forex news

Asian Session – Euro vulnerable ahead of EU Summit this week

Posted on October 15, 2012 at 5:55 am GMT

Euro began the new trading week by giving up gains made at the end of last week, coming under pressure again in the Asian trading session. Given the fundamental issues that are still in play, it will be difficult for the single currency to keep rising, especially ahead of the EU Summit later this week. On October 18 and 19, EU leaders will be meeting in Brussels to discuss Greece and Spain. There is a large possibility that the next [..]

US Session – Dollar supported by better UoM consumer sentiment

Posted on October 12, 2012 at 7:10 pm GMT

The US session was relatively quiet ahead of the weekend. Positive market sentiment was still present though especially after some optimistic US economic data. The University of Michigan preliminary October consumer sentiment index increased more than expected to 83.1 from 78.3 the prior month. This was the highest level since 2007. It was projected to fall to 78. Prior to this report, PPI data showed wholesale prices in the US rose more than forecast in September. This helped support dollar [..]

Forex News – European Union awarded Nobel Peace Prize

Posted on October 12, 2012 at 12:45 pm GMT

The euro had a reason to celebrate today. The European Union, as an institution was awarded the 2012 Nobel Peace Prize this Friday for promoting peace, democracy and human rights in the past sixty years since the Second World War. This was a much needed moral boost as the EU struggles to resolve its economic crisis. Despite its current economic issues, the bloc has in the most part been recognized for bringing peace to a continent which tore itself apart [..]

European Session – Euro rises as Spain bailout anticipated

Posted on October 12, 2012 at 12:15 pm GMT

A more confident mood was evident in the European session this Friday, continuing the risk sentiment from the late US session yesterday. Euro rose sharply in early European trading, which reports say was sparked by large buying by the BIS (Bank for International Settlements). Meanwhile, euro zone data showed August industrial output was up 0.6 percent m/m which was stronger than forecasts of a drop of 0.4percent. The data helped support the euro rally. Also underpinning market sentiment today is [..]

Asian Session – Euro remains steady

Posted on October 12, 2012 at 6:12 am GMT

The Asian markets sustained the risk rally that ensued in yesterday’s US session after a report showed applications for jobless benefits in the US fell to the lowest in four years. Euro consolidated gains made yesterday after finally rebounding against the dollar. Until yesterday the single currency had been declining for three consecutive days, and reached a low of $1.2824 as a result of the S&P downgrade of Spain. EURUSD hit a high of $1.2950 in the US session, after [..]

US Session – Markets rally after US jobless claims fall

Posted on October 11, 2012 at 7:51 pm GMT

The euro and other risk currencies rose in the US session after a report showed an unexpectedly sharp fall in claims for US jobless benefits boosted market sentiment. The US Labor Department said the number of workers who applied for unemployment benefits dropped by 30,000 last week to 339,000. Euro extended gains from the Europe session, making back losses made after S&P downgraded Spain’s rating late Wednesday. The downgrade could speed up a potential bailout request by the Spanish government. [..]

European Session – Euro claws back losses

Posted on October 11, 2012 at 1:21 pm GMT

The European session saw a little more risk sentiment giving some boost to the euro and other risk currencies. Euro was able to recover some losses made after Standard & Poor’s cut Spain’s credit rating by two notches to just above junk status. Gains for the euro are expected to be limited due to ongoing uncertainty over when Spain would request a bailout from the EU. If it does, then this would be positive for the euro. Meanwhile, Greece is [..]

Forex News – Spain downgraded by Standard & Poor’s

Posted on October 11, 2012 at 9:51 am GMT

Spain’s creditworthiness has continued to deteriorate as the heavily indebted nation struggles to deal with a large debt burden. This has led to the country’s ratings to be slashed again, this time by Standard and Poor’s. S&P cut Spain’s rating by two notches to BBB – minus, which is one notch above “junk” status. The downgrade comes after another rate cut by Moody’s. It has kept the country’s negative outlook, based on the mounting pressures from the economy’s economic recession. [..]

Asian Session – Euro falls after S&P downgrades Spain

Posted on October 11, 2012 at 5:41 am GMT

Risk aversion dominated the Asian session after rating agency Standard and Poor’s cut Spain’s rating by two notches to BBB-, which is just above junk status. S&P also gave the Spanish economy a negative outlook reflecting its view that there are significant risks to economic growth and budgetary performance, in the debt-ridden euro zone nation. Euro fell to its lowest since October 1 against the dollar in reaction to the news. EURUSD opened in Asia at 1.2873 and slid to [..]

US Session – Dollar falls on modest US economic expansion

Posted on October 10, 2012 at 7:33 pm GMT

The dollar weakened in the US session after the Federal Reserve’s Beige Book regional business survey said the US economy expanded “modestly” last month. This dampened prospects for a stronger recovery in the US. The ICE dollar index fell after the Beige Book release. The index measures the dollar against a basket of six major currencies, and traded down from 79.925 to 79.898. Against yen, dollar dropped to a session low of 78.12 from a high of 78.35. Euro bounced [..]

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