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Asian Session – Aussie falls after weak retail sales report

Posted on February 6, 2013 at 7:14 am GMT

The Australian dollar fell sharply against the greenback in the Asian session Wednesday. AUDUSD dropped to a 2-1/2 month low of $1.0336 after weak local retail sales data strengthened the case of further interest rate cuts this year by the RBA. Aussie is down 0.7 percent from the US session levels. The euro held firm against the dollar, consolidation gains made yesterday when it rallied to $1.3596. EURUSD edged down slightly from late US session levels but still up from [..]

US Session – Euro extends rally against dollar

Posted on February 5, 2013 at 8:32 pm GMT

The euro staged a very good recovery on Tuesday, beginning its rally in the European session and all the way into the US session, gaining close to 1 percent in the day against the dollar. Much of the reason behind the rally was the better than expected final January PMI data for the euro zone. The composite PMI was 48.6 compared to a flash estimate of 48.2. The final services PMI reading was also 48.6, above the flash estimate of [..]

Forex News – ISM services index dips as expected to 55.2

Posted on February 5, 2013 at 3:35 pm GMT

US economic data released today was from the Institute of Supply Management, a Tempe, Arizona-based group which reported that the purchasing managers index for the services sector (non-manufacturing business) fell to 55.2 in January from the prior month’s 55.7. The services sector in the United States covers a large chunk of the economy, about 90 percent. Most economists had forecast a reading of 55.2, so the data was in line with expectations. Readings above 50 signal expansion. The index rates [..]

European Session – Euro rises above $1.3550 on improved data

Posted on February 5, 2013 at 12:27 pm GMT

The euro reversed losses in the European session on Tuesday after being boosted by upbeat economic data. Above-forecast euro zone services PMI helped to briefly shift concern away from renewed worries about political uncertainty in Spain and Italy. Also, Germany posted its biggest one-month rise in PMI since August 2009 while in Spain it contracted at its slowest pace since June 2011. EURUSD gained 0.8 percent in the European session, rising to a high of $1.3566 from $1.3457, regaining some [..]

Forex News – GBPUSD jumps after UK services PMI

Posted on February 5, 2013 at 10:12 am GMT

The British pound rebounded from a session low in early London trading on Tuesday after upbeat UK services PMI data, brightening the outlook for the economy. The Markit/CIPS Purchasing Managers’ Index (PMI) for services rose much stronger-than-expected and reduced some concerns about the British economy dipping into a third recession. “A return to growth of the service sector in January greatly reduces the likelihood of the UK falling back into a ‘triple-dip’ recession,” said Chris Williamson, economist at Markit. The [..]

Forex News – Aussie falls on expectations of RBA policy easing

Posted on February 5, 2013 at 8:40 am GMT

The Australian dollar is broadly weaker on Tuesday after falling in reaction to the Reserve Bank of Australia (RBA) saying that it kept its benchmark cash rate unchanged at 3 percent while saying the inflation outlook allows scope further for easing. Markets interpreted this to mean that the RBA is willing to ease policy and expects the next interest rate cut to come in the second quarter. AUDUSD fell 0.4 percent to $1.0391 while AUDJPY dropped 0.4 percent to 95.96, [..]

Asian Session – Aussie falls after RBA meeting

Posted on February 5, 2013 at 7:12 am GMT

The Australian dollar was the biggest mover during Tuesday’s Asian session. The aussie fell after the Reserve Bank of Australia announced its policy decision after a meeting today. The RBA kept the benchmark cash rate at 3 percent while saying the inflation outlook allows scope for further easing. Markets interpreted this to mean that the RBA is willing to ease policy and expects the next interest rate cut to come in the second quarter. AUDUSD fell 0.4 percent to $1.0391 [..]

US Session – Euro tumbles as Europe fears return

Posted on February 4, 2013 at 8:53 pm GMT

The main theme of the US session was euro weakness. Concerns about Europe are back to the foreground due to renewed political worries in Spain and Italy. Political tremors risk spoiling the recent euro zone’s market calm and has led to the euro reversing a recent strong rally. In Spain, Prime Minister Mariano Rajoy is facing a corruption scandal. Senior officials in the ruling Popular Party are being accused of illegally receiving secret payments over the last two decades, and [..]

European Session – Euro falls below $1.36 after Spanish data

Posted on February 4, 2013 at 12:46 pm GMT

Euro traded lower against the dollar in Monday’s European session after being weighed down by weak Spanish jobs data, which showed a 2.7 percent rise in the number of unemployed. Meanwhile, there are concerns about political risk in Spain as the Spanish Prime Minister is facing a corruption scandal. Another risk event is the upcoming European Central Bank meeting on Thursday. Investors are waiting to see if the ECB is concerned about the recent strength in the single currency. If [..]

Forex News – USDCHF rebounds fromm 9-mth low

Posted on February 4, 2013 at 10:05 am GMT

The Swiss franc is trading lower against the dollar in early Monday European session trading. The USDCHF pair bounced back from a nine-month high hit during the Friday session when the dollar was boosted after some upbeat US economic data signalled improvements in the world’s largest economy. The Dow Jones also marked its best January performance since 1994 and the S&P 500 index had its strongest January advance since 1997. US data on Friday showed payrolls rose by 157,000 last [..]

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