Forex Previews

Forex News – US durable goods orders rise, helping USDJPY bounce

Posted on January 28, 2013 at 2:01 pm GMT

Dollar extends gains versus yen after upbeat US economic data today. Durable goods orders rose more than expected in December by 4.6 percent, after a 0.8 percent gain the prior month. A 1.8 percent gains was forecast. The dollar moved back up against the yen to regain earlier losses. USDJPY hit 91.08 after the data at 8:30 am New York time compared to 90.85 before the data. Durables goods data released by the US Commerce Department today show the change [..]

Forex News – British pound extends losses against euro and dollar

Posted on January 28, 2013 at 10:50 am GMT

Sterling fell to a 13-1/2 low against the euro on Monday on concerns over the UK economy. Against the dollar, the pound fell to a five-month trough. Disappointing GDP data released on Friday highlight the weakness in the economic recovery in Britain and raises the prospects of more quantitative easing by the Bank of England. Data showed that growth slowed more than expected in the last quarter of last year, with GDP contracting by 0.3 percent. This raises concerns of [..]

Forex News – Fitch downgrades Cyprus

Posted on January 28, 2013 at 8:45 am GMT

Cyprus had its sovereign creditworthiness lowered late on Friday by Fitch Rating to B from BB- with a negative outlook. The small Mediterranean EU member country was downgraded because of ongoing uncertainty regarding the capital needs of some of the nation’s banks. The total recapitalisation costs of the banking sector could be up to 10 billion euros, although Fitch anticipates that this figure may include a degree of headroom. If fully realised it would increase the size of the necessary [..]

Forex News – Sterling tumbles after weak UK GDP

Posted on January 25, 2013 at 11:21 am GMT

Sterling took a dive against he euro and the dollar on Friday morning after disappointing UK growth data showed the British economy contracted more than forecast in the last quarter of last year. The pound tumbled to its lowest in 13-1/2 months against the euro and hit a five-month low against the dollar, while UK gilts gained. According to the Office for National Statistics, GDP fell 0.3 percent in Q4, which was a sharper drop than the 0.1 percent expected. [..]

Forex News – Euro rises as German business confidence improves

Posted on January 25, 2013 at 10:39 am GMT

The euro edged up higher against the dollar in Friday’s European session after some key economic data showed German business confidence rose more than forecast in January, adding to signs that Europe’s “powerhouse “is recovering from the slump of 2012. The much anticipated Ifo business climate index reported an increased for a third consecutive month in January, rising to 104.2 in January, the highest reading since June 2012. This was an increase from 102.4 in December. The Munich-based Ifo think [..]

Forex News – USDJPY extends gains after US unemployment claims fall

Posted on January 24, 2013 at 2:49 pm GMT

Data released by the US Department of Labor on Thursday show that jobless claims fell to the lowest in five years, giving some signs that the sluggish US labor market is improving. The report showed that the number of Americans filing new claims for unemployment benefits unexpectedly fell 5,000 to a seasonally adjusted 330,000, the lowest level since January 2008. Expectations were for claims to rise to 355,000 last week. A pickup in consumer spending last month may be helping [..]

Forex News – Euro reverses losses after stronger German PMI

Posted on January 24, 2013 at 12:59 pm GMT

Euro experienced some volatility against the dollar on Thursday morning, touching a European session low after weak French PMI data but then reversing losses after strong PMI numbers from Germany. Also supporting the euro was better than expected Euro-zone composite index, indicating a possible recovery in the region in 2013. The PMI data were compiled by data collector Markit, and surveys around 5,000 firms. It is seen as a good growth indicator. Even though a number below 50 indicates contraction, [..]

Forex News – China on path to recovery after strong PMI

Posted on January 24, 2013 at 10:30 am GMT

China’s economic health in 2013 appears to be improving, based on Thursday’s release of better than expected data from the manufacturing sector. The HSBC flash purchasing managers’ index (PMI) hit a 2-year high in January, which was an encouraging sign for the global economy since China is the world’s second largest economy. The preliminary reading of China’s Purchasing Manager’s Index (PMI) rose to 51.9 in January from the 51.5 final reading for December and the 51.7 forecast. Any number above [..]

Forex News – Sterling rises on positive UK jobs data

Posted on January 23, 2013 at 10:42 am GMT

Sterling jumped after good news on UK jobs data. The claimant count change was much better than expected, showing the number of Britons claiming unemployment benefits fell more than forecast. The December number was the lowest since mid-2011, giving a sigh of relief to investors who are hoping that this could indicate some pick up in the UK economy and avoid another recession. The UK unemployment total has fallen to its lowest level in 18 months while the number of [..]

Forex News – Euro jumps after strong German ZEW data

Posted on January 22, 2013 at 11:55 am GMT

The euro rose after the German ZEW index reported a higher than expected number, hitting a 2-1/2 year high and giving a sigh of relief to markets that Europe’s largest economy will be able to recover from the crisis that has plagued the euro zone. The ZEW index, which is a survey carried out by the Center for European Economic Research in Mannheim, Germany, shows analyst and investor sentiment in Germany. The index rose for a second consecutive month in [..]

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