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Asian Session – Yen extends gains

Posted on March 28, 2013 at 6:59 am GMT

Yen gained further in the Asian session on Thursday, due to safe haven demand. Helping drag the dollar-yen down was movements in share prices as Asian equity markets fell. Meanwhile year-end and quarter-end flows and investors squaring their positions on the yen are also having an effect. Focus will be on the Bank of Japan policy meeting next week and market will wait to see what easing moves the central bank will adopt. This will likely limit any further gains [..]

US Session – Euro extends losses below $1.28

Posted on March 27, 2013 at 8:21 pm GMT

The euro continued to be weighed down due to concerns in the euro zone, primarily in Italy, as the country struggles to put together a government. It has been a month since the Italy held a general election that was indecisive, and it is unlikely to have a viable government any time soon. EURUSD was further weighed when a rumor went around that Italy was about to be downgraded. An Italian debt auction led to higher yields, which didn’t help [..]

European Session – Euro falls to 4-mth low as concerns in Italy weigh

Posted on March 27, 2013 at 12:21 pm GMT

Italy has been the focus in today’s currency markets, causing euro to drop sharply to a new four-month low. Demand for Italian bonds at an auction was hurt by investor nerves over a lack of progress in forming a government in Rome. This caused 5-year bond yields to rise. Meanwhile talk of a downgrade to Italian sovereign bonds was the last piece of news that contributed to the euro’s decline. EURUSD fell 0.7 percent on the day to $1.2761, its [..]

Forex News – Sterling falls as UK economy contracts and deficit grows

Posted on March 27, 2013 at 10:32 am GMT

The UK GDP fell by 0.3 percent in the fourth quarter, in line with forecasts. This was the final estimate and recorded the same contraction as the previous estimate. Separate data showed that the current account for the fourth quarter grew to 14 billion pounds. This was against expectations for the deficit to stand at minus 12.8 billion pounds, like in the previous quarter. GBPUSD fell to a low of $1.5119 immediately after the data at 0930GMT, down from an [..]

Asian Session – Aussie at 2-mth high, RBA not expected to cut rates

Posted on March 27, 2013 at 7:16 am GMT

The Australian dollar maintained its gains made just before the Asian session open when it hit its highest in two months at $1.0495, the highest since January 24. Helping boost the currency was speculation that the Reserve Bank of Australia will be less likely to cut interest rates in its next policy meeting on April 2. RBA Governor Glenn Stevens didn’t address monetary policy in comments today during the RBA Financial Stability Review. Some profit taking during the session brought [..]

US Session – Oil hits 5-week high after strong US data

Posted on March 26, 2013 at 8:32 pm GMT

Crude oil was the best performer during the US session on Tuesday, rising to above $96 a barrel, the highest in five weeks, boosted by optimism over energy demand fed by a jump in US durable goods orders. May crude is up over $1.60 on the day, and peaked at $96.43, the highest since February 20. US stock rallied to push the Dow to a record close. Data showed demand for long-lasting manufactured goods surged in February, while another report [..]

European Session – Sterling falls after weak UK data

Posted on March 26, 2013 at 12:10 pm GMT

Sterling lost ground against the dollar on Tuesday after weaker-than-expected Confederation of British Industry’s (CBI) realized sales data. Figures showed that a survey of 118 UK businesses, including 69 retailers, found that retail sales volumes in the year until March 2013 was flat.Their business outlook was grim, given the underlying ongoing economic weakness in the British economy. The CBI index registered zero in March versus the previous reading of 8, and was against forecasts for a rise to 12 points. [..]

Asian Session – Australian dollar hovers at 2-mth high

Posted on March 26, 2013 at 7:16 am GMT

Asian currency markets were subdued on Tuesday following risk off sentiment from yesterday. Euro fell to a four month low of $1.2829 in the US session on concerns over the euro zone debt crisis. During the Asian trade the pair consolidated losses, currently trading at $1.2870. The euro had initially risen on Monday to $1.3047 in a knee-jerk reaction to what was deemed a successful Eurogroup meeting of euro zone finance ministers on Sunday. The single currency has fallen more [..]

European Session – Euro gives up post-Eurogroup gains

Posted on March 25, 2013 at 12:36 pm GMT

The euro is flat against the dollar as it goes into the US trading session. The euro had made a 0.4 percent gain in the Asian trade after markets reacted positively to a Eurogroup deal on Cyprus overnight, that eased fears of another crisis in the euro zone. EURUSD hit a high of $1.3047 into early European session trading, only to see those gains erased on major profit-taking, bringing the pair back down to a session low of $1.2993, and [..]

US Session – Euro hits $1.30 as euro zone contagion fears subside

Posted on March 22, 2013 at 7:37 pm GMT

The euro rose against the dollar briefly breaking above $1.30 on Friday on optimism that a crisis in Europe may be averted. The US trading session was clearly more upbeat, also helped by a rally in equity markets. There is relief that the contagion will be contained in Europe and there is confidence that the ECB has enough back stops in place to prevent spreading of financial risk throughout the whole region. The ECB’s OMT program (Outright Monetary Transactions) is [..]

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