Eurozone

European Session – Euro slides on weak German jobs and EZ money supply data

Posted on May 28, 2014 at 1:23 pm GMT

The euro was under pressure against the dollar today, helped by disappointing German employment data. There was a surprising loss of 24,000 jobs in May (seasonally adjusted), while estimates were for a smaller decline of about 15,000. Also weighing on the single currency were data on the Eurozone money supply. The M3 money supply grew by a mere 0.8% in April, which is the slowest since September 2010. The euro fell below the May 27 low and touched the key [..]

European Session – Euro weak versus dollar, remains below 1.38

Posted on May 16, 2014 at 1:52 pm GMT

Most of Friday’s currency action was based on consolidating the week’s moves in the absence of key data releases, while there was some positioning ahead of the weekend. Sterling was set for its biggest weekly decline against the dollar in six weeks. Cable was flat most of the day before rising slightly to a high of 1.6830. Weighing on the pound was a shift in expectations on when the Bank of England will raise interest rates. This was a result [..]

European Session – Euro hits 11-week low, US jobless claims fall

Posted on May 15, 2014 at 1:25 pm GMT

Eurozone data released today added to the view that the European Central Bank would likely adjust interest rates at its next policy meeting and this weighed on the euro. Disappointing Eurozone growth figures and soft inflation raised expectations that the ECB would take action next month in an effort to stimulate the sluggish economic recovery in the euro-area and fight deflation. Euro zone GDP missed forecasts and grew half than expected in the first quarter by only 0.2% on the [..]

Forex News – Eurozone economy grows half than expected in Q1

Posted on May 15, 2014 at 12:15 pm GMT

The euro fell to an 11-week low against the dollar at 1.3650 after coming under pressure on soft GDP data, signaling that the recovery in the Eurozone is not that strong. Three major economies contracted, including France, the Netherlands and Portugal, while the overall Eurozone economic growth was much weaker than expected in the first quarter, growing by only half of what was forecast. The weak economic growth would likely increase pressure on the European Central Bank to loosen monetary [..]

European Session – Yen outperforms in quiet London session

Posted on May 5, 2014 at 1:54 pm GMT

The May Day holiday in London and the Golden Week holiday in Tokyo kept currency markets relatively quiet in low volumes. There was a general risk-off tone due to the tensions in Ukraine, which meant the safe haven yen was stronger today. Also data earlier in the day from China that indicated a slowing economy kept risk appetite soft. The euro traded in a range against the dollar for most of the European session before ending up 0.09% to trade [..]

European Session – Euro hits 2-week high as Eurozone inflation comes into focus

Posted on April 28, 2014 at 1:48 pm GMT

It was a quiet day on the economic calendar, leading investors to look ahead to major data releases later this week. Eurozone inflation data are due on Wednesday with forecasts for an increase to 0.8% year-on-year from 0.5% previously which will likely decrease pressure for the European Central Bank to loosen monetary policy. These expectations helped buoy the euro, which rallied to a 2-week high against the dollar and hit a 3-week high against the yen. The euro surged to [..]

European Session – Dollar rises on strong durable goods orders, euro down on Draghi comments

Posted on April 24, 2014 at 1:38 pm GMT

The euro fell against most counterparts after ECB President Mario Draghi’s comments which suggested the central bank would be ready to embark on quantitative easing if the Eurozone inflation outlook worsens. Speaking at a conference in Amsterdam today, Draghi also remarked that a strong euro could trigger policy action as well. The euro erased gains versus the dollar made after German Ifo data which showed an improvement in the business climate. The euro fell 0.20% to 1.3792, after having hit [..]

Forex News – Week ahead: Draghi speech, US durable goods data in focus

Posted on April 22, 2014 at 1:01 pm GMT

The new trading week is shorter due to the Easter holiday break which meant a lot of major markets were closed around the world on Monday. There will be some economic data releases this week which will attract investors’ attention and hopefully create more volatility in the forex markets which were relatively quiet before the long weekend. Last week, the dollar regained its strength against most of its major counterparts after being boosted by US data which helped increase optimism [..]

European Session – Euro lifted by unemployment and PMI data

Posted on April 1, 2014 at 12:39 pm GMT

A batch of upbeat data from the Eurozone helped lift the euro as the markets shrugged off Monday’s soft inflation data and look ahead to the European Central Bank policy meeting on Thursday. Eurozone manufacturing PMI for March was inline with flash readings and suggested moderate growth in Europe, while the region’s unemployment rate fell in February below 12.0% for the first time since February 2013. Other data showed German unemployment claims beat the estimate for a fourth straight month. [..]

Forex News – Eurozone retail sales drop in December

Posted on February 5, 2014 at 1:57 pm GMT

The volume of retail sales in the Eurozone fell by more-than-forecast in December, as the Christmas shopping season failed to tempt shoppers to spend more. The drop in sales marked the biggest fall since May 2011. According to the EU’s statistics office Eurostat, the volume of retail trade in the 17-member euro area fell 1.6 % in the month of December after a revised 0.9% rise in November. Most analysts expected only a 0.7% decline. Compared with the same period [..]

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