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European Session – Euro briefly above $1.35, sterling hits 6-mth low

Posted on February 13, 2013 at 2:02 pm GMT

Currency markets on Wednesday are mainly being driven by news flow regarding the G-7 statement made yesterday. After a quiet Asian session, the euro advanced 0.2 percent against the dollar in Europe and briefly spiked to a high of $1.3519. Helping the euro was news that the Italian government held a successful bond auction today. Also, on the fundamental side, data showed that Euro zone industrial production was stronger than expected, rising 0.7 percent m/m. However, as the US session [..]

Forex News – Sterling slides to 6-month low after dovish BOE Inflation Report

Posted on February 13, 2013 at 1:27 pm GMT

Sterling tumbled to a new six-month low of $1.5532 since the 10:30GMT release of the Bank of England quarterly Inflation Report on Wednesday. Dovish comments from BOE Governor Mervyn King accelerated the decline. The pound is down 0.6 percent against the dollar so far today. The BOE governor said that inflation will stay higher for longer and the UK economy’s recovery was slow but sustained. The central bank extended the time frame for inflation returning to target to early 2016, [..]

Forex News – The effect of the G-7 “statement”

Posted on February 13, 2013 at 7:53 am GMT

The yen has had a roller coaster ride ever since the Group of Seven nations (G-7) issued a statement on Tuesday, whose main aim was to calm market fears of a threat of a currency war. However, the statement was first interpreted to approve Japan’s policies for weakening the yen. Then it was said the statement was misinterpreted and was not actually an endorsement of Japan’s efforts to have a cheaper currency. These conflicting views sent the yen first tumbling [..]

Asian Session – USDJPY extends decline after G7 statement

Posted on February 13, 2013 at 7:07 am GMT

Currency markets were calmer during Wednesday’s Asian session after being roiled yesterday by a G-7 statement which was misinterpreted. The G-7 attempted to soothe market fears regarding the threat of a currency war and pledged to avoid devaluing their exchange rates in the pursuit of stronger economic growth. The G-7 group’s stance on Japan, which is being accused of deliberately weakening the yen, gave conflicting views with this regards. As a result yen went through a roller coaster ride and [..]

US Session – Yen rebounds after markets digest G7 statement

Posted on February 12, 2013 at 8:57 pm GMT

Yen fluctuated on Tuesday after a statement by the G-7 with regards to exchange rates and currency manipulation. Misinterpretation of the statement initially caused the yen to plummet against the dollar, then soon bounced back up. The G-7 pledged to avoid devaluing their exchange rates in the pursuit of stronger economic growth and they tried to calm markets that were concerned of a currency war, brought about by the recent sharp decline in the yen. The statement read as follows: [..]

European Session – Yen continues decline after G-7 statement

Posted on February 12, 2013 at 12:52 pm GMT

The yen fell further after a statement by the Group of 7 on Tuesday did not give any reason to halt the yen’s slide. The G-7 did not put any additional pressure on Japan so the downward trend in the yen continued. The G-7 pledged to avoid devaluing their exchange rates in the pursuit of stronger economic growth and they tried to calm markets that were concerned of a currency war, brought about by the recent sharp decline in the [..]

Forex News – Sterling drops to 6-month low

Posted on February 12, 2013 at 10:11 am GMT

Sterling extended losses in early London session trading on Tuesday, sliding to a six-month low against the dollar. A weak UK economy and a grim outlook on its recovery are weighing on the pound recently. The pound fell 0.3 percent on the day to reach $1.5572, its lowest level since August 5 just before 0930 GMT when UK inflation data was released. The euro rose 0.3 percent to 86.02 pence, after having gained more than 1 percent against the pound [..]

Forex News – G7 reiterate commitment to market exchange rates

Posted on February 12, 2013 at 9:10 am GMT

As markets focus to the G20 meetings of finance ministers and central bankers in Moscow this week, G7 officials are trying to calm markets who are concerned about currency wars as certain countries are attempting to weaken their currencies. Japan has been under criticisms recently after the sharp weakening of the yen. Japanese Prime Minister Shinzo Abe’s push for more aggressive monetary policy has had a tremendous effect on the currency which has lost almost 20 percent in the past [..]

Asian Session – Yen remains weak

Posted on February 12, 2013 at 7:17 am GMT

The yen was little changed in the Asian session on Tuesday after weakening sharply against the dollar yesterday. A Japanese official and current head of the Asian Development Bank, Haruhiko Kuroda, said there was room for more monetary easing by the Bank of Japan. Kuroda is a major contender to become governor of the Bank of Japan. The decline in the yen was accelerated after US Treasury Undersecretary Lael Brainard said the United States supports Japanese efforts to end deflation [..]

US Session – Dollar rebounds versus yen

Posted on February 11, 2013 at 8:56 pm GMT

Yen extended losses in the late US session, falling 0.8 percent . USDJPY broke above 93.50 yen by the end of the session and began surging as the Asian session began, rising towards 93.80. This was a sharp rebound in the dollar which had tested lows of 92.16 last week on February 6, the weakest since May 2010. Yen dropped 1.1 percent to 125.48 per euro today and began extending losses going into the Asian session. The yen has dropped [..]

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