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Forex News – US jobless claims fall after Sandy distortion

Posted on November 29, 2012 at 3:18 pm GMT

The US employment market is looking a bit more upbeat as initial jobless benefits claims fell by 23,000 to 393,000 in the week ending November 24th. This was in line with expectations and a big improvement from the 451,000 figure two weeks ago. Meanwhile claims for the week ended November 17th were revised up 6,000 to 416,000. The drop in application for unemployment insurance benefits is a good signal that the US labour market in the mid- Atlantic region, which [..]

Forex News – US third quarter growth at 2.7 percent

Posted on November 29, 2012 at 2:14 pm GMT

GDP data showed that the US economy expanded faster than initially estimated at a 2.7 percent annual rate in the third quarter. The increase was helped by a narrower trade deficit and gains in inventory. These overshadowed a drop in consumer spending. According to the US Department of Commerce, the growth pace was much quicker than the 2.0 percent rate the government estimated last month and the best since the fourth quarter of 2011. Business inventories added 0.77 percentage point [..]

Forex News – US New home sales drop more than expected

Posted on November 28, 2012 at 3:30 pm GMT

The dollar fell further against the yen after disappointing US economic data. A report showed that the number of new home sales in the US fell to an annual pace of 368,000 in October, which was well below the median analyst estimate of 390,000. Meanwhile the September sales figure was revised down to 369,000 from 389,000. With the revisions, the upward trend in new home sales now appears to have slowed down and having seen very little volatility since February, [..]

Commodities – Gold down for second day on stronger dollar

Posted on November 28, 2012 at 12:13 pm GMT

Gold moves lower for a second day on Wednesday due to a firmer dollar. Uncertainties of the US fiscal cliff led to safe haven flows towards the world reserve currency. USD and gold usually have an inverse price relationship. Markets are getting more anxious as focus turns to the fiscal cliff talks where little progress has been made so far to find a resolution to avoid automatic tax increases in January 2013. The so-called fiscal cliff refers to $600 billion [..]

Forex News – UK GDP up 1 percent in third quarter

Posted on November 27, 2012 at 10:51 am GMT

GDP data released today showed the UK economy grew 1 percent in the third quarter. According to the Office for National Statistics, the second estimate was the same as the initial estimate. This spike in GDP follows three straight quarters of economic slowdown was the best quarterly expansion in 5 years. Much of the driver behind growth was the summer London Olympics. This one time factor is not enough to sustain growth in the long term, which is why the [..]

Forex News – Sterling up after new BOE governor announced

Posted on November 26, 2012 at 7:12 pm GMT

Sterling rose after the new Bank of England governor was announced today by the UK Chancellor of the Exchequer George Osborne. Current Bank of Canada governor, Mark Carney is to take on the new post at the UK’s central bank, a move that surprised markets. Carney has several big financial roles already under his belt, and as Head of Canada’s central bank for almost five years, he will bring a myriad of skills and experience to take the top job [..]

Forex News – Cyprus agrees on bailout deal with troika

Posted on November 23, 2012 at 8:17 pm GMT

Cyprus has reached a tentative agreement on a bailout package with the European Union and International Monetary Fund and expects the lenders to confirm the deal later on Friday, according to Cypriot government spokesman Stefanos Stephanou. Stefanou said the bailout deal for Cyprus includes “unpleasant measures” as they are expected to include between 9.5 and -15 percent cuts to the pay and pensions of Cypriot civil servants. The Mediterranean nation is to become the fourth euro zone country to request [..]

Forex News – German business sentiment improves

Posted on November 23, 2012 at 10:54 am GMT

Euro shot up against the dollar after data showed German business sentiment improved in Europe’s largest economy. The Ifo business survey is complied by a Munich-based think tank and is based on surveying 7,000 companies every month. The index climbed to 101.4 in November from 100.0 in October, surprisingly beating estimates of a drop to 99.5 and moving off from a 2 1/2 year low. The euro rose to a three-week high against the dollar after the better-than-expected reading of [..]

Forex News – Euro zone PMIs suggest contraction

Posted on November 22, 2012 at 11:45 am GMT

Euro zone PMI disappointed again in November, with both services and manufacturing PMIs giving a reading below the 50 level which denotes contraction. The weak data suggest the euro zone economy is on course for its weakest quarter sinceearly 2009. Service sector firms endured the worst month since July 2009. The flash service sector PMI fell to 45.7 this month, failing to meet the expectations that it would hold at October’s 46.0 reading. Service sector firms like banks and hotels [..]

Forex News – China’s manufacturing sector shows growth

Posted on November 22, 2012 at 10:42 am GMT

China’s manufacturing sector is showing improvement as the world’s second largest economy is seeing a pick up in growth. The HSBC China flash PMI hit a 13-month high of 50.4 today, which is the first time the reading records above 50 since October 2011. Any number above 50 denotes expansion while below 50 indicates contraction. Markets reacted positively to the data which were released during Asian trading hours. Euro and especially the Australian dollar were given a boost. China is [..]

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