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European Session – Euro rallies on German inflation data

Posted on November 28, 2013 at 1:50 pm GMT

The euro rallied after a series of data from the Euro zone, helping it rise to a new one-month high against the dollar and to a four-year high against the yen. The euro climbed for a third day against the dollar and briefly breached the 1.36 level after above-forecast German inflation data which showed CPI rose 0.2% month-on-month versus 0.1% expected. Meanwhile the German unemployment rate was as expected. Eurozone money supply and confidence numbers also came in higher than [..]

Technical Analysis – EURUSD tests 1.36

Posted on November 28, 2013 at 10:04 am GMT

The euro made a new 2-month high against the dollar on Thursday after rallying on German unemployment data. The unemployment rate remained unchanged at 6.9% while the jobless total was in line with expectations and unchanged at 2.8 million. EURUSD extended higher after the data to climb back above the key 1.36 handle to hit a high of 1.3617. The trend is bullish based on technical studies. The price action is above the 100-day moving average while the pair just [..]

Asian Session – Dollar retains strength against yen at 6-month high

Posted on November 28, 2013 at 8:04 am GMT

The dollar retained strength in the Asian session today and consolidated gains after a string of positive US data that was released yesterday which gave encouraging signs that the US economy is on a path to a steady recovery. The dollar rallied to a six-month high against the yen after being boosted by the Chicago PMI data which rose more-than-expected in November. Following from this, the University of Michigan consumer sentiment index also showed an improvement last month. USDJPY edged [..]

US Session – Dollar rallies on strong Chicago PMI data

Posted on November 27, 2013 at 9:17 pm GMT

There were a slew of US economic data releases today which were mixed but mostly positive. Overall market sentiment was upbeat today so market participants shrugged off the bad data and bought the dollar. The only data that missed forecasts were durable goods orders but the Chicago PMI and University of Michigan consumer sentiment index both rose more-than-expected in November. The final reading of the Michigan consumer sentiment index rose to 75.0 compared to 73.5 expected while the Chicago PMI [..]

European Session – Euro flirts with 1.36 after upbeat news from Germany

Posted on November 27, 2013 at 1:37 pm GMT

The euro and the pound were the best performers today on the back of headline news and data out of Germany and the UK. The euro was boosted by news of a deal clinched by German Chancellor Angela Merkel’s conservative Christian Democrats party and the centre-left Social Democrats to form a coalition government after months of negotiations following the federal elections two months ago. The euro hit a fresh four-year high against the yen and a one-month high against the [..]

Forex News – Merkel succeeds in forming grand coalition with SPD

Posted on November 27, 2013 at 12:32 pm GMT

An accord was made between Germany’s two biggest parties early on Wednesday, to form a coalition government between German Chancellor Angela Merkel’s conservative Christian Democrats (CDU) – including its Bavarian sister party, the Christian Social Union – with the Social Democrats (SPD). The deal was finally concluded after a marathon meeting which began on Tuesday until the early hours on Wednesday. The deal brings to a close talks which essentially began after the German federal elections in September, which Merkel [..]

Technical Analysis – GBPAUD strikes fresh 3-year high

Posted on November 27, 2013 at 9:38 am GMT

Sterling has been rising steadily against the Australian dollar in recent months due to the diverging central bank policies between the UK and Australia. Strong UK data has raised expectations that the Bank of England could begin raising interest rates soon, which would be positive for the pound. Meanwhile the Australian dollar is under pressure due to the threat that the Reserve Bank of Australia could cut rates after recent comments from Governor Stevens who said the value of the [..]

Asian Session – Euro hits fresh 4-year high against yen

Posted on November 27, 2013 at 7:48 am GMT

The euro rose to a fresh 4-year high against the yen in the Asian session after receiving a boost on news that German Chancellor Angela Merkel clinched a deal with the Social Democratic party (SDP) after lengthy negotiations following the German federal elections in September. The euro briefly brushed 1.36, hitting a one-month high before ending the Asian session at 1.3579 with a 0.05% gain. Against the yen, the euro made a new 4-year high of 138.15 and ended with [..]

US Session – Dollar weakens on drop in US consumer confidence

Posted on November 26, 2013 at 8:51 pm GMT

The US dollar weakened across the board after data showed consumer confidence surprisingly fell this month according to a report from the Conference Board. The index slipped to its lowest level in 7 months. Earlier in the US session other data was released showing building permits in the US jumped to a 5-year high in October. The dollar rose against the yen after this upbeat housing data but reversed lower on the disappointing consumer confidence data. The dollar eased down [..]

Forex News – Dollar up against yen after US housing permits hit 5-year high

Posted on November 26, 2013 at 2:32 pm GMT

The dollar rose against the yen after data showed an increase in building permits for home construction issued in October, hitting a 5-year high. The US Commerce department published the report with a 7-day delay due to the US government shutdown in October. Figures show building permits jumped 6.2 percent in October to a 1.03 million annualized rate compared to 974,000 in September, reaching the highest level since June 2008. Forecasts were for a 930,000 increase. Meanwhile, August permits were [..]

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