Forex Previews

Forex News – China posts a trade surplus in April

Posted on May 8, 2013 at 7:17 am GMT

China trade data released on Wednesday beat forecast and the trade surplus increased by 14.7 per cent in April, up from a previous 10 per cent increase. The $18.2bn surplus is much more than the expected $15. billion predicted. The main driver behind the increase in the trade balance was a surge in export numbers. According to data, exports rose 14.7 from last year, accelerating from March and topping most forecasts. Imports increased 16.8 per cent in April from a [..]

Forex News – Euro lifted by strong German factory orders data

Posted on May 7, 2013 at 11:18 am GMT

The euro jumped 0.4 percent against the dollar immediately after the release of strong German economic data. According to the German Economy industry on Tuesday, German industrial orders increased in March by 2.2 percent. This was more than the 0.5 percent decrease that was expected. February numbers were revised higher to 2.2 percent. Today’s data was a sigh of relief to investors who now see that the euro zone’s largest economy and engine of growth is showing signs of recovery [..]

Forex News – AUDUSD reached two-month low after RBA rate cut

Posted on May 7, 2013 at 8:14 am GMT

The Australian dollar fell to its weakest level in two months versus the greenback after the Reserve Bank of Australia announced it cut the benchmark interest rate to a record low on Tuesday. The main lending rate has now been reduced by 25 basis points from 3.0 percent to 2.75 percent. The central bank was under pressure to take steps to stimulate the economy in the wake of recent deteriorating economic data and the country is facing a fading mining [..]

Forex News – Sterling lifted by strong UK services PMI

Posted on May 3, 2013 at 11:41 am GMT

Sterling gained 0.2 percent to hit a session high of $1.5570 on Friday after data showed the services sector expanded at its fastest pace in eight months. Britain’s service sector makes a large part of the economy, so the data is quite encouraging and helped boost the pound. According to data, the purchasing manager’s index (PMI) for the service sector beat estimates and printed a reading of 52.9 in April, versus the 52.4 forecast. The data comes a day after [..]

Commodities News – Gold gains as ECB continues with loose monetary policy

Posted on May 3, 2013 at 8:24 am GMT

Gold has gained 1.5 percent since the announcement of interest rate cuts by the European Central Bank on Thursday to a record low 0.5 percent. As the president of the ECB, Mario Draghi said the central bank will continue with stimulus measures, this pushed investors to the safe haven precious metal. Analysts have attributed recent strength in gold prices to expectations that central banks across the world are increasingly adopting looser monetary policy and flooding the financial system with money. [..]

Forex News – Dollar rises after US jobless claims fall

Posted on May 2, 2013 at 8:33 pm GMT

The dollar rose to the highest level against the yen on Thursday after upbeat US employment related data. A report showed the number of Americans filing initial jobless claims dropped sharply last week to its lowest level since the 2008-09 recession. The data is encouraging and give optimism that the US labor market is still healing even though there are still sign of weakness in the broader American economy. New filings for state unemployment benefits dropped 18,000 to a seasonally [..]

Forex News – Sterling lifted after UK construction PMI beats estimates

Posted on May 2, 2013 at 9:51 am GMT

Sterling rose against the dollar after UK construction PMI data showed the building sector returned to growth in April. The sector showed the best performance in six months and gave optimism that construction growth will help improve the UK GDP. The construction industry has been the biggest drag on the country’s economic growth between January and March, cutting 0.2 percentage points off economic growth in the period. The construction PMI data compiled by Markit/CIPS showed an increase to 49.4, just [..]

Forex News – German manufacturing PMI declines

Posted on May 2, 2013 at 8:39 am GMT

Germany manufacturing activity remains in contraction territory in April as indicated by the purchasing manager’s index (PMI) compiled by Market/BME. The index showed a reading of 48.1, down from 49.0 in March, the latest reading indicated a moderate worsening of overall business conditions, and the rate of deterioration was the most marked since December 2012. A number below 50 indicates contraction, above 50 is expansion. Consumer goods producers recorded the fastest rate of contraction. Germany is Europe’s largest economy and [..]

Forex News – FOMC Statement highlights

Posted on May 1, 2013 at 8:07 pm GMT

The following are highlights of the statement from the Federal Reserve’s Federal Open Market Committee issued on Wednesday following a two-day meeting on interest rate policy: “Information received since the Federal Open Market Committee met in March suggests that economic activity has been expanding at a moderate pace. Labor market conditions have shown signs of improvement in recent months, on balance, but the unemployment rate remains elevated. Household spending and business fixed investment advanced, and the housing sector has strengthened [..]

Forex News – Sterling jumps after UK manufacturing PMI beats estimates

Posted on May 1, 2013 at 9:20 am GMT

Sterling jumped against the dollar after UK manufacturing PMI ticked up more than expected in April. The headline index printed at 49.8 versus 48.6 projected and increased from March which was revised higher to 48.6. GBPUSD jumped to $1.5589 a few minutes after the data at 0930 London time from $1.5550. While the PMI number is still in contraction territory (below 50), the economy only slightly contracted in April compared to deeper falls in the previous two months. The manufacturing [..]

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