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Forex News – Sterling falls after mild UK inflation data

Posted on May 21, 2013 at 9:24 am GMT

Sterling fell against most major counterparts on Tuesday after the release of UK inflation data. Both consumer and producer price inflation (CPI and PPI) dropped more than had been forecast in April, due to a decline in fuel prices. Core CPI fell to the lowest level since November 2009 while this is the first fall in annual consumer price inflation since September. Data published by the UK Office for National Statistics showed the rate of CPI inflation accelerated at a [..]

Asian Session – Yen gives up gains as Japan EconMin changes his remarks on exchange rate

Posted on May 21, 2013 at 6:19 am GMT

The yen was the main focus again in the Asian trading session Tuesday as Japan’s Economy Minister was back in the spotlight talking again about the yen exchange rate. This time Amari tried to downplay his previous comments which made the yen tumble over 1 percent against the dollar on Monday when he warned of the risks of excessive yen weakness which could affect people’s lives. Today the minister said that he will not say where the yen’s correction will [..]

US Session – Dollar soft ahead of Fed meeting

Posted on May 20, 2013 at 7:39 pm GMT

The dollar was a little bit soft on Monday against most of its major peers. Most of it is due to technicals rather than fundamentals as news flow was light today. Dollar had a strong recent rally and is due for a correction. Investors are also being cautious ahead of the US Federal Reserve Chairman Ben Bernanke’s testimony to Congress later this week. The Fed chief speaks before a Joint Economic Committee of Congress in Washington on May 22 to [..]

European Session – Dollar pauses from last week’s rally

Posted on May 20, 2013 at 12:16 pm GMT

The euro pushed higher against the dollar in a quiet European session on Monday, as investors took a pause from buying up the greenback after strong US data on Friday propelled it to six-week highs versus the euro. On Friday the University of Michigan consumer sentiment report was released, giving the best results since July 2007. EURUSD hit a high of $1.2877, climbing from a European session open of $1.2840. Volumes were light due to lack of news flow and [..]

Asian Session – Yen jumps as Japanese minister signals risks of excessive weakness

Posted on May 20, 2013 at 12:11 pm GMT

The yen was the big story today, being the biggest mover in the start of the new trading week after jumping on remarks made by Japan’s Economy Minister. Akira Amari signalled that the recent sharp decline in the yen could pose certain risks. The Japanese minister also said that the yen’s past strength has “been corrected a lot.” “If the yen extends losses a lot, people’s lives will be negatively affected. It’s our job to minimize that, ” he added. [..]

Commodities – Silver tumbles to 2-1/2 year low

Posted on May 20, 2013 at 8:38 am GMT

Silver prices fell to the lowest level since September 2010 on Monday morning, reaching as low as $20.30 an ounce before steadying at around $21.40, down 4 percent. On the year, the precious metal has fallen 30 percent. Silver held in exchange-traded products dropped to a four-month low on May 17. Weighing on silver are investor concerns that economic growth may be slowing in China, which happens to be the biggest industrial fabricator after the US and thus a huge [..]

US Session – USDJPY breaks above 103 yen

Posted on May 17, 2013 at 7:36 pm GMT

The dollar rallied strongly against the yen, breaking the key 103 level after upbeat US data fueled speculation the Federal Reserve will consider cutting back on stimulus measures which have been weakening the dollar. The University of Michigan consumer sentiment report was released on Friday, giving the best results since July 2007. The preliminary reading spiked up well beyond expectations to 83.7 from 76.4, easily beating the forecasted 77.9 points. The index is important since financial confidence is a leading [..]

Forex News – Canadian dollar falls after inflation drops below BOC target

Posted on May 17, 2013 at 12:59 pm GMT

The Canadian dollar weakened sharply against the US dollar after data showed that Canada’s annual inflation rate fell to 0.4 percent in April from the previous month’s 1.0 percent . This is the lowest since October 2009 and well below the Bank of Canada’s target range of 1 to 3 percent. Core CPI on a monthly basis also fell to 0.1 percent disappointing expectations for it to remains at 0.2 percent. Contributing to the decline was the fact that gasoline [..]

European Session – Euro flat as dollar strength prevails

Posted on May 17, 2013 at 12:07 pm GMT

The European Session was mixed partly because of a lack of key economic data and part due to it being Friday and most investors unwilling to take on new positions ahead of the weekend. The dollar is trading higher than yesterday after receiving a boost late in the US session following San Francisco Federal Reserve President John Williams’ remarks that the Fed could wind down its bond buying program as early as this summer. This form of stimulus that the [..]

Asian Session – Dollar resumes rally as Fed expected to cut QE

Posted on May 17, 2013 at 6:20 am GMT

The dollar held onto gains made late in the New York session on Thursday after rebounding on remarks by San Francisco Fed chief John Williams who hinted quantitative easing (QE) will end soon. Williams said that “If the economy grows as forecast, “we could reduce somewhat the pace of our securities purchases”. This means that the Fed will begin tapering off QE, which until recently has had a weakening effect on the dollar. Yesterday the dollar’s strength was dented after [..]

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