forex news

European Session – Euro lifted after French and Italian data

Posted on October 10, 2012 at 12:42 pm GMT

The mood in the European session remained damp, although euro was given a slight lift following better than expected French and Italian industrial production data. Also Italy held a successful bond auction today. Euro has been more steady in the European trade today after a choppy last three days brought the EURUSD to a low of 1.2834. The pair was soon lifted to 1.2896 in late European session trading ahead of the North American open. Euro is expected to remain [..]

Forex News – French Industrial Production data beat forecasts

Posted on October 10, 2012 at 12:03 pm GMT

Euro trading was quiet in the European session this Wednesday, with no dramatic headline news, and little on the economic calendar. We had Industrial Production data from France today, which surprisingly was better than forecast, helping give some support to euro. Industrial Production in Europe’s second largest economy rose in August, by 1.5 percent compared to expectations for a drop of 0.2 percent. Also the July figure was revised up to 0.6 percent from 0.2 percent. The upward surprise was [..]

Asian Session – Euro falls for third day

Posted on October 10, 2012 at 6:11 am GMT

Asian markets were risk-off as global growth concerns weighed on sentiment. The International Monetary Fund cut global economic growth forecasts for 2012 and 2013 on Tuesday, giving support to the dollar. Adding to negative sentiment, uncertainty in the euro zone has weighed on the euro, with investors worrying about when Spain will request a bailout to help cut its huge public debts. Also causing concern is when Greece will agree terms with its international lenders for the next tranche of [..]

US Session – Dollar gains as EU debt concerns grow

Posted on October 9, 2012 at 6:30 pm GMT

Euro was pressured as concerns over confidence in early debt solutions for Greece and Spain fades away. Although EU finance ministers are meeting this week and EU leaders next week, there is little sign of significant progress on either Greece’s or Spain’s debt problems. Meanwhile, the new IMF global growth forecast doesn’t help and added to the negative sentiment. The IMF cut its global growth forecasts for the second time since April. Euro began the day just below $1.3000 but [..]

European Session – Euro drops on Spain and Greece debt woes

Posted on October 9, 2012 at 12:16 pm GMT

Euro dipped sharply in early European session trading as various official meetings in the Europe this week are making the market focus shift back to the problems in the euro zone periphery. Concerns about whether Spain will apply for a bailout and fresh concerns about Greece weighed heavily on risk sentiment ahead of the ECOFIN meeting today. European Central Bank President Mario Draghi said the euro zone faces risks from financial instability. However he reiterated that the ECB’s financial support [..]

Forex News – Pound hurt by growing UK trade deficit and weak output

Posted on October 9, 2012 at 9:43 am GMT

UK manufacturing production data were released today showing a decline in August, highlighting the weak recovery prospects for the British economy. According to the Office for National Statistics, factory output fell 1.1 percent in August after a downwardly revised bounce of 3.1 percent in July. Expectations were for a dip of 0.6 percent on the month. It is evident that the manufacturing sector is struggling and being affected by the very weak euro area economy and weak global backdrop. The [..]

Asian Session – Aussie rebounds off recent lows

Posted on October 9, 2012 at 6:03 am GMT

The Asian session kept the predominantly risk off sentiment. Europe remains a potential market mover. The Eurogroup meetings are currently underway with Greece and Spain on the agenda. We are also waiting to see what the outcome will be from German Chancellor Merkel’s visit to Athens later today. The euro remained lower following a sharp decline yesterday. EURUSD kicked off in Asia at 1.2966 and was able to retrace up to 1.2989 during the session. Sterling remains heavy ahead of [..]

US Session – Dollar maintains gains in risk off trade

Posted on October 8, 2012 at 6:48 pm GMT

The US session was overall quiet due to markets being closed for holidays in the US and Canada today. Most major currencies were retracing some of the moves seen at the end of last week. After the initial knee-jerk rally in risk in response to the improved US jobs report and drop in the unemployment rate on Friday, risk assets began the new trading week by giving up gains. Investor focus turned to the crisis in Europe as uncertainty persisted [..]

Forex News – ESM fund to be launched at Eurogroup meeting today

Posted on October 8, 2012 at 1:27 pm GMT

Euro zone finance ministers are meeting in Luxembourg today, and are scheduled to launch the new euro zone bailout fund. The European Stability Mechanism (ESM) is a fund made up of 500 billion euros and will be a permanent fund that will be the main defence against the European debt crisis that now threatens Spain. It replaces the previous temporary European Financial Stability Facility (EFSF). The ESM’s main function is to lend to distressed euro zone member governments in return [..]

European Session – Euro continues drop as Europe’s debt crisis weighs

Posted on October 8, 2012 at 12:47 pm GMT

The European session was mainly risk off as the euphoria from Friday’s improved US jobs report faded quickly and focus turned to the deteriorating outlook for the global economy as well as concerns over the euro zone debt crisis. Euro extended losses today as the Eurogroup meeting was being held, and so far there has not been any sign of any resolutions for the crisis. More attention will be paid to German Chancellor Angela Merkel’s visit to Athens tomorrow to [..]

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