Forex Previews

Forex News – US Consumer Spending rises

Posted on December 21, 2012 at 2:55 pm GMT

US data on personal spending and core durable goods orders and were released on Friday, both numbers being better than expected. American consumers increased their spending in November as they went holiday shopping and bought gifts. Also helping was a rise in incomes after being depressed in October by lost wages due to Sandy. Commerce Department figures showed purchases increased 0.4 percent last month after a 0.1 percent drop in October. The data is important because consumer spending makes up [..]

Forex News – UK economy grows less than forecast in Q4

Posted on December 21, 2012 at 10:01 am GMT

United Kingdom economy grew slightly less than forecast in the third quarter of this year according to data released on Friday by the Office for National Statistics. GDP came in at 0.9 percent, which was lower than the 1.0 percent estimated. Britain’s dominant services sector which accounts for three quarters of GDP, posted meagre growth of just 0.1 percent on the month in October, adding to the challenge for the economy as a whole to expand in the final quarter [..]

Forex News – Pound rises after Bank of England minutes

Posted on December 19, 2012 at 11:14 am GMT

The Bank of England policy meeting minutes of the December 5 meeting were released on Wednesday offering a gloomy outlook for the UK economy in 2012. The central bank forecasts that growth will remain stagnant. The minutes said there would probably be a contraction in the fourth quarter as economic output is slow. “The deterioration in UK competitiveness over the past couple of years represented a potential headwind to the ability of UK exporters to benefit from a pick-up in [..]

Forex News – German business confidence boosts euro

Posted on December 19, 2012 at 9:51 am GMT

The German Ifo business climate index was released on Wednesday showing an increase for a second straight month as the euro crisis appears to have eased and has calmed investors fears. The Ifo index ticked up to102.4 from 101.4 in November which is the highest level in five months as confidence in the business outlook in Europe’s largest economy surged. Forecasts were for the index to only climb to 102.0. The index is based on a monthly survey of some [..]

Forex News –Greece credit rating upgraded by Standard and Poor’s

Posted on December 18, 2012 at 9:32 pm GMT

Greece had its credit rating lifted by Standard and Poor’s on Tuesday moving off “selective default” up to B minus with a stable outlook. The upgrade was partly as a result of the country’s successful completion of a debt buyback scheme last week, which was part of a deal reached by the EU and IMF as a condition for Greece to receive further financial aid. A total of 49.1 billion euros in aid will be disbursed to Greece by the [..]

Commodities – Gold falls for third day

Posted on December 17, 2012 at 9:10 am GMT

Gold price fell in early Monday trading, extending losses for a third straight session as trading volumes were thin ahead of the holiday season. There was little reaction to the latest progress in U.S. fiscal cliff talks. John Boehner, who is the speaker of the House of Representatives, voiced his acceptance to a tax rate increase for the wealthiest Americans. This is a key break in the stalemate in the budget talks. Gold prices are down for the third straight [..]

Forex News – Japan’s LDP victory will lead to more BOJ easing

Posted on December 17, 2012 at 7:32 am GMT

The yen plummeted in early trading as currency markets opened in Monday following news of Japan’s LDP party landslide victory on Sunday. Japan’s conservative opposition party led by hawkish Shinzo Abe won the elections by a large majority over the outgoing Prime Minister Yoshihiko Noda. In his campaigns Abe has been promising sweeping changes after three years of the country’s rule by the Democratic Party of Japan (DPJ). His win now gives him the mandate to implement these changes he [..]

Forex News – U.S. inflation remains tame as consumer prices fall

Posted on December 14, 2012 at 2:36 pm GMT

Inflation remains tame in the United States as consumer prices fell more than forecast in November , partly due to a drop in energy prices dropped. According to data, headline inflation declined as shown by the Consumer Price Index (CPI) which dropped 0.3 percent last month, the first drop since May and followed a 0.1 percent gain the prior month. The decline was much more than expected. Economists had expected consumer prices to fall 0.2 percent. As the U.S. is [..]

Forex News – Weak euro zone PMI weighs on euro

Posted on December 14, 2012 at 10:59 am GMT

A series of weak PMI numbers from Germany and France as well for the euro zone as a whole have disappointed markets and sent the euro lower in early European trading on Friday. Markit’s Flash Composite Purchasing Managers’ Index, which gives a survey for around 5,000 businesses across the 17-euro zone nations, rose to a nine-month high of 47.3 this month, beating forecasts for a rise to 46.8. However, any number below 50 indicates a contraction phase, whereas a figure [..]

Forex News – BOJ monetary easing expected after weak Tankan

Posted on December 14, 2012 at 9:04 am GMT

The Bank of Japan’s closely watched quarterly Tankan index for large manufacturers declined sharply in December, indicating business sentiment deteriorated amongst large Japanese companies. The index dropped more-than-expected to minus 12 in the current quarter from minus 3 previously. The outcome was worse than forecasted minus 10 reading. The survey results make it more likely for the Bank of Japan, to ease monetary policy further next week to support an economy seen as already in recession. Meanwhile, opposition party leader [..]

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