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Forex News – Dollar tumbles after Nonfarm Payrolls below forecast

Posted on September 6, 2013 at 12:56 pm GMT

The U.S. dollar tumbled across the board after disappointing jobs report. The highly anticipated Nonfarm Payrolls report showed a lower than expected number of new jobs added to the American economy in August. Economist had predicted 180,000 new positions but only169,000 were created, but still above July’s dismal 104,000. The unemployment rate dropped to a 4-1/2 year low of 7.3 percent, however, this was due to more workers giving up the search for work. The data today could delay the [..]

European Session – Euro slips after weak German data, main focus is nonfarm payrolls

Posted on September 6, 2013 at 11:41 am GMT

The main market focus today is on the U.S. dollar ahead of nonfarm payrolls. Investors are taking some profits and sold off the dollar, especially against the yen before this key risk event. USDJPY fell for the first time in five days to a low of 99.49 yen. The market was already substantially long this pair and this is a main obstacle to a further move higher, especially since the pair already breached the key 100 yen level yesterday. Investors [..]

Asian Session – USDJPY falls back below 100 yen ahead of nonfarm payrolls

Posted on September 6, 2013 at 6:17 am GMT

The U.S. dollar fell below the key 100 yen level in the Asian session as market focus turns to the all-important U.S. nonfarm payrolls later on Friday. The forecasts show that 180,000 new jobs were added to the U.S. economy in August, up from an increase of 162,000 in July. Economists estimate the unemployment rate to remain steady at 7.4 percent, the lowest since December 2008. Today’s jobs data comes a day after U.S. jobless claims that fell by 9,000 [..]

US Session – Dollar rallies across the board on strong data

Posted on September 5, 2013 at 7:57 pm GMT

The dominant currency was the U.S. dollar on Thursday, as the currency gained in reaction to economic data and news both from Europe as well as the U.S. The dollar remains in focus as the all-important nonfarm payrolls data are due out on Friday. Helping boost the dollar in the U.S. session today was a slew of upbeat data. The ISM non-manufacturing index showed business activity expanded strongly at its fastest pace in more than two years. A separate report [..]

Forex News – Dollar up after strong US service sector growth and jobs data

Posted on September 5, 2013 at 2:32 pm GMT

The U.S Dollar jumped higher after economic data showed the U.S. service sector expanded more than expected in August, at its fastest pace in more than two years. A report compiled by the Institute for Supply Management showed that the business activity index rose to 58.6 in August from 56.0 a month earlier. This surprised economists who had forecast a decline in the reading. A reading above 50 indicates expansion. Driving the index higher were companies which increased hiring and [..]

Forex News – ECB Chief Mario Draghi Press Conference

Posted on September 5, 2013 at 2:00 pm GMT

The following are some extracts from a press conference that ECB President Mario Draghi held after the ECB policy meeting on Thursday. The ECB left its main interest rate unchanged at a record low of 0.50 percent. ON INTEREST RATES “On the interest rate cut, there was a discussion like we do all the time. We discuss the state of our monetary policy stance at each point in time. We discuss interest rates and other [..]

European Session – Sterling jumps after BOE leaves policy unchanged

Posted on September 5, 2013 at 11:52 am GMT

Sterling jumped after the Bank of England announced it kept monetary policy on hold, leaving interest rates at 0.5 per cent and its asset purchase program at £375bn, as forecast. The bank’s policy has not changed in the past fourteen months. As long as the BOE does not signal any rate cuts or increase in bond purchases this should keep the pound buoyed. More QE would tend to have a weakening effect on the currency. GBPUSD surged after the policy [..]

Forex News – USDJPY breaks 100 yen level after Kuroda comments

Posted on September 5, 2013 at 8:49 am GMT

The Japanese yen was weaker on Thursday after the Bank of Japan policy meeting announced no change in the central bank’s monetary policy plan as it sees the economy growing and continuing its path to recovery. The BOJ Governor Haruhiko Kuroda mentioned in a news conference that for now the central bank sees no need to take additional stimulus measures. “Japan’s economy is likely to continue recovering moderately as a positive cycle of output, income and expenditure kicks in,” Kuroda [..]

Asian Session – Yen dips after BOJ policy meeting

Posted on September 5, 2013 at 6:23 am GMT

The Bank of Japan concluded its policy setting meeting on Thursday announced it left its monetary policy unchanged upwardly revised its view of the economy, saying in a statement that it is “recovering moderately”. The BOJ will continue with asset purchases as part of its stimulus plan to bring inflation up to a 2 percent target. The BOJ policy announcement initially had little impact on yen but by the end of the Asian session the USDJPY jumped higher, reaching 99.96 [..]

US Session – Dollar falls from recent highs, jobs data in focus

Posted on September 4, 2013 at 8:30 pm GMT

The U.S. dollar was mostly lower in the U.S. session as there was an increase of flows to risk currencies, lifting euro and sterling. The greenback fell for the first time in six sessions and retreated from a six-week high against a basket of currencies as recent upbeat data reflected a growing global economy, and this boosted investor risk appetite. Recent highs in the dollar made today a good opportunity to take some profits and sell back the USD, especially [..]

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