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Forex News – Sterling hurt by poor retail sales data

Posted on February 15, 2013 at 11:27 am GMT

Sterling tumbled against the dollar after disappointing UK retail sales data. According to a report from the UK Office for National Statistics, sales volumes including automotive fuel declined 0.6 percent in January on a on the month. This was surprising and confounded economists’ forecasts for higher sales. The main reason was unusually snowy weather which hurt food stores in particular, which resulted in many small grocers closing until the bad weather was over. Data showing sales excluding fuel also fell [..]

Asian Session – Yen gains as focus turns to G20 meeting

Posted on February 15, 2013 at 6:51 am GMT

The yen strengthened during the Asian Session on Friday as the G20 meeting begins in Moscow today. Japan will be in the spotlight it faces criticism that it is manipulating its currency. Investors are being cautious ahead of the meeting as there is uncertainty about whether it would pave the way to put a brake on the sharp fall of the yen for the past two months. The dollar fell 0.6 percent to a one-week low of 92.24 yen, with [..]

US Session – Euro falls to 3-week low, dollar eases versus yen

Posted on February 14, 2013 at 8:35 pm GMT

The euro tumbled against the dollar after disappointing GDP data showed the euro-zone economy shrank more than expected in the final quarter of 2012, by 0.6 percent. This boosted expectations for a rate cut by the European Central Bank. Germany, which is Europe’s largest economy also showed a contraction. EURUSD dropped 0.7 percent since the data to a three-week low of $1.3314 and then consolidated losses during the US session. The euro had hit a one-week high of $1.3519 on [..]

European Session – Euro battered by weak GDP data

Posted on February 14, 2013 at 12:03 pm GMT

The euro was battered by disappointing growth data that highlights fears of a deepened euro zone recession. Fourth quarter GDP fell 0.6 percent for the euro area while the region’s largest economy, Germany, also contracted by more than forecast by 0.6 percent due to weak exports. Today’s data suggest that the recovery in Europe will be excruciatingly slow. The euro weakened for a third day against the yen, depreciating 1 percent on the day so far. EURJPY opened in Europe [..]

Forex News – BOJ governor defends currency policy

Posted on February 14, 2013 at 9:45 am GMT

The Bank of Japan outgoing governor Masaaki Shirakawa gave a press conference on Thursday, talking about the outlook of the Japanese economy and the central bank’s monetary policy. Below are some comments made by Shirakawa: On Japan’s economic outlook: “Japan’s economy is likely to gradually recover, and that recovery could pick up momentum from the middle of this year. “There is a growing chance that consumer prices could rise by 1 percent in fiscal 2014. “Our assumptions about prices and [..]

Forex News – Euro declines after weak German GDP

Posted on February 14, 2013 at 8:41 am GMT

The euro dropped sharply against the dollar after disappointing German growth data showed Europe’s largest economy contracted more than forecast in the fourth quarter. Declines were also seen for France. EURUSD lost 0.5 percent to $1.3381, moving lower from yesterday’s one-week high of $1.3519. On February 1, the euro hit a 15-month high of $1.3709. Germany, which is seen to be Europe’s engine of growth, showed a contraction of 0.6 percent in the last quarter of 2012 due to weak [..]

Forex News – Bank of Japan maintains monetary policy

Posted on February 14, 2013 at 7:54 am GMT

The yen weakened against the dollar after the Bank of Japan announced its monetary policy remains unchanged. The overnight call rate target was also maintained as widely expected, at a range of zero to 0.1 percent by a unanimous vote. The central bank also held off on expanding its asset purchase programme. The central bank however did raise its assessment of the economy, as the yen’s recent declines and budding signs of recovery in global demand offered some relief to [..]

Asian Session – Yen weakens on speculation of more stimulus

Posted on February 14, 2013 at 7:04 am GMT

Yen weakened late in the Asian session after a Japanese official signalled that the yen is strong and needs a correction. The former BOJ Deputy Governor Kazumusa Iwata , who is also a potential candidate to become the next BOJ chief, said the yen has scope to depreciate further because the price goal cannot be reached without a correction in the strong yen. He said in a statement today that the yen at 90 to 100 per dollar marks a [..]

US Session – Pound drops to 15-month low versus euro

Posted on February 13, 2013 at 8:52 pm GMT

The dollar held onto gains made against the yen after rising 0.9 percent from a global day low to hit a high of 93.76 yen before steadying around 93.40 in the US session. Investors are being a little cautious ahead of a key G20 Summit in Moscow at the end of this week. Markets were roiled after G7 statement on Tuesday which caused a lot of misinterpretations over international policy makers’ stance on the yen’s sharp fall, sending the Japanese [..]

Forex News – Dollar unchanged after US retail sales

Posted on February 13, 2013 at 3:04 pm GMT

The dollar was little changed after US retail sales data as the G7 statement dominates markets today. The retail sales report released on Wednesday in early US session trading showed a 0.1 percent rise in January. This was considered tepid and expected, although it was the third consecutive increase and follows from a 0.5 percent increase in December. Helping support retail sales has been an improving labour market, giving American consumers more disposable income and more confidence to shop. It [..]

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