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Forex News – Canadian dollar dips on soft jobs numbers

Posted on May 10, 2013 at 3:08 pm GMT

The Canadian dollar fell to its lowest level since April 29 against the greenback, after disappointing Canadian jobs data. The Canadian economy created only 12,500 more positions, less than the projected 15,000 new jobs., while the jobless rate remained the same at 7.2 percent. In contrast to the Canadian employment scene, Canada’s neighbor’s to the south have an improving labor market. Last week’s surge in US nonfarm payrolls and Thursday’s drop in initial jobless claims numbers show the American economy [..]

European Session – Euro breaks below $1.30 as dollar holds firm

Posted on May 10, 2013 at 1:12 pm GMT

The biggest mover continues to be the dollar versus yen, after breaching a key 100 yen level yesterday. The yen weakened to a new four-year low as a result of ‘Abenomics’ and the Bank of Japan’s ultra-easing policy, which is driving down the Japanese currency. Dollar strength is also being highlighted by improving US labour markets after a huge drop in jobless claims on Thursday. USDJPY peaked at 101.72 in Europe, after opening the session at 100.97, gaining more upward [..]

Forex News – Kuroda reiterates that BOJ is not targeting currency rate

Posted on May 10, 2013 at 11:29 am GMT

The yen has reached four year lows against the dollar and has begun raising concerns again about currency wars. As the G7 meeting begins this weekend, there is talk yet again about Japan’s recent measures that have led to a weakening currency and could created tension with its trading partners at the G7 gathering. However Bank of Japan governor Haruhiko Kuroda, speaking on Friday ahead of the G7 on London said that the BOJ monetary policy does not target currency [..]

Asian Session – USDJPY extends higher after breaching 100 yen level

Posted on May 10, 2013 at 6:27 am GMT

The main focus has been the US dollar which is outperforming against its peers, breaching the 100 yen level for the first time since October 2008. The catalyst that propelled the greenback to this four year high was strong US economic data yesterday which helped eased investors’ fears about US economic growth. Initial jobless claims dropped by 4,000 to 323,000 in the week ending May 4, reaching the lowest level since January 2008. Helping differentiate dollar strength from the yen [..]

US Session – Dollar breaks 100 yen for first time in 4 years

Posted on May 9, 2013 at 8:24 pm GMT

The dollar strengthened sharply in the US session on Thursday following better-than-expected US economic data which eased investors’ fears about US economic growth. Initial jobless claims fell by 4,000 to 323,000 in the week ending May 4, reaching the lowest level since January 2008. The dollar skyrocketed above the key threshold of 100 yen for the first time in four years, lifting USDJPY to 100.78 yen. The pair was up from a low of 98.64. The yen is more vulnerable [..]

Forex News – No more QE from BoE, pound surges

Posted on May 9, 2013 at 1:04 pm GMT

Sterling extended gains after the Bank of England left the benchmark interest rate on hold at 0.5 percent. Prior to the announcement, the pound was already up against the dollar after being lifted by strong UK manufacturing and industrial production data, which both rose more than expected. After the economic data, sterling jumped to $1.5585 within minutes of the data at 09:30 am London time, up from a pre-data low of $1.5549. Following the Bank of England rate announcement, the [..]

European Session – Sterling extends gains after Bank of England maintains rates

Posted on May 9, 2013 at 12:03 pm GMT

The main focus of the day was the Bank of England policy announcement, and most investors trading the British pound, lifting it to $1.5585. As expected, the BoE left the benchmark interest rate on hold at 0.5 percent, where it has been for the past 4 years. The asset purchase facility was also maintained at 375 billion pounds. Prior to the BoE rate announcement, the pound had also gained due to strong UK manufacturing and industrial production data, which both [..]

Forex News – Sterling jumps after strong manufacturing data

Posted on May 9, 2013 at 9:45 am GMT

Sterling jumped against the dollar after better-than-expected manufacturing and industrial output data which gives signs that the UK economy is on the mend. The upbeat data will make it unlikely that the Bank of England will change current monetary policy and will leave interest rates unchanged. The Bank of England ends a two-day policy meeting today and is due to announce its decision on interest rates which are expected to remain on hold at 0.5 percent as well as the [..]

Asian Session – Australian jobs data boost AUD

Posted on May 9, 2013 at 6:40 am GMT

The Australian dollar strengthened against most of its peers after a jobs report on Thursday showed the number of created in April surpassed expectations by a lot. According to the Australian Bureau of Statistics, 50,100 more positions were added by Australian employers last month, which was much more than the 11,000 positions that were forecast to be created. As a result of the jobs increase, increase, the official unemployment rate fell from 5.6 percent to 5.5 percent. Employment in the [..]

Forex News – Aussie jumps after more jobs created

Posted on May 9, 2013 at 6:09 am GMT

The aussie was the biggest mover in Thursday’s Asian session after domestic jobs data. The Australian economy added more jobs than forecast in April, as employers hired 50,100 more people, versus the expected 11,000. The increase in jobs positions helped push down the unemployment rate fell to 5.5 percent from 5.6 percent in the previous month. AUDUSD shot up over 90 pips to $1.0252 from $1.0161. Today’s data was a sigh of relief to investors who were concerned that the [..]

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