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Forex News – Sterling jumps after UK retail sales rise

Posted on July 18, 2013 at 9:05 am GMT

Sterling reversed earlier losses after strengthening against the dollar following positive U.K. retail sales data giving investors optimism that the economic recovery might be gaining ground. The U.K. Office for National Statistics released figures showing that core retail sales increased for the second straight month in June by a seasonally adjusted 0.2 percent. These figures exclude automobile sales. This was in line with expectations but did not match May’s increase of 2.3 percent. Year-over-year, retail sales rose at an annualized [..]

Forex News – Bernanke reiterates Fed tapering depends on data

Posted on July 18, 2013 at 8:01 am GMT

Federal Reserve Chief Ben Bernanke gave his testimony on the U.S. economy to the U.S. Congress on Wednesday, providing nothing new as he reiterated that the Fed will slow asset purchases later this year as long as the economic data improve. “Our asset purchases depend on economic and financial developments, but they are by no means on a preset course,” Bernanke said. The Fed Chairman stressed that the current $85 billion monthly pace of bond purchases could be reduced “somewhat [..]

Forex News – Pound jumps after upbeat UK jobs data and BOE minutes

Posted on July 17, 2013 at 9:40 am GMT

Sterling jumped against the dollar rand the euro on Wednesday after investors reacted positively to the minutes of the last Bank of England policy meeting on July 3-4 that were released at 9:30 am London time. The central bank’s Monetary Policy Committee (MPC) voting pattern was revealed, showing all MPC policy makers voted unanimously to keep the BOE’s quantitative easing program unchanged. This was new BOE governor Mark Carney’s first meeting, and the MPC voted 9-0 to keep the target [..]

Forex News – German ZEW economic sentiment falls, euro briefly falls

Posted on July 16, 2013 at 10:24 am GMT

The euro fell against the dollar after a disappointing report on the German ZEW economic sentiment. The data showed that analyst and investor sentiment in Germany was more pessimistic, mainly driven by a series of weak Euro zone data recently. The ZEW survey is an important indicator because it is a survey of about 275 German institutional investors and analysts who are asked to rate the relative 6-month economic outlook for Germany. The data is important because Germany is Europe’s [..]

Forex News – Sterling falls after UK inflation rate lower-than-forecast

Posted on July 16, 2013 at 10:06 am GMT

Sterling fell against the dollar after U.K. inflation numbers misses forecasts on Tuesday, raising expectations that the Bank of England now has more leeway to provide extra stimulus for the economy. This led investors to expect interest rates to remain at record lows for a while longer. A report from the Office for National Statistics showed the CPI reading in June hit 2.9 percent, up from 2.7 percent in May but lower than the 3.0 that was expected. The BOE’s [..]

Forex News – France downgraded from AAA by Fitch

Posted on July 15, 2013 at 8:43 am GMT

France lost its prized “triple A” credit rating again after being downgraded this time by Fitch ratings agency on Friday. France’s credit rating was lowered to AA+ from AAA as Fitch cited large debt and uncertain economic outlook as well as a need for structural reform. The outlook remains “stable”. Standard & Poor’s was the first agency to downgrade France, giving it an AA plus with a negative outlook. Moody’s rates it Aa1 with a negative outlook. France is [..]

Forex News – Markets show relief as China growth as expected

Posted on July 15, 2013 at 8:10 am GMT

China’s second quarter growth was reported as expected by the country’s National Bureau of Statistics. The world’s second largest economy’s annual economic growth slowed to 7.5 percent from 7.7 percent, recording the second straight quarter of slower growth. Currencies did not react negatively since this was already discounted by the markets. Many investors were even expecting more downside than forecasts, especially after dismal trade data published last week. Driving growth lower was mainly due to a weakness in exports and [..]

Commodities News – Gold pauses four-day rally

Posted on July 12, 2013 at 1:09 pm GMT

Gold’s four-day rally has paused on Friday, turning back lower but still on track for t he biggest weekly gain in nearly two years. The rally began on Monday and accelerated after Federal Reserve Chairman Ben Bernanke said late on Wednesday that the Fed will continue with stimulus measures until more improvement in the U.S. labor market. This led investors to change their expectations that the Fed was going to begin scaling back its bond purchase program in September as [..]

Forex News – U.S. jobless claims rise more than expected

Posted on July 11, 2013 at 1:36 pm GMT

Initial jobless claims in the U.S. rose to a two-month high according to data released by the Labor Department today. The number of Americans applying for unemployment benefits for the first time increased last week by 16,000 to 360,000 in the week ended July 6. This was higher than the previous week’s revised 344,000 claims. Today’s figure was more than analysts forecast of between around 340-342,000 claims. However markets did not react as much to these numbers since July is [..]

Forex News – Bank of Japan optimistic on Japan’s growth outlook

Posted on July 11, 2013 at 11:27 am GMT

The Bank of Japan (BoJ) released its monetary policy statement on Thursday and gave an optimism outlook on the Japanese economy. It is the first time in two years that the central bank has said the country’s economy is starting to recover and is path towards expansion. This gives an indication that “Abenomics” is working so far (stimulus measures named after Prime Minister Shinzo Abe, who took office late last year. Last April, the BoJ put in place a multi-billion-dollar [..]

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