News / Page 409

Forex News – USDJPY extends lower after US existing home sales fall

Posted on July 22, 2013 at 2:16 pm GMT

The dollar slid against the yen after some disappointing U.S. economic data on the housing sector. USDJPY extended losses from a pre-data price of 99.53 to fall to 99.27 yen a few minutes after the release of the U.S. existing home sales data at 10am New York time on Monday. According to a report released by the U.S. National Association of Realtors, the number of existing home sales fell by 1.2 percent in June to 5.08 million, versus an expected [..]

Forex News – G20 Moscow meeting pleges to boost global growth

Posted on July 22, 2013 at 1:52 pm GMT

The Group of Twenty (G20) held a two day meeting in Moscow on Friday and Saturday where finance ministers and central bankers of the world’s twenty most riches countries gathered to discuss the global economy. The gathering in Moscow is seen as a precursor to September’s G20 summit in St. Petersburg. On the agenda was mostly talk of global growth and how to nurture a global economic recovery without the need for more austerity. Also, avoiding currency wars by “carefully [..]

European Session – Euro higher as Portugal concerns ease

Posted on July 22, 2013 at 12:09 pm GMT

Currency markets were quiet during Monday’s European session, with no key economic data releases today. The Japanese yen was the main focus today, as it remains stronger after news of Prime Minister Shinzo Abe’s decisive victory in elections for Japan’s parliament’s upper house. The election win was already priced into markets, so it was the case of “buy the rumour – sell the fact”, as investors sold off USDJPY in the Asian session. The pair reached a low of 99.59 [..]

Forex News – Post-election concerns arise over commitment to Abenomics

Posted on July 22, 2013 at 11:08 am GMT

Japan’s ruling Liberal Democratic Party (LDP) led by Prime Minister Shinzo Abe, has won victory in last Sunday’s Upper House elections, meaning Abe now has control of both chambers in the parliament. The LDP first won majority for the Lower House seats back in December 2012, leading to a “bicameral parliament” but after winning the majority of seats in the Upper House this weekend, Abe now has more control over government policies. It especially gives him a stronger mandate for [..]

Asian Session – Yen gains after Abe’s election win

Posted on July 22, 2013 at 6:26 am GMT

The yen strengthened after Japan’s Prime Minister Shinzo Abe’s coalition wins the country’s Upper House elections on Sunday. Abe’s win gives him greater control over the government to push ahead reforms and aggressive monetary policy. The question now dominating investors’ minds is how he will go ahead implementing these reforms. As a result there was a mixed reaction in markets today, and yen gained strength which is a surprise considering that the loose policy of “Abenomics” would tend to have [..]

US Session – Dollar weak against yen as focus turns to Japan elections

Posted on July 19, 2013 at 8:42 pm GMT

The U.S. dollar is softer overall today, down 0.2 percent versus euro and losing 0.3 percent against sterling. EURUSD traded the US session between $1.3101 and $1.3152. GBPUSD edged higher to $1.5276 from $1.5250. Dollar was also weak against the yen, where most of the focus was today as markets want to take some risk off ahead of the Upper House elections in Japan this Sunday. USDJPY declined 0.2 percent to 100.29 yen. The pair has remained range-bound most of [..]

European Session – AUD jumps on China interest rate policy change

Posted on July 19, 2013 at 12:02 pm GMT

The currency markets were relatively subdued during the European session, quite normal for a Friday and low volumes as the summer holiday lull arrives. Newsflow was limited today but investors are keeping an eye on a meeting of finance ministers and central bankers from the Group of 20 nations. The euro was mostly stuck in a familiar range against the dollar, with support given by better-than-expected German inflation data. EURUSD traded between $1.3088 and $1.3150. EURGBP suffered a little more [..]

Asian Session – Yen rallies on safe haven buys ahead of Japan elections

Posted on July 19, 2013 at 6:13 am GMT

The Asian session action was dominated by the yen as markets got jittery ahead of a key risk event this weekend in Japan. The Tokyo stock markets fells hard while the safe haven yet was bought as investors position for the Upper House elections. If Prime Minister Shinzo Ave wins with sole majority he would be able to continue implementing his aggressive monetary easing policies. In such a case, the yen will weaken in the long term. For now, investors [..]

US Session – Dollar strengthens after US jobless claims and Philly Fed data

Posted on July 18, 2013 at 7:38 pm GMT

The dollar extended its rally in the U.S. session on Thursday after some upbeat U.S. economic data. Initial jobless benefits last week fell more than expected while the Federal Reserve Bank of Philadelphia reported that its manufacturing index beats forecast and rose 19.8 for July from June’s 12.5 reading. Meanwhile investors remain confident that the Federal Reserve would scale back its stimulus measures later this year after Ben Bernanke’s comments from his Congressional testimony these past two days. The dollar [..]

Forex News – Dollar extends gains after U.S. jobless claims fall

Posted on July 18, 2013 at 12:52 pm GMT

The dollar rose against the yen and the euro after U.S. jobless claims numbers drop to a two-month low as there were less firings of employees. The number of Americans applying for first time unemployment benefits dropped by 24,000 in the week ended July 13th, bringing the total claims number down to 334,000 from the previous week’s 358,000 (which was revised down from an initial reading of 360,000). Today’s number was slightly below the forecast of 345,000 claims, and is [..]

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