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Forex News – BOJ chief Nominee supports Abe’s aggressive policy easing

Posted on February 28, 2013 at 7:07 am GMT

The yen weakened after the announcement of the new Bank of Japan governor. Japanese Prime Minister Shinzo Abe nominated Haruhiko Kuroda as new BOJ, who was the previous Asian Development Bank chief, and is seen to be in favour of very aggressive monetary stimulus measures. He is expected to begin adopting policy easing measures to help the Japanese economy out of deflation and recession. Kuroda supports increased purchases of government bonds and other domestic assets, to pump cash into the [..]

Forex News – Yen’s recent rebound a challenge to BOJ monetary policy

Posted on February 27, 2013 at 2:23 pm GMT

The yen has gained sharply this week due to safe have demand amidst the turmoil in Italy which renewed concerns of a debt crisis in the euro zone. The political deadlock in Italy are a wake-up call to investors that Europe is not out of the woods yet. However the rising yen again has posed a challenge to Prime Minister Shinzo Abe, whose demand for drastic monetary easing sent the Japanese currency tumbling in recent weeks. Shinzo Abe who recently [..]

Forex News – Bernanke testimony – highlights

Posted on February 26, 2013 at 8:18 pm GMT

The following are highlights of comments from Federal Reserve Chairman Ben Bernanke made at a testimony to US Congress on Tuesday: BERNANKE ON EQUITY BUBBLE AND MONETARY POLICY: “I don’t see much evidence of an equity bubble…Equity holders are still being somewhat risk averse in their behavior. But again, we have a two-part plan. First is to monitor these different asset markets. The second is to try to understand what would be the implications if we are wrong. What would [..]

Forex News – South African Rand gains after upbeat GDP

Posted on February 26, 2013 at 10:29 am GMT

The South African Rand gained against the dollar in Tuesday trading after upbeat GDP data showed that the South African economy grew faster in the fourth quarter of 2012, to 2.1 percent compared to 1.2 percent in the third quarter. Economists expected growth to quicken to 1.6 percent in the fourth quarter. USDZAR slid to a low of 8.7784 from an earlier high of 8.8705. On an unadjusted year-on-year basis, the economy grew 2.5 percent in the fourth quarter compared [..]

Forex News – Speculation of pro-policy easing BOJ governor pressures yen

Posted on February 25, 2013 at 6:54 am GMT

The Japanese yen weakened again in early Asian session trading on Monday after investors reacted to news that Japan’s prime minister Shinzo Abe is close to nominating a new Bank of Japan governor who is likely to be bold on monetary easing. There is growing speculation that the nominee will be current Asian Development Bank President Haruhiko Kuroda, who is seen as a strong proponent of fighting deflation and is expected to take measures to reflate the sluggish Japanese economy. [..]

Forex News – UK loses AAA rating after Moody’s downgrade

Posted on February 24, 2013 at 6:36 pm GMT

The United Kingdom was downgraded by Moody’s this weekend by one notch from AAA to AA1, being the first ratings agency to strip the country of its prized triple-A rating. This is the first time the UK as lost its top notch rating since 1978, which Moody’s said was due to expectations that growth will “remain sluggish over the next few years”. It also said that the UK government’s debt reduction programme faced significant “challenges” ahead. In reaction to the [..]

EU News – Conservative Anastasiades wins Cyprus Presidential Elections

Posted on February 24, 2013 at 6:14 pm GMT

Presidential elections were held in Cyprus this Sunday with Conservative leader Nicos Anastasiades winning a majority of votes in the second round. The first round a week ago led to a run-off due to a lack of clear majority for any candidate. 66-year old Anastasiades who has been the leader of the Democratic Rally party since 1997, gathered 57.5 percent of the vote, up from last week’s 45.4 percent of the votes. His leftist rival Stavros Malas, took 42.5 percent [..]

Forex News – Dollar drops after weak manufacturing data

Posted on February 21, 2013 at 3:47 pm GMT

The dollar fell further against the yen and the euro after disappointing Philadelphia Federal Reserve index showed manufacturing activity in the U.S. Mid-Atlantic region declined unexpectedly in February. The dollar had weakened earlier due to weak jobs data. The weekly unemployment claims figure rose by much more than forecast. Applications for initial jobless benefits rose for the first time in three weeks, returning to levels seen prior to the holiday period. According to a report from the Labor Department, claims [..]

Forex News – Euro extends losses as euro zone data miss forecasts

Posted on February 21, 2013 at 9:34 am GMT

The euro extended losses in the European session to fall to a fresh six-week low against the dollar after disappointing economic data highlighted the weakness in euro zone manufacturing activity. The weak data is keeping alive the likelihood of an interest rate cut by the European Central Bank in coming months. Markit Economics said in a report published today that the composite index of both manufacturing and services industries in the euro zone fell to 47.3 from 48.6 in January, [..]

Forex News – Dollar rises versus yen after upbeat US housing data

Posted on February 20, 2013 at 2:15 pm GMT

The dollar rose 0.3 percent against the yen after some upbeat US housing data in the early US trading session on Wednesday. The US housing sector is showing improvement and is good news for the nation’s economic recovery. USDJPY ticked up to a session high of 93.74 from 93.44 yen before the data at 8:30am New York time. Data from the Commerce Department showed that building increased on new single-family homes, to 613,000 houses, the most in four years since [..]

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