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European Session – Sterling drops to 8-month low, aussie rises as China plans more stimulus

Posted on December 22, 2015 at 3:06 pm GMT

The Australian and New Zealand dollars were the big movers in the major currency pairs as China plans more stimulus. Stabilization of oil and iron ore prices also helped. The Antipodeans reacted to a report out on Monday that China will make its monetary policy more flexible and expand its budget deficit in 2016 in order to stimulate growth in the slowing economy. Meanwhile, China’s plans also offered commodities and commodity currencies some much needed respite. Apart from the news [..]

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Asian Session – Dollar flat but euro back above 1.09 dollars; oil stabilizes

Posted on December 22, 2015 at 8:17 am GMT

The US dollar was steady in Asian trading on Tuesday as investors await US economic data later in the day for some direction. The greenback moved above yesterday’s lows of 120.83 yen to climb to 121.20 yen in late Asian session today. Comments on Monday by Atlanta Fed President Dennis Lockhart that US rates are likely to go up at every other meeting had little impact on the dollar. Lockhart added that the rate rises will depend on how the [..]

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European Session – Euro unrattled by ECB comments and Spanish election results

Posted on December 21, 2015 at 3:27 pm GMT

The euro edged higher on Monday and was largely unfazed by Sunday’s elections in Spain where the ruling conservatives lost their majority. The conservative People’s Party won the most seats but not enough for a majority and need to form an alliance with other parties. However, they now face the threat of a left-wing coalition from the Socialists and the anti-austerity ‘Podemos’ party who came second and third respectively. Shares in Madrid closed down 2.5% lower in response to the [..]

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Asian Session – Oil rout continues as Brent Crude falls to 11-year low

Posted on December 21, 2015 at 8:21 am GMT

Oil prices continued their descent on Monday as production remains near record levels and signs that US shale producers are withstanding the current slump in prices. The number of active oil rigs in the US rose last week adding to the supply glut that has been made worse by expectations that Iran will return to the market next year. Brent crude futures hit an 11-year low today of $36.17 per barrel, while WTI oil futures were trading near 6-year lows [..]

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European Session – Euro mixed in quiet trading; Loonie recovers below 1.40 dollars on oil surge

Posted on December 18, 2015 at 3:40 pm GMT

The dollar briefly rebounded from earlier lows in a relatively quiet European trading after dropping against major currencies following the Bank of Japan’s surprise announcement today. The Bank of Japan made some fine tuning to its existing quantitative easing program to include Japanese government bonds of higher maturities and exchange-traded funds of companies. The yen strengthened after the announcement as investors didn’t think the measures went far enough to stimulate growth and inflation. The dollar was trading at 121.50 yen [..]

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Asian Session – Yen firmer after BoJ disappoints with changes to its QE program

Posted on December 18, 2015 at 8:13 am GMT

The Bank of Japan took markets by surprise by expanding the range of assets it will purchase under its quantitative easing program. At its latest monetary policy meeting, the Bank decided to set aside 300 billion yen from its existing QE fund to purchase exchange-traded funds issued by firms with the aim of encouraging companies to invest more and increase wages. The Bank of Japan also decided to increase the maturity of Japanese government bonds that it purchases from 10 [..]

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European Session – Euro under pressure against dollar on policy divergence

Posted on December 17, 2015 at 3:23 pm GMT

The euro remained under pressure against the broadly firmer dollar given policy divergence between the ECB and the Fed. After the Fed lifted rates yesterday, the euro weakened and extended losses in Asia, then consolidated in European trading. European data this morning showed a disappointing German IFO survey, with the business climate indicator falling slightly to 108.7 in December from a prior 109. But the market focus was on the Fed message so price action for the euro versus the [..]

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