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US Session – Dollar slips versus yen, sterling remains in focus

Posted on March 12, 2013 at 7:58 pm GMT

The dollar was mixed today, bouncing between small gains and losses against most majors, as dollar strength from Friday’s strong US jobs report is now losing momentum. The dominant theme of the day was sterling and its tumble after weak UK manufacturing and industrial production data raised speculation of more policy easing by the Bank of England. Industrial production fell by 1.2 percent in January, while manufacturing output slipped 1.5 percent, despite forecasts for both measures were a 0.1 percent [..]

European Session – Pound plunges over concerns of UK economic recovery

Posted on March 12, 2013 at 12:00 pm GMT

The biggest mover during the European Session on Tuesday was the sterling, which plummeted after dismal UK manufacturing data highlighted the weakness in the British economy. Today’s data has given the Bank of England more reason to expand quantitative easing and take on more bond buying in order to stimulate the economy and avoid falling into a third recession. GBPUSD plunged 0.5 percent after the data to a multi-month low of $1.4830 from $1.4914. Against the euro, the pound fell [..]

Forex News – Sterling tumbles after soft UK manufacturing data

Posted on March 12, 2013 at 9:49 am GMT

Sterling made a remarkable move against the dollar, plunging 0.4 percent within minutes of disappointing UK manufacturing data, which highlights the weakness the British economic recovery is still facing. According to the Office for National Statistics, manufacturing output declined 1.5 percent on the month in January, despite forecasts for it to remain flat at 0 percent. This was a drop from a 1.5 percent increase recorded in December. Meanwhile, the wider reading of industrial output, which includes energy production and [..]

Asian Session – Yen falls after Bank of Japan hints on more stimulus

Posted on March 12, 2013 at 7:04 am GMT

The yen weakened against most major counterparts in the early Tuesday Asian session after the minutes of last week’s Bank of Japan policy meeting were released. The BOJ signaled that more monetary easing was needed. Meanwhile, governor-nominee, Haruhiko Kuroda, said yesterday the existing asset-purchase program is not enough to achieve the goal of reflating the Japanese economy to reach a 2 percent inflation target. The yen fell for a fifth day against the dollar, down 0.3 percent to the weakest [..]

US Session – Dollar pulls back after NFP-induced rally

Posted on March 11, 2013 at 7:36 pm GMT

The dollar gave up gains made after a sharp rally against most counterparts on Friday following stronger-than-expected US nonfarm payrolls data. The ICE dollar index, a gauge of USD versus a basket of six major currencies, fell to 82.619, down from 82.900 in late New York trading on Friday. Dollar retraced some gains against the euro in the US session, with EURUSD climbing to $1.3041 from $1.2986. Euro gains are expected to be limited as the euro zone debt crisis [..]

European Session – Sterling falls to new 2-1/2 year low

Posted on March 11, 2013 at 12:03 pm GMT

The European Session was relatively trendless, following on from an even quieter Asian session, as markets steadied after a busy Friday when alot of volatility occurred as a result of the strong US jobs numbers, with nonfarm payrolls coming in above expectations. During most of the early session, most currency pairs kept in tight ranges, with the exception of pound- being the spotlight as the worst performing currency. Sterling hit a new 2-1/2 year low against the dollar, reaching $1.4865 [..]

Forex News – Sterling at 28-year low versus aussie

Posted on March 11, 2013 at 9:56 am GMT

Sterling remains weak against the dollar in Monday trading as the divide between US and UK economic growth widens, especially after strong US jobs data on Friday sent the GBPUSD plummeting to a 2-1/2-year low. The improving US labour market has raised speculation that the Federal Reserve may cut back on its asset purchase programme later this year. Meanwhile, on the contrary in the UK, the Bank of England may actually expand quantitative easing as the British economy is at [..]

Asian Session – Yen hovers at 3-1/2 year low versus dollar

Posted on March 11, 2013 at 7:00 am GMT

Asian markets remained steady in Monday trading, with dollar holding onto gains after being boosted on Friday following strong US jobs numbers, adding optimism over recovery in the world’s largest economy. USDJPY opened in Asia at 95.96, hitting highs of 96.24 yen, where the pair hovered at close to Friday’s 3-1/2 year high. The dollar shot up after the nonfarm payrolls report showed 236,000 jobs were created in the US economy last month, more than the forecast for just a [..]

US Session – Euro hurt by Italy downgrade

Posted on March 8, 2013 at 6:53 pm GMT

The euro fell against the dollar after Italy was downgraded by Fitch Ratings to BBB+ from A-, with a negative outlook. EURUSD was brought back down to $1.2956, after it attempted to recover from a sharp plunge earlier in the session when US nonfarm payrolls helped boost dollar against most major counterparts, causing euro to lose 1 percent. EURJPY was hit as well, falling to 123.79 after the Fitch downgrade, down 0.8 percent from beforehand. Earlier in the session, the [..]

Forex News – Dollar jumps after strong nonfarm payrolls numbers

Posted on March 8, 2013 at 1:54 pm GMT

The dollar extended higher against the yen after a strong US jobs data. The nonfarm payrolls report reported much better than expected in February, showing 236,000 jobs were created in the US economy last month. This was more than the forecast for just a 160,000 rise. Meanwhile, January’s figures were revised down 38,000, now at 119,000 from 157,000. Also good news was that the unemployment rate fell to 7.7 percent, finally setting a new low since December 2008. Today’s upbeat [..]

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