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Forex News – Canadian dollar gains after strong GDP data

Posted on April 30, 2013 at 2:54 pm GMT

The Canadian dollar strengthened against the US dollar after better than expected Canadian GDP data on Tuesday. The Canadian economy expanded by a surprisingly faster rate for the month of February, growing at 0.3 percent versus 0. 2 percent expected. Meanwhile, Statistics Canada, government statistics agency, also revised upward GDP for January, to 0.3 percent from 0.2 percent. The main driver behind growth was growth in the oil and gas and manufacturing sectors as well as potash mining. The Canadian [..]

Forex News – Euro zone inflation falls, unemployment hits record high

Posted on April 30, 2013 at 9:24 am GMT

Euro fell after euro zone inflation data came in lower than the expected 1.6 percent in April and the jobless rate rose. Euro zone CPI data this morning showed that inflation has fallen to a three year low, while the unemployment rate for the region rose to 12.1 percent printing a new record high. The data makes it more likely that the European Central Bank will cut interest rates at its policy meeting later this week. Speculation is growing that [..]

Commodities News – Gold prices rebound on weak dollar

Posted on April 29, 2013 at 11:56 am GMT

Gold prices have rebounded from Friday’s sharp dip, climbing steadily in Monday trading to recover most losses. A weak dollar is helping spur buying and buoying the precious metal. The two assets usually have an inverse price relationship. If gold is priced in USD, a weaker dollar makes it cheaper for holders of other currencies to buy gold. Gold prices have climbed over $16 in trading so far today to $ to $1,478.57 an ounce. Since Friday’s low of $1,447, [..]

Forex News – Euro lifted by lower Italy bond yields and formation of Italy government

Posted on April 29, 2013 at 10:00 am GMT

Italy formed a new government on Saturday, after Enrico Letta took over as Prime Minister, ending two months of political uncertainty and gridlock after February’s inconclusive elections. 46-year-old Letta is a moderate leader of the country’s center-left Democratic Party, and his cabinet is a mix of center-right and center-left officials. center-right leader and former Prime Minister Silvio Berlusconi is included in the alliance. German Chancellor Merkel called Letta to congratulate him, invited him to visit Berlin. Currency markets reacted positively [..]

Forex News – Dollar falls after US GDP misses estimates

Posted on April 26, 2013 at 1:13 pm GMT

The dollar fell against the yen after US Gross Domestic Product data disappointed and missed estimates on Friday. First quarter real GDP expanded at 2.5 percent on an annualized basis, lower than forecasts of a 3.0 percent increase. However, this was still higher than last quarter’s meagre 0.4 percent growth. A breakdown of the GDP components were mixed, showing that personal consumption expenditures contributed to growth while cuts in defense spending helped. Consumer spending, the biggest part of the US [..]

Forex News – Sterling jumps as UK avoids triple-dip recession

Posted on April 25, 2013 at 9:36 am GMT

Sterling rose by over 1 percent against the dollar after better-than-expected UK growth data on Thursday. GDP rose 0.3 percent in the first quarter after contracting by 0.3 percent quarter-on-quarter in late 2012, according to a report by the UK Office for National Statistics. The upbeat data gave investors a sigh of relief that the British economy avoided a triple-dip recession. Helping boost the numbers was strong services sector growth and a bounce-back in North Sea oil and gas output. [..]

Forex News – G20 meeting highlights

Posted on April 19, 2013 at 6:11 pm GMT

The following are highlights of comments from finance officials made at the G20 meeting held in Washington DC on April 18-19. G20 COMMUNIQUE ON FISCAL POLICY: “Maintaining fiscal sustainability in advanced economies remains essential. Advanced economies will develop medium-term fiscal strategies by the time of the St Petersburg Summit in line with the commitments made by our Leaders in Los Cabos. We will present and review our strategies at our next meeting.” G20 COMMUNIQUE ON ECONOMIC RECOVERY: “The global economy [..]

Forex News – UK loses AAA rating after Fitch downgrades

Posted on April 19, 2013 at 4:41 pm GMT

Sterling is weak against the dollar on Friday after the United Kingdom lost its coveted triple-A credit rating after being downgraded by Fitch Ratings agency. Fitch is the second ratings agency to cut the UK top-notch rating, as it cited a weaker economic and fiscal outlook, and lowered the credit rating by one notch to “AA plus”. Moody’s was the first agency to downgrade Britain, in February, and Standard & Poor’s has said there is at least a one-in-three chance [..]

Forex News – Gold hits 2-year low

Posted on April 15, 2013 at 12:15 pm GMT

Gold fell 5 percent on Monday to hit a two-year low, as a sell off was accelerated by disappointing economic data from China this morning, which showed grwoth in the world’s second largest economy is slowing down. Gold prices tumbled to $1,385.45 in the European trading session today, down from an earlier high of $1,459.03. Since Friday the precious metal has declined 10 percent, and has lost 26 per cent since hitting a record high of $1,920 a troy ounce [..]

News – Ex- British PM Margaret Thatcher dead at 87

Posted on April 8, 2013 at 1:06 pm GMT

Ex-British Prime Minister, Margaret Thatcher, died on Monday at the age of 87 years old. Thatcher was the first female British Prime Minister and was named the “Iron Lady” due to her tough and outspoken policies during her term in office from 1979 to 1990. She won three election victories as leader of the UK Conservative party, and was the longest serving British Prime Minster since the early 19th century. Thatcher was famous for crushing trade unions in Britain and [..]

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