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US Session – Euro tumbles to 2-week low on Draghi comments

Posted on February 7, 2013 at 8:15 pm GMT

The euro fell to a two week low against the dollar on Thursday after comments by European Central Bank President Mario Draghi who highlighted the dangers of a strong euro and the effect it might have on inflation. He said euro strength will be monitored and that the ECB’s monetary policy is still accommodative. His remarks were interpreted to mean that he left the door open for possible rate cuts in the future if necessary. The ECB kept its benchmark [..]

Forex News – Euro tumbles below $1.34 on Draghi comments

Posted on February 7, 2013 at 3:41 pm GMT

Euro fell sharply against the dollar after comments from European Central Bank President Mario Draghi during his press conference after the ECB policy meeting on Thursday. Investors were looking for hints that the central bank was concerned about the recent strength in the euro. So Draghi’s remarks when he said the euro exchange rate was important to growth and price stability were interpreted that he was concerned. Draghi also discussed about interest rates and said the monetary stance remains accommodative. [..]

European Session – Euro steady after ECB leaves rates unchanged, Draghi in focus

Posted on February 7, 2013 at 1:27 pm GMT

A flurry of news headlines were out today causing some movement in the European trading session. The highly anticipated events were the European Central Bank and Bank of England policy announcements as well as testimony from incoming BOE governor Mark Carney. A press conference from ECB President Mario Draghi is still ahead at 1330GMT. The ECB kept the key interest rate unchanged at 0.75 percent as was widely expected and also made no changed to monetary policy. This helped the [..]

Forex News – Carney discusses role of BOE and QE

Posted on February 7, 2013 at 12:00 pm GMT

Bank of England governor-elect, Mark Carney, testifies in front of the UK parliamentary Treasury Select Committee on Thursday. He is due to replace incumbent Mervyn King in July. Below are some of his responses to questions by the TSC and his opinion on the role of the Bank of England and the future of quantitative easing policy (QE). On the impact of Quantitative Easing: “The studies by the Bank of England and Federal Reserve of their respective Asset Purchase programmes [..]

Forex News – ECB, BOE and Mark Carney keep markets subdued

Posted on February 7, 2013 at 9:45 am GMT

Currency markets are subdued during the European session on Thursday as traders and investors are waiting on the sidelines ahead of a series of major events today – policy announcements from the European Central Bank and Bank of England as well as testimony from BOE governor-elect, Mark Carney, and also the EU Economic Summit begins in Brussels today until tomorrow. The ECB is expected to keep policy unchanged and the key interest rate at 0.75 percent. But what could move [..]

Forex News – Australian economy adds more jobs than expected

Posted on February 7, 2013 at 8:08 am GMT

The Australian dollar was lifted after upbeat jobs data which showed Australian employers created more jobs than expected last month and the unemployment rate fell. According to the statistics bureau in Sydney , the number of Australians with jobs rose 10,000 from December, more than the 6,000 increase expected. Most of the jobs created were part-time, which saw an increase of 20,200 jobs. The official unemployment rate remained 5.4 percent despite forecasts for it to increase marginally to 5.5 percent. [..]

Asian Session – Euro steady, ECB in focus

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

Asian currency markets were quiet as investors were sidelined ahead of the European Central Bank meeting today and are unwilling to enter new positions. The ECB is expected to keep the benchmark interest rate at a record low of 0.75 percent. However all eyes will be on the press conference after the policy meeting to see if ECB President Mario Draghi will make any comments with regards to the recent strength in the euro. Some EU leaders, particularly French President [..]

US Session – Euro slips to 1-week low ahead of ECB

Posted on February 6, 2013 at 8:50 pm GMT

There have been no fresh developments to drive the currency markets on Wednesday and the economic calendar was light, with no key risk events. However on Thursday all eyes will be on the European Central Bank policy meeting. As a result investors waited on the sidelines, resulting in a quiet US trading session as there was lack of appetite to get too involved before such a major event. Markets are cautious that the recent euro strength may concern the ECB. [..]

European Session – Euro dips ahead of ECB meeting

Posted on February 6, 2013 at 12:49 pm GMT

There’s a bit of consolidation going on with major currency pairs during Wednesday’s European session as investors take a pause and are exerting caution ahead of key risk event tomorrow. We have policy meetings for both the European Central Bank and the Bank of England. While the ECB is widely expected to keep rates at a record low 0.75 percent, the focus will be on whether policymakers might express their concern over the recent strength in the euro. If ECB [..]

Forex News – AUDUSD tumbles to new 5-1/2 month low after retail sales

Posted on February 6, 2013 at 8:00 am GMT

The Australian retail sales report was released on Wednesday, missing estimates and causing a sell-off in the Australian dollar. Data from the Australian Bureau of Statistics (ABS) showed retail sales volume surprisingly dropped 0.2 per cent in December, despite expectations for an increase of 0.3 per cent in the month. This brings the total sales figure to A$21.42 billion ($22.3 billion). Meanwhile, November’s numbers were revised to negative 0.2 percent. Also, annual growth in sales slowed to just 2.3 percent, [..]

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