2, 2013 at 12:57 pm GMT

The nonfarm payrolls report crushed all the USD longs as the number of jobs created missed estimates and disappointed markets who now rethink their expectations that the Fed will begin tapering by September. The number of jobs created in July in America’s nonfarm sector was 162,000, which was lower than the forecast for 184,000. Adding to the disappointment was a revision of the previous estimates for hiring in June, which was lowered to 188,000 from 195,000. The unemployment rate fell [..]

Forex News – Sterling jumps after better UK construction PMI

Posted on August 2, 2013 at 9:07 am GMT

Sterling jumped against the dollar and euro after UK construction PMI beat forecasts and hit a three-year high in July. Markets reacted positively to the data as it comes on the back of strong manufacturing PMIs from Thursday. The data is therefore suggesting the British economy is improving and starting the third quarter on a stronger footing. The survey was compiled by Markit and shows the construction PMI rose to 57.0 in July, up from 51.0 in June and its [..]

Forex News – Dollar soars after ISM manufacturing hits 2-year high

Posted on August 1, 2013 at 2:47 pm GMT

The U.S. dollar surged against the yen and other major peers after the ISM manufacturing index rose in July by more than forecast to the strongest since June 2011. The index jumped 4.5 points to 55.4, beating consensus expectation of a gain to 52.0 from June’s 50.9 reading. The data give optimism that manufacturing is recovering and in fact gathering further strength as economic headwinds dissipate. Meanwhile, even before the ISM report the dollar was already strengthening after being boosted [..]

Forex News – Euro weak as Draghi mentions downside risks to Euro zone

Posted on August 1, 2013 at 2:18 pm GMT

The euro is softer against the dollar on Thursday, not changing much after the European Central Bank rate announcement when it left rates unchanged. The single currency had already started to decline just before a press briefing by ECB President Mario Draghi at 1230 GMT. Draghi ‘s remarks were dovish and said that Euro zone growth risks are tilted to the downside. Not surprisingly he repeated that the central bank’s low-rate policy will remain for an extended period of time. [..]

Forex News – Pound jumps after stronger manufacturing PMI

Posted on August 1, 2013 at 8:56 am GMT

Sterling jumped against the dollar after better-than-forecast U.K. manufacturing activity data on Thursday. The Purchasing Managers’ Index (PMI) rose at the fastest pace since March 2011. The index printed a reading of 54.6 in June from an upwardly revised reading of 52.9 in June. This beat expectations for a decrease down to 52.8. Any reading above 50.0 indicates industry expansion. GBPUSD rose 40 pips immediately after the data to a high of $1.5205 as investors were more optimistic about the [..]

Forex News – U.S. GDP rises 1.7 percent, beat forecasts

Posted on July 31, 2013 at 1:47 pm GMT

The U.S. dollar gained across the board after upbeat growth data as well as private nonfarm jobs numbers that gave optimism over the U.S. economic outlook. The U.S. second quarter GDP showed an increase of 1.7 percent, beating the consensus estimate of 1.0 percent. The robust GDP report came after ADP payroll processing firm said 200,000 new private non-farm private jobs were created in the U.S. in July which was above expectations for an increase of 180,000. Markets became more [..]

Forex News – Euro rises after better German jobs data

Posted on July 31, 2013 at 9:00 am GMT

The euro received a boost against the dollar after some upbeat economic data in early European session trading on Wednesday. Germany’s unemployment report came in better than expected, as the number of jobless Germans fell for the second straight month in July, while the official unemployment rate remained steady. The unemployment rate held steady at 6.8 percent in July compared to expectations for a marginal increase to 6.9 percent. According to Germany’s Federal Statistics Office, the number of unemployed people [..]

Forex News – RBA Governor talks of interest rate cuts and weaker AUD

Posted on July 30, 2013 at 2:02 pm GMT

The Australian dollar took a beating on Tuesday following comments by the Reserve Bank of Australia (RBA) Governor Glenn Stevens in Sydney. His speech was titled “Economic Policy after the Booms” at the Anika Foundation Luncheon, supported by Australian Business Economists and Macquarie Bank. Stevens pointed out that the current level of inflation allows the RBA to be more accommodative, signalling that a rate cut is possible if required to stimulate the Australian economy, which has been struggling due to [..]

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