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US Session – Dollar holds onto gains after better ADP jobs data

Posted on July 3, 2013 at 8:02 pm GMT

The dollar traded higher against the yen during the U.S. session on Wednesday, bouncing off earlier lows, after being lifted by better-than-expected jobs data. The private payrolls processor ADP reported more jobs were created in June, with the U.S. economy gaining 188,000 positions from the prior month’s 134,000 and beat forecast of 161,000 jobs. A separate report released later in the session showed U.S. initial jobless claims for past week fell by 5,000 to 343,000 applications for first time benefits. [..]

Forex News – USDJPY bounces after drop in U.S. jobless claims

Posted on July 3, 2013 at 1:31 pm GMT

The dollar rebounded from a sharp fall against the yen after the release of strong U.S. employment data on Wednesday. A report showed initial weekly jobless claims fell for a second straight week, suggesting a stabilizing labor sector. The data comes just after the private ADP jobs report which showed the number of jobs created in June rose to 188,000 positions from the prior month’s 134,000 and beat forecast of 161,000 jobs. Meanwhile the U.S. Labor Department initial jobless claims [..]

European Session – EURUSD below $1.30, USDJPY tumbles

Posted on July 3, 2013 at 11:30 am GMT

The Euro had a choppy session after some mixed economic data. Euro zone service sector activity fell unexpectedly in the last quarter, as the Purchasing Managers Index (PMI) fell to 48.3, from 48.6 in the preceding quarter. Expectations were for the index to remain unchanged at 48.6 in the last quarter. Meanwhile headlines from Portugal in the past two days have reignited fears about the Euro zone debt crisis. Portuguese Finance and Foreign Affairs ministers resigned earlier this week amid [..]

Forex News – Sterling jumps after UK Services PMI surprises higher

Posted on July 3, 2013 at 10:47 am GMT

Sterling jumped against the dollar and the euro after U.K. data beat forecasts and expanded at the fastest rate since March 2011 last month, easing concerns over the country’s economic outlook. The Purchasing Managers Index (PMI) for the services sector surprisingly rose higher-than-expected and higher than the previous month. The June PMI compiled by Markit CIPS showed a 56.9, defying forecasts for it to fall to 54.5 from May’s 54.9. A number above 50.0 indicates expansion in the industry, while [..]

Asian Session – Aussie extends losses after weak retail sales

Posted on July 3, 2013 at 6:24 am GMT

Most currency pairs consolidated during a quiet Asian session. Markets are waiting for key risk events, mainly central bank policy meetings by the European Central Bank and the Bank of England tomorrow, as well as the closely watched U.S. nonfarm payrolls data. The biggest mover though was the Australian dollar which continues to be hammered, seeing no relief after yesterday’s Reserve Bank of Australia policy statement. Today, disappointing Australian retail sales numbers place the Aussie under renewed pressure. AUDUSD slipped [..]

US Session – Dollar breaks above 100 yen

Posted on July 2, 2013 at 7:34 pm GMT

The dollar extended gains against the other major currencies in the US session, after being boosted by data showing U.S. manufacturing picked up in May, adding to evidence that the world’s largest economy is strengthening. The U.S. Commerce Department said factory orders increased by a seasonally adjusted 2.1 percent, beating forecasts for an increase of 2 percent. Focus now turns to the key jobs report on Friday, the closely watched nonfarm payrolls report. Expectations are that the data should reinforce [..]

Forex News – USDJPY rises after strong US factory orders

Posted on July 2, 2013 at 2:31 pm GMT

The dollar rose further against the yen after U.S. data showed that factory orders rose slightly above forecast in May by 2.1 percent, versus the 2.0 percent consensus. Also April factory orders were revised up to 1.3 percent. The upbeat data lifted market sentient during the New York trading hours, as it gave optimism that the manufacturing sector in the world’s biggest economy is stabilizing. USDJPY soared to a high of 100.42 yen shortly after the data at 10am New [..]

Forex News – Portuguese Finance minister resigns amid harsh austerity measures

Posted on July 2, 2013 at 1:41 pm GMT

The euro came under pressure today as Portuguese bond yields surged higher on news that Portugal’s Finance Minister Vitor Gaspar resigned late on Monday. Since taking office two years ago, Gaspar implemented harsh austerity measures, which included tax rises, spending cuts and state job layoffs, all in an effort to bring the highly indebted peripheral Euro zone economy’s finance back to balance. These strict measures have given rise to growing discontent among the Portuguese people, a main factor leading to [..]

European Session – Euro under pressure ahead of ECB meeting

Posted on July 2, 2013 at 12:08 pm GMT

The euro is under pressure today after a series of headlines out of Europe dampened demand for the currency. Meanwhile expectations of Fed tapering stimulus kept dollar firm. The single currency began to come under pressure late on Monday after Portugal’s Finance Minister Vitor Gaspar resigned late Monday, as the country’s budget deficit widened in the first quarter. Other event risk came when Euro zone officials said today that Greece has three days to reach an agreement with its lender, [..]

Asian Session – Aussie tumbles after RBA signals future rate cut

Posted on July 2, 2013 at 6:19 am GMT

Risk appetite remained in the Asian session as market sentiment was boosted yesterday on improved manufacturing data from major global economies, outweighing fears of a reduction in U.S. monetary stimulus. This reduced demand for the safer dollar and gave some relief to riskier assets like euro and sterling. The euro held onto gains made yesterday after being lifted by stronger manufacturing PMI numbers from the euro zone. There were encouraging signs out of debt-burdened peripheral euro zone countries such as [..]

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