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Asian Session – Dollar firm as focus turns to U.S. jobs data

Posted on August 2, 2013 at 6:09 am GMT

The dollar remains stronger today after Thursday’s rally on U.S. manufacturing data, while all eyes are now on the all important nonfarm payrolls on Friday. Expectations are that the Fed is most likely to start to taper monetary stimulus in September. The greenback outperformed yesterday after U.S. ISM data rose more-than-expected in July, giving signs the American economy is recovering. This comes on the back of strong ADP jobs data on Wednesday. If today’s nonfarm payrolls also come in strong, [..]

US Session – Dollar gains sharply versus yen after upbeat US data

Posted on August 1, 2013 at 8:49 pm GMT

The U.S. dollar rallied sharply while the S&P 500 stock index hit a record high 1,700 points following an array of upbeat U.S. data on Thursday. Jobless claims and manufacturing data showed the world’s largest economy was recovering steadily. Also helping boost the greenback was news that the European Central Bank and the Bank of England both kept their monetary policies unchanged, leaving interest rates at record lows. This led to a weaker euro and sterling. European Central Bank President [..]

Forex News – Dollar soars after ISM manufacturing hits 2-year high

Posted on August 1, 2013 at 2:47 pm GMT

The U.S. dollar surged against the yen and other major peers after the ISM manufacturing index rose in July by more than forecast to the strongest since June 2011. The index jumped 4.5 points to 55.4, beating consensus expectation of a gain to 52.0 from June’s 50.9 reading. The data give optimism that manufacturing is recovering and in fact gathering further strength as economic headwinds dissipate. Meanwhile, even before the ISM report the dollar was already strengthening after being boosted [..]

Forex News – Euro weak as Draghi mentions downside risks to Euro zone

Posted on August 1, 2013 at 2:18 pm GMT

The euro is softer against the dollar on Thursday, not changing much after the European Central Bank rate announcement when it left rates unchanged. The single currency had already started to decline just before a press briefing by ECB President Mario Draghi at 1230 GMT. Draghi ‘s remarks were dovish and said that Euro zone growth risks are tilted to the downside. Not surprisingly he repeated that the central bank’s low-rate policy will remain for an extended period of time. [..]

European Session – ECB, BOE meetings and PMIs dominated, focus shifts to Draghi

Posted on August 1, 2013 at 11:57 am GMT

Thursday’s European session was a busy one for currency markets, as there was a slew of economic data as well as key central bank policy meetings – the European Central Bank and the Bank of England. Sterling was the biggest mover in the session, strengthening after the Bank of England policy meeting when it left its asset-purchase program unchanged and also kept the interest rate at a record low 0.5 percent. The pound had also gained earlier in the session [..]

Forex News – Pound jumps after stronger manufacturing PMI

Posted on August 1, 2013 at 8:56 am GMT

Sterling jumped against the dollar after better-than-forecast U.K. manufacturing activity data on Thursday. The Purchasing Managers’ Index (PMI) rose at the fastest pace since March 2011. The index printed a reading of 54.6 in June from an upwardly revised reading of 52.9 in June. This beat expectations for a decrease down to 52.8. Any reading above 50.0 indicates industry expansion. GBPUSD rose 40 pips immediately after the data to a high of $1.5205 as investors were more optimistic about the [..]

Asian Session – USDJPY rebounds after China PMI

Posted on August 1, 2013 at 6:22 am GMT

Risk sentiment was back in the Asian session on Thursday after taking a hit in the prior U.S. session following the Federal Reserve statement. Upbeat data from China helped fuel appetite. The yen fell against all of its 16 major peers as demand for safe havens fell after data showed better-than-forecast Chinese manufacturing data. China’s PMI rose to 50.3 in July, beating the expected reading of 49.8. The June reading was 50.1. Readings above 50 indicate expansion. The U.S. dollar [..]

US Session – Dollar reverses gains after Fed disappoints

Posted on July 31, 2013 at 8:36 pm GMT

The U.S. dollar erased an earlier rally after the Federal Reserve policy statement which said it will keep its $85 billion-per-month bond-buying program in place and did not mention when it would begin tapering. It also pointed to recent modest growth in the U.S. economy. The Fed pointed out that persistently low inflation may be a risk to the economy and hamper economic growth, which suggests the central bank will do more to spur inflation. Stimulus measures implemented by the [..]

Forex News – U.S. GDP rises 1.7 percent, beat forecasts

Posted on July 31, 2013 at 1:47 pm GMT

The U.S. dollar gained across the board after upbeat growth data as well as private nonfarm jobs numbers that gave optimism over the U.S. economic outlook. The U.S. second quarter GDP showed an increase of 1.7 percent, beating the consensus estimate of 1.0 percent. The robust GDP report came after ADP payroll processing firm said 200,000 new private non-farm private jobs were created in the U.S. in July which was above expectations for an increase of 180,000. Markets became more [..]

European Session – Euro trims gains as German jobs overshadowed by Fed

Posted on July 31, 2013 at 11:47 am GMT

It was fairly obvious that nothing much happened in the currency markets so far today, as the quietness from the Asian session moved over to the European session. There was no key fundamental data in the European session to have any huge effect on currencies, except some upbeat German jobs numbers which helped lift euro briefly. However the big focus will be on the U.S. session when GDP and private jobs numbers will be released, as well as the FOMC [..]

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