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Forex News – UK manufacturing sector slows down

Posted on November 1, 2012 at 12:38 pm GMT

The UK manufacturing sector is showing signs of weakness as orders rose at a slower pace according to data released today. The manufacturing PMI (purchasing managers index) compiled by CIPS/Markit indicated a drop to 47.5 from September’s downwardly revised 48.1. Any figure below 50 indicates contraction. Today’s figure was below expectations for a 48.0 reading. The disappointing number comes after some hope for an upturn in the British economy following a recent increase in third quarter GDP and improved retail [..]

Forex News – China PMI rises in October

Posted on November 1, 2012 at 7:49 am GMT

China reported an increase in its Purchasing Managers’ Index (PMI) in October, indicating an acceleration in the pace of growth in the world’s second largest economy. Data released by the Chinese government on Thursday indicate that manufacturing activity expanded for the first time in three months as PMI ticked up to 50.2 from September’s 49.8 as output and new orders climbed. Any number above 50 indicates expansion. The data shows that the worst is possibly behind for China. This is [..]

Forex News – Loonie tumbles after disappointing Canadian GDP

Posted on October 31, 2012 at 2:03 pm GMT

The loonie was battered against the US dollar after weak GDP data on Wednesday showing the Canadian economy surprisingly experience contraction from July to August, gravely missing forecasts. Growth slowed to 0.1 percent according to Statistics Canada which complied the August GDP numbers. The contraction comes after a steady 0.2 percent growth in July and surprised economists who had expected growth at 0.2 percent again. The decline marks the first contraction since February of this year. Much of the cause [..]

Forex News – Aussie dollar boosted by improving housing sector

Posted on October 31, 2012 at 7:35 am GMT

Australia’s housing sector is showing signs of recovery after data released today showed building permits jumped by more than expected in September from August. The Australian dollar jumped in reaction to the news, rising in the Asian session. Permits for building beat estimates and rose 7.8 percent in September from August. Forecast was for a mere 1 percent rise. AUDUSD advanced to $1.0389 from $1.0361. Aussie has recovered most of the losses made earlier this month after the Reserve Bank [..]

Forex News – Germany's unemployment rises

Posted on October 30, 2012 at 11:14 am GMT

Germany released unemployment data today showing that more Germans are out of work in October compared to September as joblessness rose for a seventh consecutive month. The disappointing data signal that Europe’s powerhouse is not immune to the debt issues that have plagued the euro zone periphery. According to the jobs report issued by Germany’s Labour Office, the number of people out of work increased by 20,000 from September to October, bringing the total jobless amount to 2.937 million. This [..]

Forex News – Yen stronger despite Bank of Japan easing

Posted on October 30, 2012 at 8:27 am GMT

The Bank of Japan announced fresh easing measures after its policy meeting today, making it the second time in two consecutive months, as the central bank is under pressure to take steps to boost the flagging Japanese economy. The BOJ has been under pressure recently to take bolder action amidst a series of disappointing economic data. Last week, trade data showed Japanese exports are on the decline while the country is a risk of deflation. In order for the government [..]

Forex News – Hurricane Sandy shuts down US markets

Posted on October 29, 2012 at 2:15 pm GMT

The US trading session on Monday is expected to be quiet due to the closure of US stock markets as President Obama declared a state of emergency for the east coast region as a result of Hurricane Sandy. According to a decision reached by the US Securities and Exchange Commission (SEC) late on Sunday night, the New York stock exchange will suspend operations on Monday and possibly on Tuesday as well. “We support the consensus of the markets and the [..]

Forex News – USDJPY consolidates ahead of BOJ meeting

Posted on October 29, 2012 at 10:28 am GMT

The Japanese yen is holding steady against the US dollar, trading mostly sideways since the start of trading on Monday. After clawing back some losses on Friday, the Japanese currency was little changed as investors wait on the sidelines ahead of the Bank of Japan’s policy meeting on Tuesday. There are strong expectations that the BOJ will expand policy easing as part of a plan to stimulate growth in a sputtering economy, especially after data last week showed declining exports. [..]

Forex News – US third quarter GDP higher than expected

Posted on October 26, 2012 at 1:06 pm GMT

Market sentiment was lifted after better than expected US GDP data today. The US Department of Commerce data show that the US economy expanded by 2 percent in the third quarter, up from the second quarter’s 1.3 percent pace. The figures beat forecasts for a 1.9 percent growth rate. The accelerated rate of growth was due to a pickup in consumer spending, as well as a housing sector rebound, which overshadowed a drop in business spending and lower trade. However, [..]

Forex News – Spain’s jobless at record highs

Posted on October 26, 2012 at 8:38 am GMT

Spain’s unemployment figures were released today showing record highs as the country struggles through a debt crisis and the deepening recession resulted in more workers remaining jobless. One in four Spanish workers were without a job in the three months leading to September. According to the National Statistics Institute in Madrid, the unemployment rate for the third quarter hit 25.02 percent, up from the previous quarter’s 24.6 percent. This the highest rate since 1976, just after Spain achieved democracy. This [..]

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