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Forex News – G20 meeting highlights

Posted on April 19, 2013 at 6:11 pm GMT

The following are highlights of comments from finance officials made at the G20 meeting held in Washington DC on April 18-19. G20 COMMUNIQUE ON FISCAL POLICY: “Maintaining fiscal sustainability in advanced economies remains essential. Advanced economies will develop medium-term fiscal strategies by the time of the St Petersburg Summit in line with the commitments made by our Leaders in Los Cabos. We will present and review our strategies at our next meeting.” G20 COMMUNIQUE ON ECONOMIC RECOVERY: “The global economy [..]

Forex News – UK loses AAA rating after Fitch downgrades

Posted on April 19, 2013 at 4:41 pm GMT

Sterling is weak against the dollar on Friday after the United Kingdom lost its coveted triple-A credit rating after being downgraded by Fitch Ratings agency. Fitch is the second ratings agency to cut the UK top-notch rating, as it cited a weaker economic and fiscal outlook, and lowered the credit rating by one notch to “AA plus”. Moody’s was the first agency to downgrade Britain, in February, and Standard & Poor’s has said there is at least a one-in-three chance [..]

European Session – Euro strengthens on weaker dollar and yen; G20 in focus

Posted on April 19, 2013 at 12:32 pm GMT

Markets were focused on the G20 meeting in Washington DC this Friday. Japanese Finance Minister Taro Aso said that Japan’s monetary policies were not opposed by the G20, which opens the door to further yen weakness. This helped strengthen the euro, mainly on the back of EURJPY which broke the key 130.00 yen level and rose to as high as 130.22 going into the US session. EURUSD rose to $1.3096 in early European trading before breaking higher as the North [..]

Asian Session – Yen weakens as G20 fail to criticize Japan’s monetary policies

Posted on April 19, 2013 at 6:43 am GMT

The Asian session was fairly quiet as is usual for a Friday, with most currency pairs consolidating. Investors were being cautious as they closely watched the G20 meeting. Japan’s finance minister announced that there were no oppositions against Japan’s monetary policies. Aso’s comments led to a weakening of the yen by 0.3 percent against the dollar and 0.4 percent against the euro. The reason is that with no obstacles for the Bank of Japan to continue implementing monetary easing, this [..]

US Session – Weak US data weigh on dollar

Posted on April 18, 2013 at 8:10 pm GMT

The dollar remained weak today due to a series of disappointing US economic data that signalled the American economy is likely to grow slowly in the near term. This raised speculation that the Federal Reserve will maintain monetary stimulus. The dollar fell against most major counterparts, including the euro after data showed manufacturing in the Philadelphia region grew at a less than forecast rate, while unemployment claims were higher than expected. Meanwhile, the Conference Board’s leading economic index declined 0.10 [..]

European Session – Euro steady above $1.30, supported by lower Spanish bond yields

Posted on April 18, 2013 at 1:28 pm GMT

Markets remains cautious today following from yesterday’s risk off sentiment caused by concerns over a deceleration in global growth. Most currency pairs have stabilized and are consolidating at yesterday’s levels. Dollar is only slightly weaker as euro edged up a tad in the European session. However euro remains vulnerable and is struggling to regain yesterday’s losses brought on by dovish comments by Jens Weidmann, President of the Bundesbank and ECB executive board member. Weidmann suggested that the ECB would consider [..]

Asian Session – Yen steady ahead of G20 Summit

Posted on April 18, 2013 at 6:16 am GMT

USDJPY hovered within the same range it has been trading in for the past three days, with yen remaining in an overall weaker trend ahead of the G20 Summit beginning today. Japan had been criticized lately for undertaking a currency war by weakening the yen. However, it is not expected that the G20 will censure Japan. Recently the IMF acknowledged that the measures taken by the Japanese government that has resulted in a weakening yen is not part of a [..]

US Session – Dollar gains as euro and pound tumble

Posted on April 17, 2013 at 7:50 pm GMT

The euro extended its decline against the dollar during the US session on Wednesday, reversing all gains made yesterday when the EURUSD hit as high as $1.3200. Risk sentiment was damp again today, while talk of a euro zone interest rate cut and a broadly stronger dollar helped weigh on the single currency which fell over 1 percent to a low of $1.3000. Comments by a member of the European Central Bank’s governing council, Mr. Jens Weidmann, said to the [..]

European Session – Pound falls to month low against euro after UK jobs data

Posted on April 17, 2013 at 11:53 am GMT

The euro had a very choppy European session on Wednesday, pretty much reversing all of yesterday’s gains made against the dollar. There was some market chatter that a sell off was caused by the European Central Bank’s executive board member Bini Smaghi said that the ECB has to find ways to avoid the euro from gaining further. With no key fundamental data released today, direction was driven by mainly technicals. EURUSD was unable to break above the key $1.32 level [..]

Asian Session – Euro holds onto gains above $1.31

Posted on April 17, 2013 at 5:52 am GMT

Euro held onto gains after a stellar performance on Tuesday when it gained 1.2 percent against the dollar to hit $1.32 for the first time in seven weeks. The dollar was weakened on Tuesday after US data supported the case for ongoing Federal Reserve monetary stimulus. CPI data for March showed that consumer prices in the US declined fell for the first time in four months while factory output declined, reinforcing the view that the Fed will continue with quantitative [..]

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