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Forex News – Sterling boosted after strong UK manufacturing PMI, Euro zone also improves

Posted on September 2, 2013 at 8:45 am GMT

The final Euro zone Manufacturing PMI index hit a 26-month high of 51.4 in August, up from July’s 50.3. Germany, which is Europe’s largest economy, showed impressive activity in its manufacturing sector as its PMI hit a 25-month high. All Euro zone member countries with the exception of France showed improved PMIs and all countries except France and Greece recorded PMIs above 50.0. Any number above 50.0 shows expansion while below shows contraction. Strong orders for manufactured [..]

Asian Session – China data lifts market sentiment, Aussie rises

Posted on September 2, 2013 at 6:30 am GMT

Markets started the new trading week with a more upbeat tone, with China manufacturing PMI data lifting risk sentiment. The PMI index rose to a 16-month high in August, signalling that China, which is the world’s second largest economy, is strengthening after a two-quarter slowdown. PMI gave a reading of 51.0 when released on Sunday, above the median estimate of 50.6. The Aussie benefited the most from the data since China is a major trading partner for Australia. AUDUSD advanced [..]

Forex News – Dollar ends week higher as focus reverts to Syria

Posted on August 30, 2013 at 8:34 pm GMT

The markets focus apparently has turned back on Syria late on Friday, just when early in the global day fears of a military strike had eased. However in the U.S. session, markets were roiled again after remarks from U.S. President Obama and Secretary of State John Kerry. During a press conference today Secretary John Kerry declared there was “clear” and “compelling” evidence that the government of President Bashar al-Assad had used poison gas against its citizens. The Obama administration presented [..]

European Session – Quiet session ahead of central bank meetings next week

Posted on August 30, 2013 at 12:01 pm GMT

Currency markets were calm in the European session after a busy week and investors are digesting all the week’s events ahead of the weekend while they prepare for what is expected to be an even busier week ahead. There will be a slew of very important economic data releases, which include the all-important nonfarm payrolls and PMI data, of which China’s PMI sill be closely watched. Additionally major central banks will be holding meetings next week, including the European Central [..]

Asian Session – Yen supported by data showing Abenomics is a success

Posted on August 30, 2013 at 6:07 am GMT

Currency markets were calm in the Asian session as would be expected for a Friday, while the Syrian crisis is less of a worry for the moment as the odds of an immediate strike appeared to recede. The U.K. parliament on Thursday voted down a military strike on Syria. Major pairs mostly consolidated and the U.S. dollar held onto gains made yesterday after being lifted by solid GDP data as well as a drop in jobless claims, raising the chances [..]

US Session – Dollar advances after GDP beats forecasts

Posted on August 29, 2013 at 8:05 pm GMT

The U.S. dollar rallied against most major counterparts on Thursday after positive economic data. GDP accelerated faster than forecast and jobless claims fell. This raises the case for the Federal Reserve to reduce stimulus as soon as next month. GDP rose at a 2.5 percent annualized rate, up from an initial estimate of 1.7 percent. The Fed watches economic data to be able to decide if the U.S. economy could withstand a withdrawal of stimulus. If the Fed does indeed [..]

Forex News – Dollar jumps after GDP rises and jobless claims fall

Posted on August 29, 2013 at 12:50 pm GMT

The U.S. dollar jumped against the yen after better-than-expected GDP data as well as jobless claims data on Thursday. Initial jobless claims decreased by more than forecast last week (ending August 24) as the number of applications Americans made for benefits fell 6,000 to 331,000 from a revised 337,000. This was much more than the average forecast by economists for a drop to 332,000. Jobs data are very important for the Fed and as long as jobless claims continue to [..]

European Session – Euro extends decline to 2-week low below $1.33

Posted on August 29, 2013 at 11:19 am GMT

The U.S. dollar saw a comeback today and markets are taking a small back form the risk-off theme as fear from geopolitical risk and the Syria crisis has somewhat subsided for now. The dollar has gained some reprieve against the yen after a more upbeat Asian session reduced demand for the safe haven yen. USDJPY gained for a second day hitting as high of 98.25, gaining 0.6 percent today. Euro remains weak for a second day against the dollar. A [..]

Asian Session – US Dollar trading higher ahead of GDP data

Posted on August 29, 2013 at 6:15 am GMT

Most major currency pairs consolidated during the Asian session on Thursday, leaving the dollar to hold onto gains. The Australian dollar was the on G10 currency that saw big moves as a result of some upbeat Australian data. Markets have calmed down considerably since Tuesday when they were on edge over concerns of a military strike in Syria. Focus has shifted away from this for now and is back on Fed tapering. U.S. GDP data due later today will give [..]

US Session – US Dollar dominates safe haven flows

Posted on August 28, 2013 at 8:07 pm GMT

The U.S. dollar was evidently the biggest gained on Wednesday against most major currencies as investors took to the safe haven status of the USD in the light of alot of uncertainty in markets across the globe. Geopolitical turmoil in the Middle East, is unsettling markets on fears of military intervention in Syria. Risk currencies suffered while gold benefitted and oil prices spiked. In the U.S. session, the dollar was last up 0.7 percent at a session high of 97.75 [..]

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