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European Session – Euro falls after Italy bond auction pushes yields higher

Posted on February 27, 2013 at 1:32 pm GMT

After a getting a brief boost against the dollar, the euro moved back lower towards a seven-week low after Italian bond yields rose at a debt auction on Wednesday. This bond sale comes at a critical time during which Italy has had an inconclusive election and raises concerns over the euro zone debt crisis. EURUSD fell to $1.3076 after the Italian auction from a session high of $1.3120. Earlier in the day the euro was boosted after a survey showed [..]

Asian Session – Euro consolidates losses, Italy bond auction in focus

Posted on February 27, 2013 at 5:30 am GMT

The euro was little changed from yesterday, consolidating losses during the Asian session around $1.3050-70, after falling to as low as $1.3017, the weakest since January 7. Investors sold off the euro after an indecisive election on Italy which spurred concerns of a renewed debt crisis in the euro zone. The gridlock will likely lead to a hung parliament and send voters back to the ballot box. Italy’s centre left won the lower house as widely expected, led by Pier [..]

Forex News – Bernanke testimony – highlights

Posted on February 26, 2013 at 8:18 pm GMT

The following are highlights of comments from Federal Reserve Chairman Ben Bernanke made at a testimony to US Congress on Tuesday: BERNANKE ON EQUITY BUBBLE AND MONETARY POLICY: “I don’t see much evidence of an equity bubble…Equity holders are still being somewhat risk averse in their behavior. But again, we have a two-part plan. First is to monitor these different asset markets. The second is to try to understand what would be the implications if we are wrong. What would [..]

US Session – Dollar pressured after Bernanke defends stimulus measures

Posted on February 26, 2013 at 7:39 pm GMT

EURUSD was held down by the bears, despite a brief spike after Federal Reserve Chairman Ben Bernanke’s speech in a testimony before the US Congress. That was when dollar was weakened especially against the yen as Bernanke strongly defended the benefits of the Fed’s $85- billion a-month bond-buying program, saying its benefits clearly exceed possible costs, and has helped stimulate the economy. After hitting a 7-week low of $1.3017 in the European session, euro remained steady against the dollar during [..]

European Session – Euro remains weak over Italian election jitters

Posted on February 26, 2013 at 11:45 am GMT

The dominant theme during the European session continued to be the gridlock in Italy’s elections, which spurred concerns of a renewed debt crisis. Italian 10-year bond yields surged to the highest so far this year, to as high as 4.93 percent. Germany’s safe haven 10-year bonds yield dropped seven basis points to 1.48 percent. EURUSD hit a seven-week low of $1.3017 before steadying to around $1.3080. Euro dropped 2.25 percent from yesterday’s high as investors sold off the currency in [..]

Forex News – South African Rand gains after upbeat GDP

Posted on February 26, 2013 at 10:29 am GMT

The South African Rand gained against the dollar in Tuesday trading after upbeat GDP data showed that the South African economy grew faster in the fourth quarter of 2012, to 2.1 percent compared to 1.2 percent in the third quarter. Economists expected growth to quicken to 1.6 percent in the fourth quarter. USDZAR slid to a low of 8.7784 from an earlier high of 8.8705. On an unadjusted year-on-year basis, the economy grew 2.5 percent in the fourth quarter compared [..]

Asian Session – Euro falls to 7-wk low on renewed euro zone turmoil

Posted on February 26, 2013 at 6:12 am GMT

Euro extended losses against the dollar to slide to a seven-week low of $1.3037 during the Asian session on renewed turmoil in the euro zone. The single currency dropped 2 percent yesterday on concerns over the Italian election which may result in a potential political vacuum. Uncertainly about the elections raise fear that Italy may abandon austerity measures put in place so help the economy recover from a debt crisis. Early poll results signaled that the election would result in [..]

US Session – Euro tumbles over Italy election concerns

Posted on February 25, 2013 at 8:51 pm GMT

The euro tumbled back down against the dollar erasing earlier gains as investors are uncertain about Italy’s future government. There are fears of a hung parliament, which means the country will have to go back to the polls again if no stable government is formed. Markets are nervous about more chaos out of Europe. Any question about whether or not Italy would be committed to austerity measures after the elections will renew concerns about the euro zone crisis. Official election [..]

European Session – Euro gains ground as focus turns to Italy elections

Posted on February 25, 2013 at 12:13 pm GMT

The euro recovered losses against the dollar, rising 0.3 percent on the day from Friday’s six-week low of $1.3144 to a session high of $1.3273. The single currency was helped by a successful Italian government debt auction today which resulted in the sales of 4.1 billion euros of debt. There is some position adjustment ahead of an unpredictable election in Italy. Exit polls will be published shortly after polls close at 1400 GMT on Monday. Full official results are expected [..]

Forex News – Speculation of pro-policy easing BOJ governor pressures yen

Posted on February 25, 2013 at 6:54 am GMT

The Japanese yen weakened again in early Asian session trading on Monday after investors reacted to news that Japan’s prime minister Shinzo Abe is close to nominating a new Bank of Japan governor who is likely to be bold on monetary easing. There is growing speculation that the nominee will be current Asian Development Bank President Haruhiko Kuroda, who is seen as a strong proponent of fighting deflation and is expected to take measures to reflate the sluggish Japanese economy. [..]

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