forex news

Asian Session – Euro supported by EU bank deal

Posted on October 19, 2012 at 6:16 am GMT

Most major pairs held in tight ranges during the Asian session on Friday as risk appetite wore off going into the weekend. Investors are also waiting on the sidelines as a two-day European Union summit got underway in Brussels, scheduled to end today. The news so far from the summit is that EU leaders agreed to have by next year a new supervisory body for euro zone banks . This would allow the new ESM rescue fund to pump capital [..]

European Session – Euro jumps after successful Spain bond auction

Posted on October 18, 2012 at 12:19 pm GMT

Risk sentiment was still on in the Europe session, riding on a series of strong data out of China earlier today. This eased fears of a continued slowdown in the world’s second largest economy. In the meantime, the US data from yesterday eased concerns about the US economy and is also boosting risk appetite. Euro consolidated gains in most of the session, with a brief spike up after a successful Spanish bond auction where Spain’s government sold above the targeted [..]

Forex News – Pound jumps after strong UK retail sales

Posted on October 18, 2012 at 9:33 am GMT

Sterling was boosted after better than expected UK retail sales data, giving hope that household spending by British consumers may help keep the economy on track for recovery. The Office for National Statistics reported that in September retail sales rose 0.6 percent versus the 0.4 percent predicted. This figure was up from August’s 0.1 percent drop. These monthly sales volumes include automotive fuel, although sales excluding fuel also increased. They were up 0.6 percent on the month and were 2.9 [..]

Asian Session – Aussie advances on good China data

Posted on October 18, 2012 at 6:08 am GMT

Asian markets remained upbeat after a series of good economic data from China today. GDP for the third quarter from a year earlier grew 7.4 percent, in line with expectations. Also industrial production and retail sales increased. All data give signs of stabilization in the world’s second largest economy. Meanwhile, helping the upbeat mood in Asia were the better than expected US data on housing yesterday. Yen underperformed due to risk appetite reducing demand for safe havens. Also affecting the [..]

US Session – US housing data, Spain ratings, propel euro to month high

Posted on October 17, 2012 at 7:38 pm GMT

US markets held on to risk sentiment from earlier in the day. The catalyst for some decent gains in risk currencies was mainly Moody’s decision not to downgrade Spain to junk status. This helped euro advance to a one-month high against the dollar. Further adding to the upbeat mood in the US session were better US housing data. September housing starts beat forecasts to jump 15 percent, recording a four year high, while building permits increased by 11.6 percent. Risk [..]

Forex News – Canadian dollar surges after better US housing numbers

Posted on October 17, 2012 at 1:43 pm GMT

The Canadian dollar surged against the greenback after improved US housing data today. This pressured USDCAD down to 0.9817 within minutes from where it was trading before the news at 0.9839. Housing starts beat forecasts and jumped 15 percent and building permits increased by 11.6 percent. The September numbers were the highest in four years, since July 2008, indicating that the once sluggish US housing market in on the road to recovery. On Monday, US retail sales report showed a [..]

European Session – Euro rallies ahead of EU Summit

Posted on October 17, 2012 at 12:27 pm GMT

Euro advanced to hit a one-month high against the dollar in a risk-on European session as optimism of Spain requesting financial aid is spurring risk appetite. Meanwhile, Moody’s ratings agency announced that it has kept Spain’s credit rating unchanged at the current investment grade level and has refrained from downgrading to junk status. Moody’s decision reflects the better funding conditions for Spain based on the fact that the ECB has shown willingness to purchase Spanish bonds in the secondary markets [..]

Forex News – Sterling jumps after UK employment rises to record high

Posted on October 17, 2012 at 8:59 am GMT

The pound jumped against the dollar after a UK employment report showed the number of Britons claiming unemployment benefits fell more than expected by 4,000 last month versus the 200 forecast. Much of the boost was probably due to increased hiring by the London Olympics. Meanwhile, the employment level in the UK rose to the highest on record, climbing to 29.590 million. This helped reduce the ILO unemployment rate to 7.9 percent, compared with expectations for 8.1 percent. This indicates [..]

Commodity News – Gold continues to advance due to weaker dollar

Posted on October 17, 2012 at 8:41 am GMT

Gold prices continued to move higher today, advancing since Monday. The yellow metal had tumbled to a one-month low on Monday to touch $1,728.28 a troy ounce but rose quickly to regain losses after being boosted by improved US data. On Monday, the US retail sales report for September was released, indicating a surprise increase of 1.1 percent, better than the expected 0.7 percent. Also August numbers were revised upwards to 1.2 percent. The data gave a much needed boost [..]

Asian Session – Euro at 1-mth high after Moody’s reaffirms Spain rating

Posted on October 17, 2012 at 6:00 am GMT

Euro continued to be bought in the Asian session after news that Moody’s announced it kept Spain’s credit rating at investment grade and did not downgrade the rating. This positive news comes as investors are optimistic that Spain will request financial assistance in the form of a credit line. EURUSD opened in Asia at 1.3052 and rose quickly to a one-month high of 1.3123, the highest since September 17. Focus will turn to the European Union leaders summit in Brussels [..]

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