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Forex News – Dollar falls after US jobless claims rise

Posted on July 25, 2013 at 1:18 pm GMT

US data was mixed today, with durable goods orders beating expectations but jobless claims rising slightly. The figures were not enough to move dollar higher, and it was quickly sold off soon. Data from the U.S. Department of Labor showed that the number of Americans applying for initial unemployment benefits rose by 7,000 to 343,000 in the week ended July 20 from a revised 336,000 the prior period. The figure was a touch over analyst expectation of 340,000. The slight [..]

Forex News – Sterling falls after UK GDP fails to beat expectations

Posted on July 25, 2013 at 9:10 am GMT

The British pound dropped against the dollar immediately after U.K. second quarter GDP data. Despite the number coming in as forecast, the markets would have preferred a higher number and so sold off the pound. The British economy grew by 0.6 percent in the months from April to June, following a 0.3 percent expansion in the first quarter of the year. Helping drive growth was a strengthening services sector, which makes up the majority of the U.K. economy. GBPUSD is [..]

Forex News – German IFO marginally higher

Posted on July 25, 2013 at 8:22 am GMT

The euro pushed higher against the dollar after the German IFO data on Thursday on signs Europe’s largest economy is recovering. A report from the IFO think tank said its business climate index increased from 105.9 in June to 106.2 in July. The index has increased for a third consecutive month and this is positive for investors because Germany is seen as Europe’s powerhouse. The IFO data is based on a monthly survey of some 7,000 firms in Germany, which [..]

Forex News – USDJPY jumps after U.S. home sales beat forecasts

Posted on July 24, 2013 at 2:29 pm GMT

The dollar jumped some 20 pips against the yen immediately after upbeat U.S. home sales data. New home sales rose to a five year high in June by 8.3 percent at a 497,000 annual rate, according to the latest data from the U.S. Census Bureau. This is the fastest rate of increase since May 2008 and is above the forecast of 482,000 units. However May’s reading was downwardly revised by 17,000 to 459,000 from 476,000. The rise in home sales [..]

Forex News – Euro zone shows signs of recovery after PMI data

Posted on July 24, 2013 at 1:31 pm GMT

The Euro zone Purchasing Managers Index (PMI) figures were released on Wednesday, coming in a bit stronger than expected, giving optimism to the markets that the Euro-region’s economy is emerging from the recession. Recently, alot of the data from the Euro zone has been improving and has a tendency to the upside, which is helping support the single currency as well and is giving a relative improvement in the perception of Euro zone data. According to a report from London-based [..]

Commodities – Gold hovers at one-month high

Posted on July 23, 2013 at 2:24 pm GMT

Gold has made some good gains in the past four weeks, moving off a near three-year low of $1,180 hit on June 28. Gold has since gained over $160 an ounce to reach $1,338 this week. Helping bullion’s rise was dollar weakness. The two assets usually have an inverse price relationship. A softer dollar that made assets priced in the USD cheaper for holders of other currencies. The dollar was sold off last week after the U.S. Federal Reserve Chairman [..]

Forex News – USDJPY extends lower after US existing home sales fall

Posted on July 22, 2013 at 2:16 pm GMT

The dollar slid against the yen after some disappointing U.S. economic data on the housing sector. USDJPY extended losses from a pre-data price of 99.53 to fall to 99.27 yen a few minutes after the release of the U.S. existing home sales data at 10am New York time on Monday. According to a report released by the U.S. National Association of Realtors, the number of existing home sales fell by 1.2 percent in June to 5.08 million, versus an expected [..]

Forex News – G20 Moscow meeting pleges to boost global growth

Posted on July 22, 2013 at 1:52 pm GMT

The Group of Twenty (G20) held a two day meeting in Moscow on Friday and Saturday where finance ministers and central bankers of the world’s twenty most riches countries gathered to discuss the global economy. The gathering in Moscow is seen as a precursor to September’s G20 summit in St. Petersburg. On the agenda was mostly talk of global growth and how to nurture a global economic recovery without the need for more austerity. Also, avoiding currency wars by “carefully [..]

Forex News – Post-election concerns arise over commitment to Abenomics

Posted on July 22, 2013 at 11:08 am GMT

Japan’s ruling Liberal Democratic Party (LDP) led by Prime Minister Shinzo Abe, has won victory in last Sunday’s Upper House elections, meaning Abe now has control of both chambers in the parliament. The LDP first won majority for the Lower House seats back in December 2012, leading to a “bicameral parliament” but after winning the majority of seats in the Upper House this weekend, Abe now has more control over government policies. It especially gives him a stronger mandate for [..]

Forex News – Dollar extends gains after U.S. jobless claims fall

Posted on July 18, 2013 at 12:52 pm GMT

The dollar rose against the yen and the euro after U.S. jobless claims numbers drop to a two-month low as there were less firings of employees. The number of Americans applying for first time unemployment benefits dropped by 24,000 in the week ended July 13th, bringing the total claims number down to 334,000 from the previous week’s 358,000 (which was revised down from an initial reading of 360,000). Today’s number was slightly below the forecast of 345,000 claims, and is [..]

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