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US Session – Dollar weakens after disappointing ISM data

Posted on April 1, 2013 at 7:10 pm GMT

The dollar was broadly weaker on Monday, accelerating declines after disappointing US manufacturing data. The Institute for Supply Management (ISM) index of factory activity dropped in March to 51.3 from 54.2, missing estimates of a reading of 54.2 points. The soft data ended the recent enthusiasm in the dollar, which had enjoyed a sharp rally as evidence mounted that the US economy is on a stable path to recovery. Dollar fell against the yen to 95.15 yen, down 0.9 percent [..]

Forex News – Euro vulnerable as Italy grapples to form government

Posted on April 1, 2013 at 12:00 pm GMT

The euro is vulnerable to troubles in the euro zone and remains near four-month lows. Market focus shifts to Italy, where the February 24-25 elections resulted in a hung parliament. Italy has now been without a formal government for a month since general elections in February were inconclusive and no candidate was able to gain a majority of votes to become prime minister. Meanwhile, Italy’s President, Giorgio Napolitano, is trying to break the deadlock after a failure in negotiations on [..]

Forex News – China manufacturing activity below expectations in March

Posted on April 1, 2013 at 7:34 am GMT

Data from China showed that there was an increase manufacturing activity in March, but at a slower pace compared with that seen in earlier years. The official China manufacturing purchasing managers’ index (PMI) showed expansion from February to March at a pace of 50.9 from 50.1. Any number above 50 points indicates growth while below 50 indicates contraction. So at least manufacturing activity is still in expansion territory. Meanwhile, a private PMI survey by HSBC showed manufacturing activity rose to [..]

Asian Session – USDJPY falls after China data shows slow growth

Posted on April 1, 2013 at 6:56 am GMT

Market sentiment was heavy during Monday’s Asian session after weaker-than-expected manufacturing PMI data from China, the world’s second largest economy. An official gauge of China’s factory output expanded at a slower-than-forecast pace of 50.9 versus 51.6 expected. The yen weakened briefly after slightly worse-than-expected data from Japan’s closely watched Tankan index. This is a quarterly survey of sentiment among the country’s largest manufacturers, which printed a reading of minus 8 versus the expected minus 7. The index printed in negative [..]

US Session – Dollar steady in quiet session

Posted on March 29, 2013 at 9:32 pm GMT

Currency markets were quiet in the US Session as they were in previous sessions today since most markets were closed for the Good Friday holiday. Major G10 currencies just traded in tight ranges today. There were no key economic data. The only data released during the session was US personal spending which rose 0.7 percent in February and consumer sentiment which improved in March to the highest level since November. But there was little reaction in currencies. The ICE dollar [..]

European Session – Light volumes keeps currencies in ranges

Posted on March 29, 2013 at 12:50 pm GMT

Currency markets were quiet in the European session, with very low liquidity and volume due to the long Easter holiday and most major markets being closed today. There were no key economic data releases during the session. Euro was little changed against the dollar during the session, trading within yesterday’s range. EURUSD edged up to a high of $1.2825 from a $1.2804 session opening level. Italy will be the main focus when markets return next week, as the country remains [..]

Asian Session – Yen remains firm in calm markets

Posted on March 29, 2013 at 7:15 am GMT

The Asian session saw a quiet, holiday-thinned market due to the Western Easter holidays. Tokyo was the only major center open and most major markets will be closed until Tuesday. Most yen pairs were trading in this week’s ranges, yen being supported due to repatriation flows for month-end and quarter-end squaring of positions by traders and investors. A series of upbeat economic data from Japan also helped support yen. There is a strong expectation of more policy easing by the [..]

US Session – Dollar broadly weaker after higher US jobless claims

Posted on March 28, 2013 at 8:20 pm GMT

Market direction was mostly driven by month-end and quarter-end flows. This led to unwinding of the dollar and flows into most G10 currencies like euro and sterling. Euro was on the heavy side in the early part of the European session after being weighed down by disappointing German employment data. Meanwhile, a separate report later showed German retail sales unexpectedly increased in February, leading euro to reverse losses . By the time the US session came around, the euro was [..]

European Session – Euro remains heavy on Italy concerns

Posted on March 28, 2013 at 12:41 pm GMT

The European session on Thursday was calm, ahead of a long Easter holiday in most countries, where markets will be closed from Friday until Tuesday. Euro remained heavy, trading most of the session below $1.28, and disappointing German unemployment data adding to losses, while Italy continues to contribute to market uncertainty. Concerns over Cyprus and a contagion have now eased as the bailout deal has been finalized. EURUSD opened in Europe at $1.2797 and dropped to a low of $1.2754 [..]

Forex News – Euro falls as German unemployment rises

Posted on March 28, 2013 at 10:13 am GMT

Euro fell sharply against the sterling and yen after disappointing German jobs data. The single currency extended a decline after a report showed unemployment rose unexpectedly in March to a seasonally adjusted 2.94 million, marking a 13,000 increase. The consensus forecast was for the number of jobless to fall by around 2,000. The unemployment rate was unchanged, holding steady at 6.9 percent, where it has stood since October 2012. The unadjusted jobless total remained above the 3 million mark for [..]

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