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Forex News – U.S. Pending Home Sales unexpectedly decline in July

Posted on August 28, 2013 at 2:18 pm GMT

Disappointing U.S. housing data on Wednesday showed the Pending Home Sales Index fell 1.3 percent in July, the second monthly decline in a row. Expectations were for pending home sales to rise by 0.2 percent, to improve from June’s decline of 0.4 percent. Rising home prices are having an impact on home purchases, especially in the South and Mid-West regions of the U.S. The Pending Home sales index signed sales contracts, and is released about a week later than Existing [..]

Forex News – Yen weakens as BOJ reaffirms monetary policy to reflate economy

Posted on August 28, 2013 at 1:19 pm GMT

The dollar was given an opportunity to rebound against the yen after the Japanese currency fell on comments by the Bank of Japan Deputy Governor Kikuo Iwata on monetary policy. Iwata spoke to business leaders at a meeting in Kyoto on Wednesday, reiterating that the Bank of Japan aims to achieve a 2 percent inflation target within two years and also will continue with quantitative easing until this target is met. “Our goal is to achieve 2 percent inflation as [..]

European Session – Dollar rebounds versus yen after Iwata comments

Posted on August 28, 2013 at 11:52 am GMT

The dollar was given an opportunity to rebound against the yen after the Japanese currency fell on comments by the Bank of Japan Deputy Governor Kikuo Iwata who said quantitative easing will continue. USDJPY bounced back up to 97.58 yen in the European session, moving off a two-week low of 96.80 that was hit in the Asian session today. EURJPY recovered earlier losses and rose to a session high of 130.54 but fell back down after being dragged down by [..]

Asian Session – Crude oil hits 2-year high

Posted on August 28, 2013 at 6:17 am GMT

Stress in emerging markets and jitters over Syria fuelled a flight to safety that benefited the yen and gold. The Australian dollar was the worst performer in the Asian session on Tuesday, as investors moved out of the riskier Aussie to its safer counterpart, the yen, retreating more than half a yen. AUDJPY reached as low as 86.44 yen while AUDUSD fell to a low of 0.8903 Also weighing on the Aussie today was some disappointing economic data. Australian construction [..]

US Session – Syrian crisis boosts yen and gold, while oil rises

Posted on August 27, 2013 at 8:54 pm GMT

Markets do not like uncertainly and this has been evident on Tuesday with alot of investors being cautious and putting their funds into safe haven assets like the yen and Swiss Franc. Precious metals like gold and silver also rose. The biggest risk dominating the markets today was geopolitical headlines with regards to turmoil in the Middle East and a possible military action in Syria. U.S. Secretary of State John Kerry said on Monday the U.S. would hold the Syrian [..]

Forex News – USDJPY jumps after Consumer Confidence unexpectedly rises

Posted on August 27, 2013 at 2:19 pm GMT

The U.S dollar rose against the yen after data showed that the U.S. Conference Board’s Consumer Confidence Index rose to 81.5 in August from 81.0 (revised up from 80.3). This gain was surprisingly good considering the median estimates were for a dip to 79.0. USDJPY jumped from a pre-data level of 97.39 to 97.50 within minutes of the news. It is hoped that with stronger consumer confidence this would translate into more borrowing and spending, which would bolster job growth [..]

European Session – Risk aversion boosts gold and yen

Posted on August 27, 2013 at 11:22 am GMT

Markets are risk off today and focus has turned to geopolitical risk as the Syrian crisis has come to the fore ever since U.S. Secretary of State John Kerry said on Monday that President Obama will hold Syria’s government accountable for using chemical weapons. Flight to safety drove currency markets, with flows seen to safe havens like the Japanese yen and the U.S. dollar. The release of better-than-expected German Ifo failed to boost the euro as nervous markets piled into [..]

Forex News – Euro’s post-German IFO rally fizzles out

Posted on August 27, 2013 at 9:18 am GMT

The German Ifo business index for August rises more than expected which is good news for Europe and outlook for its economic recovery. Germany is the Euro zone’s largest economy so the data is important, especially for the euro. The Ifo index rose to 107.5 in August from a reading of 106.2 in July. This was a fourth consecutive monthly increase and more than the expected 107.0. The data give investors confidence that Germany’s economic recovery is improving steadily and [..]

Asian Session – Yen gains on safe haven demand in nervous markets

Posted on August 27, 2013 at 6:17 am GMT

The Asian session Tuesday was quiet because there were no economic data releases. Major currency pairs drifted while the yen gained ground due to safe haven flows. The Japanese currency is perceived as a safe asset and tends to strengthen during periods of financial turmoil because Japan isn’t reliant on foreign capital to fund its deficits. There is some nervousness in the markets recently as investors focus on Fed tapering. Meanwhile recent geopolitical issues are also making markets jittery as [..]

US Session – Dollar volatile after US durable goods orders

Posted on August 26, 2013 at 8:35 pm GMT

The U.S. dollar see-sawed up and down against the yen today, after taking a hit from a decline in U.S. durable goods orders. The data raised further doubts about the prospect of a reduction in Fed stimulus next month. Durable goods orders for long-lasting U.S. manufactured goods fell 7.3 percent in July, the most in nearly a year. USDJPY touched lows of 98.25 immediately after the data before stablizing. The pair remained in a range, capped below 98.74 yen. The [..]

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