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Forex News – Kuroda approved as new Bank of Japan governor

Posted on March 15, 2013 at 7:41 am GMT

The Bank of Japan has a new chief after the Japanese parliament approved the nomination of Haruhiko Kuroda, who has pledged to do whatever it takes to reflate the Japanese economy and bring inflation up to a 2 percent target. 68-year-old Kuroda is a strong proponent of bolder monetary easing in order to stimulate the sluggish Japanese economy. Deflation, which results in falling prices, discourages investment and spending by businesses and consumers, and makes debts more difficult to repay. Mr [..]

Asian Session – Yen retreats after new Bank of Japan chief appointed

Posted on March 15, 2013 at 6:50 am GMT

The yen was weaker in the Asian session on Friday as a result of the appointment of Haruhiko Kuroda as the new governor of the Bank of Japan. Kuroda is expected to push for more monetary stimulus to boost growth in the sluggish Japanese economy. Expectations that the new BOJ leadership will accommodate reflationary policies sought by Prime Minister Shinzo Abe as part of his economic revival plan have driven yen selling and share buying for the past four months. [..]

US Session – Euro recovers losses to rally versus dollar

Posted on March 14, 2013 at 9:01 pm GMT

The euro moved off a three-month low against the dollar in Thursday’s US trading session. However the euro remains vulnerable as political uncertainty in Italy and a likely bailout for Cyprus should keep it under pressure. Meanwhile, market focus is also in a two-day EU Summit in Brussels, where budget policies are to be discussed. Dollar strength is expected to resume as the contrast between the economic recovery in the US and Europe is widening. Recent US data show an [..]

European Session – Dollar maintains strength as euro declines

Posted on March 14, 2013 at 12:40 pm GMT

Dollar maintained strength against most major counterparts after being boosted by strong US retail sales and jobs data recently. With little else in terms of fundamentals to lift risk currencies, the greenback is in demand. There is strong optimism that the US economic recovery is gaining momentum. The ICE dollar index hit the highest in seven months, breaching 83 points. There is a growing divide between the US and Europe right now. In contrast to the US, recent dismal economic [..]

AUD boosted by above-forecast jobs numbers

Posted on March 14, 2013 at 7:58 am GMT

The Australian dollar surged to the highest level in over a month against the US dollar in early Thursday trading after being boosted by a strong employment report. Data showed that 71,500 jobs were added to the Australian economy in February, which was a huge jump and the biggest rise in total employment in more than a decade. The numbers were well above expectations since most analysts expected only about 9,000 jobs to be added last month. February marked the [..]

Asian Session – Aussie jumps to 5-week high on jobs data

Posted on March 14, 2013 at 6:32 am GMT

The Australian and New Zealand dollars were the biggest movers in the Asian session on Thursday. The aussie surged to a five-week high against the dollar after strong employment data showed more jobs were added to the Australian economy than forecast. This led investors to believe that the strong data will make it less likely for the Reserve Bank of Australia to cut interest rates. AUDUSD jumped 0.8 percent to a high of $1.0381 from $1.0296, the highest since February [..]

US Session – Dollar strengthens to 3-month high versus euro

Posted on March 13, 2013 at 8:15 pm GMT

The dollar rallied to the strongest level in three-months against the euro in Wednesday’s US trading session after strong US retail sales data gave optimism over the recovery of the world’s largest economy. Retail sales increased more-than-expected to 1.1 percent, the largest monthly rise since September. The improving US economy is in contrast to the euro zone economy which is still struggling with the debt crisis. The stronger dollar pushed the euro down to a day low of $1.2922, the [..]

Forex News – Dollar surges after strong US retail sales

Posted on March 13, 2013 at 12:51 pm GMT

The dollar surged against the yen and euro after much better-than-expected retail sales numbers from the US. Sales rose by the most in five months thanks to an improved labour market and stronger household finances. February sales were reported up a very solid 1.1 percent, beating the consensus expectation of a 0.5 percent increase and up from January’s 0.2 percent gain. The sales data represents the change in the total value of sales at the retail level. It is the [..]

European Session – Euro dips as Italy yields rise

Posted on March 13, 2013 at 11:41 am GMT

Euro fell after a disappointing Italian bond auction resulted in a lower sale than the target. This was the first debt sale since Italy’s credit rating was cut by Fitch last week due to political uncertainty. Investor confidence in Italy was low and the country’s 3-year borrowing costs rose to their highest since December 2012 with the yield on benchmark 10-year bonds rising 7 basis points. The political stalemate is clearly dampening sentiment towards Italian debt. Meanwhile, also dragging on [..]

Asian Session –Yen gains for second day versus dollar

Posted on March 13, 2013 at 7:01 am GMT

Yen gained against most major counterparts during the Asian session on Wednesday, ahead of voting for a new Bank of Japan governor. Yen rose for the second day versus the dollar, gaining 0.7 percent since yesterday’s open to 95.57 per dollar and gained 0.8 percent to 124.63 per euro from yesterday. The Japanese currency hit a fresh 3-1/2 year low of 96.69 on Tuesday on speculation that the Bank of Japan might deliver more aggressive monetary stimulus sooner rather than [..]

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