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US Session – Dollar rises to 4-month high against euro

Posted on March 19, 2013 at 9:09 pm GMT

The dollar index, which measures the dollar against a basket of six major currencies, rose to 82.893, up from 82.639 in late US session trading on Monday and well above 82.277 recorded late Friday. Risk averion in markets today helped prop up the safer US currency. Euro fell to a four-month low against the dollar on renewed euro zone debt crisis concerns, falling below $1.29. EURUSD fell 0.8 percent on the day to $1.2843, the lowest since November 22 last [..]

Forex News – Higher UK inflation may not prevent more QE

Posted on March 19, 2013 at 1:56 pm GMT

The British pound received a slight boost against the dollar and euro on Tuesday after UK inflation data showed an increase to a nine-month high in February . GBPUSD hit an intraday high of $1.5143 and EURGBP fell to 0.8551. Markets saw this rise in inflation as reason that the Bank of England may shy away from adopting looser monetary policy. These stimulus measures that involve asset purchases tend to weaken a currency. However, some analysts do not think it [..]

European Session – Sterling bounces after UK inflation data

Posted on March 19, 2013 at 1:16 pm GMT

Currency markets were calmer today with most currency pairs consolidating in yesterday’s ranges after a shock sell-off early Monday ignited by renewed euro zone debt crisis concerns. The bias is will for a stronger dollar which was supported by stronger US new home construction data today. New building permits were given to start construction on 917,000 homes at an annual rate, up 0.8 percent from a revised 910,000 pace in January that was higher than initially estimated. EURUSD continued trading [..]

Asian Session – Yen extends losses

Posted on March 19, 2013 at 7:16 am GMT

Yen extended losses in Tuesday’s Asian session as risk aversion subsided as concerns over the euro zone that flared up on Monday are easing. Dollar-yen and other yen crosses continued to retrace from spike lows early in Asia yesterday. USDJPY climbed to a session high of 95.72 yen, up 0.4 percent in the session and up from Monday’s low of 94.30. Today the new Bank of Japan governor, Haruhiko Kuroda takes over from Masaaki Shirakawa. Kuroda is seen as more [..]

US Session – Yen sell-off helps dollar recover

Posted on March 18, 2013 at 8:30 pm GMT

Once the US session came, risk sentiment improved compared to the European and Asian session earlier in the day. The Dow Jones Industrial Average erased a 109 point decline and is now slightly higher on the day. There was a US dollar rally versus the yen, leading USDJPY up 1.34 percent to a session high of 95.57 from an intra-day low of 94.30 which was hit in Asian trading, down from Friday’s close of 95.25 yen. The opening gap has [..]

Forex News – Confidence in US home building declines

Posted on March 18, 2013 at 6:23 pm GMT

Data from the US showing confidence amongst home builders fell in March as there are expectations of sales of single-family homes to drop. A survey by the National Association of Home Builders (NAHB) reported a decline to 44 points in the index, the lowest level since October. This was a second straight monthly drop from February’s 46 points. “In addition to tight credit and below-price appraisals, home building is beginning to suffer growth pains as the infrastructure that supports it [..]

US Session – Dollar ends week broadly lower

Posted on March 15, 2013 at 7:10 pm GMT

Dollar positions were unwound today, with many investors taking the opportunity for profit-taking ahead of the weekend after a sharp rally this week. Meanwhile a raft of US economic data during the New York session led to a dollar sell-off. CPI data showed US inflation is contained, giving the Federal Reserve scope to maintain its monetary stimulus program. Focus will be on next week’s Fed policy meeting, where the FOMC is expected to continue monetary easing and that will weigh [..]

EU Summit – highlights

Posted on March 15, 2013 at 1:26 pm GMT

The following are highlights of comments made by German Chancellor Angela Merkel at the EU leader summit in Brussels on Friday on Cyprus and comments by European Council President Herman Von Rompuy on Syria: German Chancellor Angela Merkel on possibility of Cyprus bailout: “If you consider that at a certain point in time, Cyprus could not finance itself, then… you don’t want to reach such a point, from a political point of view. “But one cannot say that just because [..]

Forex News – Euro rises to $1.31 after softer US data hurts dollar

Posted on March 15, 2013 at 1:07 pm GMT

The euro jumped 0.4 percent against the dollar to hit $1.3106 after below-forecast numbers from the New York State’s manufacturing index prompted investors to take profits on the recent rally of the dollar. The broadly weaker dollar also helped sterling extend gains to $1.5175, while dollar dropped against the Swiss franc to 0.9378 from 0.9430, reaching the lowest level since March 1st. A report from the New York Federal Reserve said the “Empire State Manufacturing Index” showed a slower expansion [..]

European Session – Sterling extends gains after comments by BOE’s King

Posted on March 15, 2013 at 11:55 am GMT

Sterling was the biggest mover in Friday’s European Session, extending gains for the second day after being boosted by comments from the Bank of England governor. Mervyn King said that MPC policy makers aren’t trying to weaken the currency and he believes the decline had gone far enough. Recovery is finally “in sight” for Britain’s beleaguered economy, commented the BOE governor. The pound rose 0.5 percent to $1.5167 in mid-London session trading, the highest since March 5. Earlier this week [..]

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