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US Session – Euro extends gains while pound rallies ahead of BOE

Posted on May 8, 2013 at 7:27 pm GMT

The euro rallied on the better-than-expected German industrial production data, which comes just a day after strong German factory orders data. Industrial output recorded the biggest jump in 12 months and rose 1.2 percent in March despite expectations for a 0.1 percent decline. EURUSD extended gains in the US session and hit a high of $1.3193, currently at $1.3155, up 0.5 percent on the day. Euro however remains vulnerable amid expectations over another rate cut by the European Central Bank [..]

European Session – Euro rallies after German industrial production beats estimates

Posted on May 8, 2013 at 12:09 pm GMT

The euro received a boost in the European Session after surprisingly better German industrial production data, which eased concerns over the impact the euro zone’s debt crisis is having on the region’s largest economy. March industrial production rose by a seasonally adjusted 1.2 percent, despite expectations for a decline of 0.1 percent. Germany is seen s Europe’s engine of growth so any positive data indicating recovery and growth in the economy is positive. EURUSD jumped to a session high of [..]

Forex News – Swiss Franc weakens after April CPI remains flat

Posted on May 8, 2013 at 8:48 am GMT

Switzerland consumer price inflation (CPI) remained unchanged last month, confounding expectations for a slight increase, causing the Swiss Franc to fall against most counterparts. According to a report released by the Swiss Federal Statistics Office, CPI in April gave a reading of 0.0 percent, thus being flat for the month, compared to March’s 0.32 percent increase. Forecasts were for inflation to tick up marginally by 0.1 percent on a month to month basis. On an annualized calculation, consumer prices in [..]

Forex News – China posts a trade surplus in April

Posted on May 8, 2013 at 7:17 am GMT

China trade data released on Wednesday beat forecast and the trade surplus increased by 14.7 per cent in April, up from a previous 10 per cent increase. The $18.2bn surplus is much more than the expected $15. billion predicted. The main driver behind the increase in the trade balance was a surge in export numbers. According to data, exports rose 14.7 from last year, accelerating from March and topping most forecasts. Imports increased 16.8 per cent in April from a [..]

Asian Session – China trade data lifts euro and aussie

Posted on May 8, 2013 at 6:06 am GMT

Market sentiment was only briefly lifted in the Asian session after upbeat China data on Wednesday. China’s April trade report was better than expected. Both imports and exports rose more than estimated and the headline surplus was also above expectations. Euro jumped after the data, moving off 0.19 percent from a low of $1.3071 to a session high of $1.3096. The single currency continues to trade lower compared to yesterday’s peak of $1.3130 which was hit following strong German manufacturing [..]

US Session – Euro reverses gains as ECB rate cut fears grow

Posted on May 7, 2013 at 7:57 pm GMT

The US session on Tuesday was quiet in terms of economic data. There were no key releases. The euro reversed gains made against the dollar earlier in the day as further upside was limited due to remarks made by European Central Bank President yesterday. Investors are nervous to push the euro higher amid a prolonged euro zone debt crisis and the ECB ready to make further rate cuts, as pointed out by Draghi yesterday. Euro enjoyed a brief rally against [..]

European Session – Euro gains on German data, aussie extends losses after RBA

Posted on May 7, 2013 at 12:45 pm GMT

The euro strengthened against most of its major peers, including versus the dollar, yen and pound after being boosted by strong German economic data. According to the German Economy industry on Tuesday, German industrial orders increased in March by 2.2 percent. This was more than the 0.5 percent decrease that was expected. February numbers were revised higher to 2.2 percent. Today’s data was a sigh of relief to investors who now see that the euro zone’s largest economy and engine [..]

Forex News – Euro lifted by strong German factory orders data

Posted on May 7, 2013 at 11:18 am GMT

The euro jumped 0.4 percent against the dollar immediately after the release of strong German economic data. According to the German Economy industry on Tuesday, German industrial orders increased in March by 2.2 percent. This was more than the 0.5 percent decrease that was expected. February numbers were revised higher to 2.2 percent. Today’s data was a sigh of relief to investors who now see that the euro zone’s largest economy and engine of growth is showing signs of recovery [..]

Forex News – AUDUSD reached two-month low after RBA rate cut

Posted on May 7, 2013 at 8:14 am GMT

The Australian dollar fell to its weakest level in two months versus the greenback after the Reserve Bank of Australia announced it cut the benchmark interest rate to a record low on Tuesday. The main lending rate has now been reduced by 25 basis points from 3.0 percent to 2.75 percent. The central bank was under pressure to take steps to stimulate the economy in the wake of recent deteriorating economic data and the country is facing a fading mining [..]

Asian Session – Australian dollar tumbles after RBA cuts rate to 2.75 percent

Posted on May 7, 2013 at 6:08 am GMT

The Australian dollar was the biggest mover during Tuesday’s Asian session, falling against most major counterparts after the Reserve Bank of Australia announced it reduced the benchmark interest rate to 2.75 percent, the lowest on record. This was a 25 basis point cut from 3.0 percent and was in line with expectations. RBA governor Glen Stevens said the RBA cut rates in order to encourage sustainable growth in the economy, based on a continued deterioration of domestic data. The aim [..]

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