forex news

Forex News – Obama and Boehner to compromise to avert fiscal cliff

Posted on November 12, 2012 at 5:36 pm GMT

President Barack Obama and U.S. House of Representatives Speaker John Boehner have given signs of willingness to work together to reach a compromise on the so-called “U.S. fiscal cliff”. They hope to diffuse a gridlock in the U.S.. Congress amid partisan tensions over tax positions to avert a fiscal crisis, which would result from the combination of big tax increases and spending cuts scheduled to begin January 1st of next year. At the end of the week, the re-elected U.S. [..]

Forex News – Markets rally after Obama wins second term

Posted on November 7, 2012 at 8:50 am GMT

President Obama’s re-election for a second term in office resulted in boosting risk appetite in the markets, lifting risk currencies and commodities higher while causing the U.S. dollar to fall. An Obama victory leads to a continuation of the status quo, meaning loose monetary policy. The head of the Federal Reserve Ben Bernanke will likely remain in office. He is perceived as dovish and will likely continue stimulus measures of quantitative easing, which causes dollar to weaken. However, dollar strength [..]

European Session – British Pound Rises after UK GDP data

Posted on October 25, 2012 at 12:00 pm GMT

Markets were more risk friendly today but all there was very limited activity. The UK GDP data was the main news event of the day, which was positive for the British pound. Sterling jumped over 1 percent against the dollar after GDP data showed the UK economy recovered much more strongly than expected in the third quarter, growing by 1 percent versus 0.6 expected. GBPUSD hit a one-week high of $1.6142 in the London session up from the session open [..]

European Session – Euro hammered by dismal euro zone PMI’s

Posted on October 24, 2012 at 12:06 pm GMT

Euro tumbled 0.5 percent against the dollar after a series of weak euro zone PMI data, followed by disappointing German business confidence data. The decline in the numbers reinforces concern that the economic downturn in the euro zone may be deepening and widening. Euro zone manufacturing PMI came in lower at 45.7 versus an expected 48.0. Meanwhile Germany’s Ifo business sentiment index surprisingly fell in October, adding to fears that Europe’s largest economy will not be able to drive the [..]

US Session – Sterling falls below $1.60 on risk aversion

Posted on October 23, 2012 at 8:22 pm GMT

Risk aversion dominated markets as concerns about a global economic slowdown grow and major US corporations earnings have been disappointing. The European debt crisis continues to be a headache as we saw a spike in Spain’s today. Euro fell to a one-week low versus the dollar, weighed down by Moody’s downgrade of five Spanish regions. EURUSD tumbled to $1.2951, down 0.9 percent on the day. Sterling tracked the weaker euro and also fell, reaching a six-week low versus the dollar. [..]

Asian Session – Yen falls to three-month low against dollar

Posted on October 23, 2012 at 6:06 am GMT

Yen extended losses in the Asian trading session, touching a three month low against the dollar amid growing expectations that the Bank of Japan will ease monetary policy at its meeting tomorrow. Following a disappointing trade report yesterday, the Japanese currency accelerated its decline as data showed that Japanese exports fell the most since May 2011. Meanwhile, there has been talk that Japanese government officials have been pressuring the BOJ to expand QE (quantitative easing) by another 20 trillion yen [..]

US Session – Canadian dollar weakens ahead of BOC policy meeting

Posted on October 22, 2012 at 7:45 pm GMT

Dollar strengthened in the US trading session taking back losses made in the prior European session. With a lack of key economic data on the calendar today, the dollar mainly took direction from stock markets. Wall Street extended losses today, marking the worst single-day slide in nearly four months as US corporate earnings disappointed. The soft earnings are an indication that the global economy is still fairly weak in its recovery and investors are turning to the dollar as a [..]

European Session – Euro hit 5-1/2 month high against yen

Posted on October 22, 2012 at 12:32 pm GMT

Euro rose sharply against the yen and also gained versus the dollar in the European trading session after being lifted by Spanish regional election results on Sunday. Spanish Prime Minister Mario Rajoy gained a majority in his home region which was a boost to his government’s confidence, which was much needed after recent falling approval ratings amidst tough austerity measures. Markets see this a positive for the euro since the renewed support for Rajoy’s government is an obstacle removed with [..]

Asian Session – Yen falls after Japan trade deficit widens

Posted on October 22, 2012 at 5:59 am GMT

Yen tumbled in early Asian trading session after a report showed Japan’s trade deficit widened the most since May 2011, which was two months after the devastating earthquake which hit the country. Exports declined more than expected by 10.3 percent in September from a year earlier, leaving a trade deficit of 558.6 billion yen. A 9.9 percent export decline was forecasted. The weak trade report raises speculation that there will be additional stimulus measures by the Bank of Japan, which [..]

Forex News – Canada’s inflation remains steady

Posted on October 19, 2012 at 1:42 pm GMT

Canada released CPI data today, showing that consumer prices did not ruise as much as expected in September as inflation remained steady. Statistics Canada reported that annual CPI remained unchanged at 1.2 percent, matching the prior month. Expectations were for the headline inflation rate to tick up to 0.3 percent but there were also few signs of price pressures in the future. The current inflation rate is the lowest level in more than two years. Although there were gains in [..]

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