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US Session – USDJPY hits fresh 4-week high after upbeat ISM manufacturing data

Posted on July 1, 2013 at 8:04 pm GMT

Risk sentiment was more evident in the currency markets during the US trading session on Monday, as the start of a new quarter began with stronger data. A report from the Institute for Supply Management (ISM) showed US manufacturing expanded in June, while Japanese and European data pointed to improving economic recovery. The ISM index improved after three months of declines, rising to 50.9 percent from 49.0 percent in May. A figure above 50 signals expansion, while below indicates contraction. [..]

Forex News – Mark Carney takes over as new Bank of England governor

Posted on July 1, 2013 at 1:29 pm GMT

UK Chancellor of the Exchequer, George Osborne, described Carney as “the outstanding central banker of his generation”, who will be able to provide the kickstart that propels the economy out of a shaky recovery. Carney will hold his first Monetary Policy Committee meeting on Wednesday when he will face the dilemma of how to direct the Bank’s monetary policy. At his meeting though, the MPC is expected to hold interest rates at their record low 0.5 per cent and make [..]

European Session – Dollar extends gains versus yen

Posted on July 1, 2013 at 11:51 am GMT

Markets remain focused on the dollar and growth prospects in the United States, as speculation continues on whether the Federal Reserve will begin tapering stimulus by September. Data from China which signalled that growth in the world’s second largest economy is not as strong, did not have much impact in the European session. Currency markets will be more sensitive to any US data from now on, since fed Chief Ben Bernanke mentioned that the Fed will be closely watching the [..]

Forex News – EU adds Croatia as 28th member

Posted on July 1, 2013 at 11:08 am GMT

The European Union has an additional member as from July 1st, after Croatia has become the 28th member of the bloc, 10 years after its application to join. Crowds celebrated in the capital Zagreb while European Commission President Jose Manuel Barroso welcomed them and Croatian President Josipovic said it was “a great and joyful day for our homeland”. This the day when we open a new chapter in the thick book of our history.” “The accession of Croatia to the [..]

Asian session – Yen briefly lifted after strong Japan Tankan data

Posted on July 1, 2013 at 6:18 am GMT

The dollar remains the focus of currency markets today. The greenback held onto last week’s gains and began the new trading week and new quarter on a strong footing. Markets are still speculating that the US Federal Reserve will soon begin to taper stimulus and cut back on bond buying which has been weakening the dollar. Friday’s all-important US payrolls report will shed more light on what the Fed’s policy will be on stimulus. The strengthening dollar has pushed up [..]

US Session – Dollar hits three-week high versus yen after Fed Gov. comments

Posted on June 28, 2013 at 8:34 pm GMT

The US dollar outperformed during the US session, rallying against most major peers after comments by several Fed officials. The Federal Reserve has been dominating the news this week as investors try to speculate when the Fed will being tapering its stimulus program. Federal Reserve Governor Jeremy Stein said today that the Fed may make a decision in September about tapering monetary stimulus. This sent the dollar surging against the yen, rising above 99 yen for the first time in [..]

European Session – Euro rallies on strong German data

Posted on June 28, 2013 at 12:13 pm GMT

Markets were more upbeat on Friday, and investors were squaring positions on the last day of the week as well as last trading day of the month and the quarter. Euro rallied against the dollar after strong German retail sales data today. Sales in the Euro zone’s largest economy rose more than expected to 0.8 percent from 0.4 forecast. Meanwhile a broadly weaker dollar also helped the euro higher as the greenback is slightly weighed down after Federal Reserve officials [..]

Commodities – Gold drops to three-year low below $1,200

Posted on June 28, 2013 at 8:03 am GMT

Gold has tumbled below the key $1,200 level, reaching as low as $1180.11 in early Asian trading hours on Friday. The precious metal has lost over 28 percent in value so far this year, affected by a stronger dollar. The greenback has rebounded as a result of expectations of the Federal Reserve tapering stimulus. Until recently, gold was used by investors as a safe haven asset, to shield their assets from uncertainty in financial markets as well as bold monetary [..]

Forex News – EU Summit concludes with deal on bank rescue system

Posted on June 28, 2013 at 7:33 am GMT

The EU Summit concluded with deals made by European leaders on banks, the EU budget and youth unemployment. A major breakthrough was made on how to deal with bankrupt banks. The cases of Cyprus and Ireland have shown that a state can go too far when saving its banks and might then need help itself. There has been alot of debate recently that it is unfair for taxpayers to “foot the bill”. In the recent banking crisis in Cyprus, deposit [..]

Asian Session – Yen declines as Japan data lift equity markets

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

Strong Asian equity markets on Friday helped keep an upbeat mood in the markets, buoying risk currencies, while month-end flows as well as quarter-end and half-year flows dominated markets as investors squared positions. Demand for the safe haven yen weakened it, leading it on track for a second weekly drop versus the dollar. Japanese data were upbeat, with industrial production making a particularly strong showing. Core CPI was unchanged from a year earlier, but rose 0.2 percent compared to April. [..]

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