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Asian Session – Yen tumbles after BOJ eases monetary policy

Posted on April 4, 2013 at 6:14 am GMT

The yen tumbled sharply in Thursday’s Asian session after the Bank of Japan announced more aggressive monetary policy easing. This surpassed expectations and caused markets to react positively since there was some speculation that the central bank could underdeliver as it had often in the past. The BOJ announced it plans to buy more assets and it will double its holdings of bonds and stocks in two years. The BOJ also said it would extend the average maturity of bonds [..]

US Session – Dollar weakens after weak ADP jobs and ISM data

Posted on April 3, 2013 at 7:52 pm GMT

The dollar weakened against the euro and other major counterparts after being dragged lower by disappointing US economic data which showed US service industries dropped more than forecast and there was lower-than-expected growth in the private-sector labour market. The non-manufacturing ISM which covers almost 90 percent of the US economy, fell to 54.4 in March from 56 in the prior month, missing forecasts of 55.5. ADP nonfarm payroll change showed that fewer than expected jobs were created on March, as [..]

Forex News – Dollar dragged lower by weak ADP jobs data

Posted on April 3, 2013 at 1:34 pm GMT

The dollar tumbled against the yen after disappointing US jobs data on Wednesday. A private employment report by ADP showed that fewer than expected jobs were created on March, as the private sector only added 158,000 jobs, versus the expected 200,000. This was the lowest payroll change since October. Meanwhile February’s ADP private jobs figure was revised up to an increase of 237,000 from the previously reported 198,000. USDJPY dropped to an intraday low of 93.20 after the data was [..]

European Session – Euro gains versus dollar and yen, ECB in focus

Posted on April 3, 2013 at 11:32 am GMT

The euro rose against the dollar during Wednesday’s European session, mostly because of profit taking as investors positioned themselves ahead of the European Central Bank meeting tomorrow. EURUSD rose to a high of $1.2836 on news that the IMF would contribute 1 billion euros to the Cyprus bailout, easing some concerns over risk in the euro zone. Meanwhile, euro zone inflation data released today showed the rate fell to an annual rate of 1.7 percent in March and was down [..]

Asian Session – Yen remains weak ahead of BOJ policy meeting

Posted on April 3, 2013 at 6:06 am GMT

Euro extended lower in Wednesday’s Asian session, continued to be weighed down after yesterday’s sharp drop following gloomy euro zone data. Focus now shifts to Thursday’s European Central Bank meeting. If Draghi doesn’t take steps to alleviate concern in the euro zone debt crisis, this will trigger a risk off move. EURUSD opened in Asia at $1.2817 and slid to $1.2794, down 0.3 percent since the open on Tuesday. Yen remained weak on expectations of more aggressive monetary easing emerging [..]

US Session – Dollar boosted by rise in US factory orders

Posted on April 2, 2013 at 7:31 pm GMT

The dollar was boosted in Tuesday’s US trading session by upbeat US economic data which showed factory orders rose 3 percent in February, the most in five months. The gain was fueled by increased aircraft orders. The dollar rose 0.2 percent against the yen, to a high of 93.54 yen. Meanwhile, the yen is also weakening ahead of the Bank of Japan policy meeting which begins on Wednesday and ends on Thursday. The market is positioning itself for the first [..]

European Session – Euro tumbles after weak PMIs and record jobless rate

Posted on April 2, 2013 at 11:36 am GMT

European markets opened for the first time since Thursday, returning from the Easter holidays to a series of euro zone economic data, which was the main driver behind the fall in the euro today. The Euro zone unemployment rate hit a record 12 percent in March while final manufacturing PMIs are well into contraction territory and getting worse especially for the periphery economies (Spain, Portugal, Greece, Ireland. Italy). Italy’s PMI fell even more to 44.5 versus a previous Flash estimate [..]

Forex News – Euro tumbles after record high euro zone unemployment

Posted on April 2, 2013 at 9:47 am GMT

The euro has been falling since a slew of disappointing economic data released for the Euro zone during the European session on Tuesday. Unemployment hit a record high and the Euro zone economy has contracted for four straight quarters. According to Eurostat, the EU’s statistics office, unemployment across the 17 European Union countries that use the euro has hit 12 percent in March, which is a record high since this is the highest since the euro currency was launched in [..]

Forex News – Sterling falls as UK manufacturing continues to contract

Posted on April 2, 2013 at 9:10 am GMT

Sterling held firm ahead of the UK manufacturing Purchasing Managers’ Index (PMI) data, but began falling just before the release that was due at 0828 GMT. Markets expected the manufacturing sector contracted further in March, as based on forecasts. In fact, according to a report by Markit/CIPS, the PMI fell more-than-expected to 48.3 versus 48.9 forecast, though slightly better than February’s shocking 47.9 points. The March number is still in contraction territory, as the 50-point level demarcates growth from contraction. [..]

Asian Session – Aussie gains as RBA leaves interest rate unchanged

Posted on April 2, 2013 at 6:35 am GMT

The Reserve Bank of Australia left its benchmark interest rate unchanged at 3 percent to match a half-century low. The central bank said that recent economic data suggest that there is growth in household spending. The RBA statement indicates the central bank is becoming more comfortable with keeping the rates where they are. The Australian dollar reacted positively to the RBA announcement today and gained against the US dollar. AUDUSD opened in Asia at $1.0421 and rose to a high [..]

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