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Commodities News – Gold volatile after delay in Greece aid deal

Posted on November 21, 2012 at 4:11 pm GMT

Gold has been flat since late Tuesday trading. The precious metal recovered to prior levels after dipping early on Wednesday due to a firmer dollar after disappointing news from Europe. Greece’s lenders failed to conclude a debt deal at the Eurogroup meeting on Tuesday. Many had been expecting the agreement to release the next aid trance to be struck at the meeting. However, the European finance ministers instead decided to hold another meeting to finalize matters on November 26. Spot [..]

Forex News – Sterling jumps after BOE minutes

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

Sterling jumped against the dollar after the release of the Bank of England minutes on Wednesday. GBPUSD shot up to a London session high of $1.5928, rising from around $1.5903. The minutes from the BOE November 7-8 meeting showed that the majority of Monetary Policy Committee members voted against more quantitative easing. The vote was 8-1 to leave the current asset purchase programme unchanged. The vote tally was more or less expected, but still the pound gained a small boost [..]

Forex News –Eurogroup fail to conclude Greek aid deal

Posted on November 21, 2012 at 8:06 am GMT

Optimism that a deal would have been made on Greece at the Eurogroup meeting on Monday quickly evaporated. Markets were disappointed to hear that Greece’s international lenders failed for the second week running to agree how to get the country’s debt down to a sustainable level and will have a third go at resolving their most intractable problem in six days’ time. A disagreement between the International Monetary Fund and the European Central Bank means that emergency aid cannot be [..]

BOJ keeps policy unchanged

Posted on November 20, 2012 at 11:17 am GMT

The Bank of Japan ended a two-day policy meeting today, announcing that it refrained from loosening policy further, after having done so in September and October. The central bank kept interest rates between zero and 0.1 percent and did not expand asset purchasing program, leaving at 66 trillion yen. Also the credit-lending facility was unchanged at 25 trillion yen. The BOJ is expected to take expansionary policy easing measures at its next meeting which will take place after Japan’s December [..]

Moody’s slashes France AAA rating

Posted on November 20, 2012 at 10:45 am GMT

France lost its coveted triple-A rating on Monday after Moody’s Ratings agency announced it cut the country’s bond rating by one notch from Aaa to Aa1. A negative outlook was also maintained. Moody’s cited concerns on the country’s fiscal outlook and a worsening growth outlook. “France’s fiscal outlook is uncertain as a result of its deteriorating economic prospects, both in the short term due to subdued domestic and external demand” and “structural rigidities” in the longer term, Moody’s said in [..]

Commodities – Crude oil jumps on Mid-East tensions

Posted on November 19, 2012 at 9:02 pm GMT

Crude oil prices jumped around 3 percent on Monday, rallying to the highest price since mid-October due to worries of supply shortage as violence escalates in the Middle East escalated. The Israeli-Palestinian tensions began on Wednesday last week and have grown to a full blown conflict. Israel bombed dozens of targets in the Gaza Strip on Monday and said that while it was prepared to step up its offensive by sending in troops, it preferred a diplomatic solution that would [..]

Forex News – Swiss franc weakens versus euro

Posted on November 19, 2012 at 9:39 am GMT

The Swiss franc weakened against the euro on Monday, after comments from Swiss National Bank Alternate Governing Board member Thomas Moser at a conference in Mumbai. Moser said that the SNB believes that the franc is still overvalued against the euro at the current rate of 1.20 CHF. The SNB set this cap on 6th September 2011 in order to curb franc strength as the Swiss currency was rising sharply due to safe haven demand against the euro zone crisis. [..]

Commodities – Gold trades lower for second day

Posted on November 16, 2012 at 3:27 pm GMT

Gold prices traded lower on Friday, dipping for a second straight day. Spot gold dipped to $1,704.79 on Thursday, after tumbling $20 following a report from the World Gold Council indicating that demand for bullion weakened in the third quarter. On Friday, gold revisited close to those levels, touching a low of $1,705.53. The World Gold Council released a report stating that global gold demand fell 11 percent in the third quarter from a year ago. Pressuring prices was slumping [..]

Forex News – Euro zone reports trade surplus in September

Posted on November 16, 2012 at 12:29 pm GMT

Euro zone trade balance report was released today showing a surplus in September, according to the European Union statistics office Eurostat on Friday. Exports from the seventeen-member euro region to the rest of the world exceeded its imports by 9.8 billion euros ($12.5 billion),resulting in an increase in its surplus. This trade balance was more than five times the level in the same month a year ago which had 1.7 billion surplrus in September 2011. A breakdown of the trade [..]

Forex News – Sandy causes spike in US jobless claims

Posted on November 15, 2012 at 2:36 pm GMT

The number of Americans applying for initial unemployment benefits shot up to 439,000 for the week ended November 10, from 361,000. This brings the first time claims number to the highest in eighteen months. Superstorm Sandy which battered parts of the U.S. East Coast a couple of weeks ago, meant many unemployment offices were closed due to flooding or power outages so people could not go make jobless claims. This resulted in more people seeking unemployment benefits last week as [..]

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