Forex Previews

Forex News – Dollar jumps after US data on durable goods rise

Posted on October 25, 2012 at 1:16 pm GMT

Dollar jumped against the yen and the euro immediately after US economic data showed durable goods orders rose higher than expected in September while the number of jobless claims fell for the week before. The US Commerce department reported that Durable goods orders increased in September by 9.9 percent, beating economists forecast to rise 7.1 percent. Durable goods orders are order for goods lasting a long period of time, at least three years, such as items from toasters to aircraft. [..]

Forex News – Sterling jumps after UK GDP grows in Q3

Posted on October 25, 2012 at 9:10 am GMT

Sterling rose to one-week highs versus the dollar and the euro after a GDP report showed the UK economy recovered much more strongly than expected in the third quarter. The UK Office for National Statistics reported that gross domestic product beat forecasts and ticked up by 1.0 percent in the three months to September. This was the strongest quarterly GDP growth in five years. Economists had forecast mere 0.6 percent growth. Investors bought up the pound because they now speculate [..]

Forex News – Euro plummets after weak euro zone PMI numbers

Posted on October 24, 2012 at 8:46 am GMT

Euro tumbled 0.3 percent against the US dollar after the release of disappointing euro zone PMI numbers for the month of October. The decline in the numbers reinforces concern that the economic downturn in the euro zone may be deepening and widening. A series of PMI numbers were compiled, including services PMI and manufacturing PMI. Survey data on business expectations and output were also released. The data show that businesses across the euro zone suffered their worst month since the [..]

Forex News – China PMI data show signs of economic recovery

Posted on October 24, 2012 at 8:20 am GMT

A manufacturing report released today gives an indication that economic activity in China is starting to pick up. It may be slow but China is making a steady economic recovery after having experience the weakest growth period in three years. The flash numbers of purchasing managers index (PMI) compiled by HSBC for the month of October revealed an increase in new orders and output. The headline figure came in at 49.1 points. Despite the number being below the key 50 [..]

Forex News – Canadian dollar jumps after BOC maintains rates

Posted on October 23, 2012 at 1:34 pm GMT

The Canadian dollar surged against the US dollar after the Bank of Canada did not raise interest rates today. The BOC announced that it is maintaining its target for the overnight rate at 1 per cent. The central bank has maintained this low rate for two years and has until recently been talking about higher rates, making it the only major central bank to do so. Governor Mark Carney caused a slight stir in April when the Bank of Canada [..]

Forex News – Yen extends losses ahead of BOJ

Posted on October 23, 2012 at 9:00 am GMT

The US dollar’s rise against the yen has gained momentum today, as the Japanese currency is being sold-off amid rising speculation that the Bank of Japan will introduce further stimulus measures at its October 30 policy meeting. Reports have been swirling, though unconfirmed, that Japanese government officials are exerting pressure on the central bank’s policy makers to take steps to weaken the Japanese currency as it is believed to be too strong and has gained strength not due to domestic [..]

Forex News – South African rand slides over 1 percent vs. USD

Posted on October 23, 2012 at 8:29 am GMT

The rand tumbled against the US dollar in early European session trading as a risk-off market pushed traders away from riskier emerging market currencies. Falling commodity prices such as gold, South Africa’s major export, are also weighing on the rand. USDZAR opened in Europe at 8.6375 and soared to 8.7209 within two hours of trading, breaking out of a 5-day consolidation range to reach its highest level in a week. Tension in South Africa’s mining sector due to wild cat [..]

Forex News – Spain elections pave way for bailout

Posted on October 22, 2012 at 8:50 am GMT

Spanish Prime Minister Mariano Rajoy won a sweeping victory in regional elections on Sunday, indicating that voters offered some respite to his 10- month-old government amid a tough austerity drive. This helped lift market sentiment and boosted euro in early Asian trading on Monday. Rajoy won a majority in the northwestern region of Galicia, which happens to be his home region, where his People’s Party won 41 of the 75 seats. Socialists lost almost half of their votes. Rajoy’s win [..]

Commodity News – Oil prices supported by Middle East tensions

Posted on October 22, 2012 at 8:16 am GMT

Crude oil halted Friday’s sharp decline to edge up slightly in Monday trading. A softer dollar is helping lift the commodity as risk appetite improved in the Asian session. Oil prices have recently been weighed down by concerns of a slow global economic recovery after data showing tepid recovery in the world’s two largest economies, the United States and China. However, China’s economic recovery is expected to improve, albeit at a slow pace. Nevertheless, the world’s second largest consumer of [..]

Forex News – Euro falls after existing home sales dip in US

Posted on October 19, 2012 at 3:17 pm GMT

Risk appetite fell after US data showed the number of existing home sales fell last month compared to August. The euro fell to a session low against the dollar as investors scrutinized the data, concerned that the US housing sector recovery is still a long way off. According to the National Association of Realtors, the number of existing home sales declined to 4.75 million in September from an upwardly revised August figure of 4.83 million. Today’s figure was in line [..]

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