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Forex News – Yen spikes on Japan Fin Min comments

Posted on February 8, 2013 at 10:12 am GMT

The yen spiked sharply in early European session trading on Friday. The dollar fell as much as 1 percent after Japanese Finance Minister Taro Aso’s comments. His comments come on the heels of Prime Minister Shinzo Abe’s pledge that he wants to “correct” excessive yen gains. Taro commented that the Japanese currency has weakened more than it should have during its recent decline and was more than intended. The dollar-yen exchange rate has reached around 90.00 from around 78.00 yen [..]

Forex News – Euro tumbles below $1.34 on Draghi comments

Posted on February 7, 2013 at 3:41 pm GMT

Euro fell sharply against the dollar after comments from European Central Bank President Mario Draghi during his press conference after the ECB policy meeting on Thursday. Investors were looking for hints that the central bank was concerned about the recent strength in the euro. So Draghi’s remarks when he said the euro exchange rate was important to growth and price stability were interpreted that he was concerned. Draghi also discussed about interest rates and said the monetary stance remains accommodative. [..]

Forex News – Carney discusses role of BOE and QE

Posted on February 7, 2013 at 12:00 pm GMT

Bank of England governor-elect, Mark Carney, testifies in front of the UK parliamentary Treasury Select Committee on Thursday. He is due to replace incumbent Mervyn King in July. Below are some of his responses to questions by the TSC and his opinion on the role of the Bank of England and the future of quantitative easing policy (QE). On the impact of Quantitative Easing: “The studies by the Bank of England and Federal Reserve of their respective Asset Purchase programmes [..]

Forex News – ECB, BOE and Mark Carney keep markets subdued

Posted on February 7, 2013 at 9:45 am GMT

Currency markets are subdued during the European session on Thursday as traders and investors are waiting on the sidelines ahead of a series of major events today – policy announcements from the European Central Bank and Bank of England as well as testimony from BOE governor-elect, Mark Carney, and also the EU Economic Summit begins in Brussels today until tomorrow. The ECB is expected to keep policy unchanged and the key interest rate at 0.75 percent. But what could move [..]

Forex News – Australian economy adds more jobs than expected

Posted on February 7, 2013 at 8:08 am GMT

The Australian dollar was lifted after upbeat jobs data which showed Australian employers created more jobs than expected last month and the unemployment rate fell. According to the statistics bureau in Sydney , the number of Australians with jobs rose 10,000 from December, more than the 6,000 increase expected. Most of the jobs created were part-time, which saw an increase of 20,200 jobs. The official unemployment rate remained 5.4 percent despite forecasts for it to increase marginally to 5.5 percent. [..]

Forex News – AUDUSD tumbles to new 5-1/2 month low after retail sales

Posted on February 6, 2013 at 8:00 am GMT

The Australian retail sales report was released on Wednesday, missing estimates and causing a sell-off in the Australian dollar. Data from the Australian Bureau of Statistics (ABS) showed retail sales volume surprisingly dropped 0.2 per cent in December, despite expectations for an increase of 0.3 per cent in the month. This brings the total sales figure to A$21.42 billion ($22.3 billion). Meanwhile, November’s numbers were revised to negative 0.2 percent. Also, annual growth in sales slowed to just 2.3 percent, [..]

Forex News – ISM services index dips as expected to 55.2

Posted on February 5, 2013 at 3:35 pm GMT

US economic data released today was from the Institute of Supply Management, a Tempe, Arizona-based group which reported that the purchasing managers index for the services sector (non-manufacturing business) fell to 55.2 in January from the prior month’s 55.7. The services sector in the United States covers a large chunk of the economy, about 90 percent. Most economists had forecast a reading of 55.2, so the data was in line with expectations. Readings above 50 signal expansion. The index rates [..]

Forex News – GBPUSD jumps after UK services PMI

Posted on February 5, 2013 at 10:12 am GMT

The British pound rebounded from a session low in early London trading on Tuesday after upbeat UK services PMI data, brightening the outlook for the economy. The Markit/CIPS Purchasing Managers’ Index (PMI) for services rose much stronger-than-expected and reduced some concerns about the British economy dipping into a third recession. “A return to growth of the service sector in January greatly reduces the likelihood of the UK falling back into a ‘triple-dip’ recession,” said Chris Williamson, economist at Markit. The [..]

Forex News – Aussie falls on expectations of RBA policy easing

Posted on February 5, 2013 at 8:40 am GMT

The Australian dollar is broadly weaker on Tuesday after falling in reaction to the Reserve Bank of Australia (RBA) saying that it kept its benchmark cash rate unchanged at 3 percent while saying the inflation outlook allows scope further for easing. Markets interpreted this to mean that the RBA is willing to ease policy and expects the next interest rate cut to come in the second quarter. AUDUSD fell 0.4 percent to $1.0391 while AUDJPY dropped 0.4 percent to 95.96, [..]

Forex News – USDCHF rebounds fromm 9-mth low

Posted on February 4, 2013 at 10:05 am GMT

The Swiss franc is trading lower against the dollar in early Monday European session trading. The USDCHF pair bounced back from a nine-month high hit during the Friday session when the dollar was boosted after some upbeat US economic data signalled improvements in the world’s largest economy. The Dow Jones also marked its best January performance since 1994 and the S&P 500 index had its strongest January advance since 1997. US data on Friday showed payrolls rose by 157,000 last [..]

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