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Forex News – Dollar falls after US GDP misses estimates

Posted on April 26, 2013 at 1:13 pm GMT

The dollar fell against the yen after US Gross Domestic Product data disappointed and missed estimates on Friday. First quarter real GDP expanded at 2.5 percent on an annualized basis, lower than forecasts of a 3.0 percent increase. However, this was still higher than last quarter’s meagre 0.4 percent growth. A breakdown of the GDP components were mixed, showing that personal consumption expenditures contributed to growth while cuts in defense spending helped. Consumer spending, the biggest part of the US [..]

European Session – Euro under pressure at $1.30, USD gains ahead of GDP

Posted on April 26, 2013 at 11:53 am GMT

Euro is trading lower on Friday compared to yesterday’s levels against the dollar. Weak euro zone data recently as well as positioning ahead of expected strong US GDP is pressuring euro. Spanish employment data showing a record high jobless rate as well as lower than expected German Ifo business confidence data this week is weighing on the euro. Meanwhile, investors are awaiting the European Central Bank meeting next week to see if there will be a rate cut. EURUSD opened [..]

Asian Session – Yen gains after BOJ policy meeting

Posted on April 26, 2013 at 6:10 am GMT

The yen rose after the Bank of Japan policy meeting on Friday, when a unanimous decision was made to keep policy unchanged. The central bank also maintained a pledge to double Japan’s monetary base in two years. Meanwhile the BOJ’s policy statement was short. This may have disappointed some investors who were expecting more from the BOJ and were looking for further guidance in the central bank’s monetary policy. On April 4, BOJ governor Kuroda announced his decision to inject [..]

US Session – Dollar gains after US jobless claims data

Posted on April 25, 2013 at 8:14 pm GMT

The dollar traded higher against the euro and yen in the US session on Thursday, recovering losses made earlier in the day. Helping boost the dollar was data that showed the number of Americans filing initial claims for unemployment benefits fell last week. The improved jobs data gave some optimism to markets that the US labor market may be recovering. The euro fell sharply against most major counterparts on speculation the European Central Bank would lower interest rates at its [..]

European Session – Sterling hits 2-month high on surprisingly better GDP numbers

Posted on April 25, 2013 at 12:43 pm GMT

Sterling was the biggest mover today, rising by over 1 percent against the dollar after better-than-expected UK growth data on Thursday. GDP rose 0.3 percent in the first quarter after contracting by 0.3 percent quarter-on-quarter in late 2012, giving investors a sigh of relief that the UK economy avoided a triple-dip recession. GBPUSD jumped from $1.5289 where it was trading just before the data, to $1.5445 within an hour of the data released at 09:30 London time. Cable continued to [..]

Forex News – Sterling jumps as UK avoids triple-dip recession

Posted on April 25, 2013 at 9:36 am GMT

Sterling rose by over 1 percent against the dollar after better-than-expected UK growth data on Thursday. GDP rose 0.3 percent in the first quarter after contracting by 0.3 percent quarter-on-quarter in late 2012, according to a report by the UK Office for National Statistics. The upbeat data gave investors a sigh of relief that the British economy avoided a triple-dip recession. Helping boost the numbers was strong services sector growth and a bounce-back in North Sea oil and gas output. [..]

Asian Session – Broad dollar weakness supports yen and euro

Posted on April 25, 2013 at 6:26 am GMT

Broad US dollar weakness helped buoy risk currencies like euro. Yen was also higher against the greenback. The Japanese currency was lifted after data showed that there is not a huge outflow of funds from Japan as was expected amid expanded monetary easing by the Bank of Japan. Euro also weakened against the yen, though not as much since euro was broadly higher due to a stronger EURUSD on the back of good news that Italy has finally formed a [..]

European Session – Euro above $1.30 as Italy election impasse ends

Posted on April 24, 2013 at 1:36 pm GMT

The euro ended the European session flat, after recovering quickly from a brief sharp drop on the back of disappointing news from Germany’s IFO, showing a deterioration in business sentiment in Europe’s largest economy. The index printed at 104.4 versus 106.4 expected. Helping support euro is the fact that Italian and Spanish debt is performing especially well over the past several days, with yields falling to quite low levels. Part of this is due to the fact that the election [..]

Asian Session – Yen gains after weak China PMI data

Posted on April 23, 2013 at 6:38 am GMT

The yen gained on safe haven demand after disappointing manufacturing data from China indicated sluggishness in the recovery of the world’s second largest economy. The HSBC China Purchasing Manager’s Index (PMI) weakened more than expected in April, falling to 50.5, compared with a final 51.6 reading for March. The number was below the 51.5 estimate but still above the 50-point demarcation point which separates growth from contraction. The flash data raises concern over the Chinese economic recovery, which could stall [..]

Asian Session – Yen weakens to 4-year low versus dollar after G20

Posted on April 22, 2013 at 6:37 am GMT

The yen weakened further in early Monday trading as currency markets reacted to the G20 meeting over the weekend. Investors were anxious to see if the G20 would criticize Japan for its recent monetary policies that resulted in weakening the yen, and therefore engaging in a currency war and unfair competition. The yen hit a new four-year low against the dollar since Japan was not singled out and the Bank of Japan’s stimulus policies were unopposed by the G20, meaning [..]

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