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Asian Session – Aussie higher on RBA statement; Oil rout pushes loonie to new lows

Posted on August 4, 2015 at 8:02 am GMT

The Reserve Bank of Australia kept its cash rate unchanged at 2% on Tuesday as was widely expected. After two quarter point cuts earlier this year, the RBA has toned down its easing bias and made no mention of the need for further depreciation of the Australian dollar in its statement. Instead, the Governor Glenn Stevens said that the currency is adjusting to the fall in commodity prices. The aussie jumped by over 1% from around 0.7288 to 0.7384 against [..]

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European Session – Euro steady but dollar lower on manufacturing data

Posted on August 3, 2015 at 2:09 pm GMT

Major currencies were mostly steady on Monday and manufacturing data had limited impact. Earlier in the day, weak manufacturing PMI from China added more worries on the growth outlook in the world’s second largest economy. Eurozone final manufacturing PMI was slightly better-than-expected in July at 52.4, and an improvement on June’s 52.2. There was strong growth in the Netherlands, Spain, Italy and Austria. But France was the only other nation apart from Greece that had a reading below 50, which [..]

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Asian Session – Dollar and euro steady; weak China PMI weighs on Asian markets

Posted on August 3, 2015 at 8:13 am GMT

The dollar was steady in Monday’s Asian session after seeing some volatility on Friday. Weaker-than-expected employment cost index caused a dollar sell-off on Friday but the greenback managed to stage a late US session rally to recover most of its losses. The trigger for the dollar’s reversal was comments from St. Louis Fed President James Bullard who was quoted as saying that the US economy was “in good shape”. The dollar was back above the 124 handle against the yen, [..]

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Asian session – FOMC statement delivers no surprises but dollar still up while euro falters

Posted on July 30, 2015 at 7:58 am GMT

The dollar extended its gains from Wednesday’s US session in today’s Asian trading as the Fed’s positive assessment of the US economy suggested that a September rate rise remains a strong possibility despite the lack of clear signals. In its statement, the FOMC said that the labor market is ‘nearly balanced’ but that inflation continues to run below the target rate. This could indicate that the Fed would be more comfortable if inflation was closer to its 2% objective before [..]

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European Session – Dollar mixed ahead of Fed decision; Pound boosted by strong GDP data

Posted on July 28, 2015 at 2:28 pm GMT

The dollar made steady gains in European session but fell back in late trading as markets await tomorrow’s FOMC statement by the Fed, which kicks off its two-day policy meeting today. The greenback was trading 0.5% higher against the yen at 123.60, having touched a low of 123.07. Investors are hoping that Wednesday’s FOMC statement will provide more precise clues on when the Fed will raise rates, which is widely expected in September, though December also remains a strong possibility. [..]

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Asian Session – Volatility returns to China’s stock market; Dollar edges higher

Posted on July 28, 2015 at 7:28 am GMT

Shares in China suffered their second biggest ever fall on Monday as the main Shanghai SE Composite plummeted by 8.5%. There was uncertainty as to what caused the latest sharp losses given recent signs of stabilization after intervention by state authorities to support share prices. Friday’s weak manufacturing PMI and expectations of a US rate rise were some of the potential triggers. But some reports suggested that the state-run margin lender may have repaid loans taken out to support stocks [..]

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European Session – German “yes” vote to Greek bailout fails to lift euro as dollar continues to surge on strong housing data

Posted on July 17, 2015 at 2:31 pm GMT

Greece’s bailout took another step forward after the German parliament backed the deal by 439 votes to 119. The number of lawmakers voting against it was far higher than in previous bailout votes. German Chancellor Angela Merkel had warned parliament before the vote that a disorderly Greek exit from the euro could lead to chaos. But the finance minister Wolgang Schaeuble refused to rule out a Grexit. He said that a voluntary departure would be better than the €86 billion [..]

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Russian rouble and Norwegian krone to track oil’s path

Posted on June 8, 2015 at 1:10 pm GMT

Rouble recovers from close to collapse but geopolitical tensions still a threat The rouble has made a remarkable recovery in 2015 after slumping to around 80 roubles per dollar in late 2014 from around 35 roubles per dollar before the crisis. It has managed to overcome the double shock of plummeting oil prices and geopolitical uncertainty around the Ukraine conflict and the annexation of Crimea. The Russian central bank was forced to raise interest rates by 6.5% to 17% in [..]

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