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Forex News – Dollar falls after worse-than-forecast nonfarm payrolls

Posted on April 5, 2013 at 1:08 pm GMT

The dollar weakened sharply against most major counterparts after a huge disappointment in US jobs data. The much anticipated nonfarm payrolls report showed that only 88,000 jobs were created last month, the smallest in nine months, much lower than forecasts of 200,000 jobs. Meanwhile, February’s numbers was revised up to a 268,000 gain, that was higher than the first estimated figure of 236,000. The official unemployment rate, derived from a separate survey of households, was forecast to hold at 7.7 [..]

Forex News – Draghi comments on downside risks to euro zone

Posted on April 4, 2013 at 8:36 pm GMT

The European Central Bank held a policly meeting on Thursday and announced its decision to maintain the benchmark interest rate at 0.75 percent, as widely expected. The following are highlights of the ECB President Mario Draghi post-meeting news conference: DOWNSIDE RISKS “The downside risks include the possibility of even weaker than expected domestic demand, and slow or insufficient implementation of structural reforms in the euro area. These factors have the potential to dampen the improvement in confidence and thereby delay [..]

Forex News – Dollar dragged lower by weak ADP jobs data

Posted on April 3, 2013 at 1:34 pm GMT

The dollar tumbled against the yen after disappointing US jobs data on Wednesday. A private employment report by ADP showed that fewer than expected jobs were created on March, as the private sector only added 158,000 jobs, versus the expected 200,000. This was the lowest payroll change since October. Meanwhile February’s ADP private jobs figure was revised up to an increase of 237,000 from the previously reported 198,000. USDJPY dropped to an intraday low of 93.20 after the data was [..]

Forex News – Euro tumbles after record high euro zone unemployment

Posted on April 2, 2013 at 9:47 am GMT

The euro has been falling since a slew of disappointing economic data released for the Euro zone during the European session on Tuesday. Unemployment hit a record high and the Euro zone economy has contracted for four straight quarters. According to Eurostat, the EU’s statistics office, unemployment across the 17 European Union countries that use the euro has hit 12 percent in March, which is a record high since this is the highest since the euro currency was launched in [..]

Forex News – Sterling falls as UK manufacturing continues to contract

Posted on April 2, 2013 at 9:10 am GMT

Sterling held firm ahead of the UK manufacturing Purchasing Managers’ Index (PMI) data, but began falling just before the release that was due at 0828 GMT. Markets expected the manufacturing sector contracted further in March, as based on forecasts. In fact, according to a report by Markit/CIPS, the PMI fell more-than-expected to 48.3 versus 48.9 forecast, though slightly better than February’s shocking 47.9 points. The March number is still in contraction territory, as the 50-point level demarcates growth from contraction. [..]

Forex News – Euro vulnerable as Italy grapples to form government

Posted on April 1, 2013 at 12:00 pm GMT

The euro is vulnerable to troubles in the euro zone and remains near four-month lows. Market focus shifts to Italy, where the February 24-25 elections resulted in a hung parliament. Italy has now been without a formal government for a month since general elections in February were inconclusive and no candidate was able to gain a majority of votes to become prime minister. Meanwhile, Italy’s President, Giorgio Napolitano, is trying to break the deadlock after a failure in negotiations on [..]

Forex News – China manufacturing activity below expectations in March

Posted on April 1, 2013 at 7:34 am GMT

Data from China showed that there was an increase manufacturing activity in March, but at a slower pace compared with that seen in earlier years. The official China manufacturing purchasing managers’ index (PMI) showed expansion from February to March at a pace of 50.9 from 50.1. Any number above 50 points indicates growth while below 50 indicates contraction. So at least manufacturing activity is still in expansion territory. Meanwhile, a private PMI survey by HSBC showed manufacturing activity rose to [..]

Forex News – Euro falls as German unemployment rises

Posted on March 28, 2013 at 10:13 am GMT

Euro fell sharply against the sterling and yen after disappointing German jobs data. The single currency extended a decline after a report showed unemployment rose unexpectedly in March to a seasonally adjusted 2.94 million, marking a 13,000 increase. The consensus forecast was for the number of jobless to fall by around 2,000. The unemployment rate was unchanged, holding steady at 6.9 percent, where it has stood since October 2012. The unadjusted jobless total remained above the 3 million mark for [..]

Forex News – Sterling falls as UK economy contracts and deficit grows

Posted on March 27, 2013 at 10:32 am GMT

The UK GDP fell by 0.3 percent in the fourth quarter, in line with forecasts. This was the final estimate and recorded the same contraction as the previous estimate. Separate data showed that the current account for the fourth quarter grew to 14 billion pounds. This was against expectations for the deficit to stand at minus 12.8 billion pounds, like in the previous quarter. GBPUSD fell to a low of $1.5119 immediately after the data at 0930GMT, down from an [..]

Forex News – Sterling jumps after strong UK retail sales data

Posted on March 21, 2013 at 10:20 am GMT

The British pound rallied sharply against the dollar on Thursday after surprisingly better-than-expected -retail sales data from the United Kingdom. According to a report from the Office of National Statistics, retail sales data ,where excluding fuel, saw a gain monthly of 1.9 percent. Those sales which included fuel volumes also rose, up 2.1 percent, beating expectations for a 0.5 percent increase. Compared to a year earlier, sales increased 2.6 percent. It was reported by the ONS that much of the [..]

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