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European Session – Euro hits 4-month high versus pound after UK inflation data

Posted on July 16, 2013 at 11:54 am GMT

The euro began the European session by falling against the dollar as a result of weak data showing the number of new cars registered in the Euro zone fell in June by the biggest amount since 1996, and comes after May’s registrations reached a 20-year low. The European Automobile Manufacturers’ Association reported a decline by 6.3 per cent year-on-year to 1.175m. Later in the session, Germany’s forward looking ZEW investor sentiment survey for July missed forecasts for July and the [..]

Forex News – German ZEW economic sentiment falls, euro briefly falls

Posted on July 16, 2013 at 10:24 am GMT

The euro fell against the dollar after a disappointing report on the German ZEW economic sentiment. The data showed that analyst and investor sentiment in Germany was more pessimistic, mainly driven by a series of weak Euro zone data recently. The ZEW survey is an important indicator because it is a survey of about 275 German institutional investors and analysts who are asked to rate the relative 6-month economic outlook for Germany. The data is important because Germany is Europe’s [..]

Forex News – Sterling falls after UK inflation rate lower-than-forecast

Posted on July 16, 2013 at 10:06 am GMT

Sterling fell against the dollar after U.K. inflation numbers misses forecasts on Tuesday, raising expectations that the Bank of England now has more leeway to provide extra stimulus for the economy. This led investors to expect interest rates to remain at record lows for a while longer. A report from the Office for National Statistics showed the CPI reading in June hit 2.9 percent, up from 2.7 percent in May but lower than the 3.0 that was expected. The BOE’s [..]

Asian Session – Aussie recovers after RBA minutes downplay rate cut

Posted on July 16, 2013 at 6:14 am GMT

Currency markets went nowhere during the Asian session on Tuesday, trading in tight ranges. The Australian dollar was the only G10 currency that moved. The Aussie got a big boost after the release of Reserve Bank of Australia July policy meeting minutes. The central-bank’s tone was a little less suggestive of near-term easing than markets had expected. Thus, the less the likelihood of a rate-cut soon led to demand for the currency. AUDUSD rose to a session high of $0.9193, [..]

US Session – Dollar reverses rally versus yen after weak US retail sales

Posted on July 15, 2013 at 7:35 pm GMT

Currency markets were exceptionally quiet on Monday, with very little movement in currency pairs from last Friday. The day began with economic data from China, which showed second quarter GDP rose in line with expectations at 7.5 percent. Markets seemed satisfied with this. The Europe session had a lack of data and the dollar made more gains against most counterparts and held onto most gains later in the New York trade despite weaker-than-forecast U.S. retail sales data. Sales only rose [..]

European Session – Dollar gains as markets await U.S. retail sales data

Posted on July 15, 2013 at 11:55 am GMT

The U.S. dollar gained strength against most major counterparts in the European session on Monday as investors remain bullish in the greenback. Many believe the US economy is on a recovering trend and expect the Federal Reserve to begin scaling back its bond buying program later this year. Such stimulus measures which include buying $85 billion a month of bonds tend to weaken the dollar, so any reduction in this will make the dollar more attractive. Recent U.S. data has [..]

Forex News – France downgraded from AAA by Fitch

Posted on July 15, 2013 at 8:43 am GMT

France lost its prized “triple A” credit rating again after being downgraded this time by Fitch ratings agency on Friday. France’s credit rating was lowered to AA+ from AAA as Fitch cited large debt and uncertain economic outlook as well as a need for structural reform. The outlook remains “stable”. Standard & Poor’s was the first agency to downgrade France, giving it an AA plus with a negative outlook. Moody’s rates it Aa1 with a negative outlook. France is [..]

Forex News – Markets show relief as China growth as expected

Posted on July 15, 2013 at 8:10 am GMT

China’s second quarter growth was reported as expected by the country’s National Bureau of Statistics. The world’s second largest economy’s annual economic growth slowed to 7.5 percent from 7.7 percent, recording the second straight quarter of slower growth. Currencies did not react negatively since this was already discounted by the markets. Many investors were even expecting more downside than forecasts, especially after dismal trade data published last week. Driving growth lower was mainly due to a weakness in exports and [..]

Asian Session – China GDP data supports markets

Posted on July 15, 2013 at 6:20 am GMT

Currency markets were very quiet during Monday’s Asian session, as volumes were light due to markets in Japan being closed for a holiday. Dollar held onto last week’s gains as major currency pairs consolidated. The only headline news of importance was GDP data from China, which markets were quite satisfied with. Asian stock markets rose as the slowdown estimates were as expected. China grew GDP grew 7.5 percent in the second-quarter. Australia’s S&P/ASX 200 rose 0.39 percent since China is [..]

US Session – Dollar stabilizes and cuts some losses

Posted on July 12, 2013 at 9:14 pm GMT

The market focus was on the dollar again but this time it was to buy it back after a huge sell-off two days ago when comments from Federal Reserve chief Ben Bernanke spooked investors that the central bank’s quantitative easing (QE) program will continue for longer than expected. QE involves $85 billion worth of bond buying a month and this program is largely seen as negative for the dollar as it is basically printing more money and pumping it into [..]

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