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European Session – Euro remains above $1.3550

Posted on January 31, 2013 at 1:01 pm GMT

The euro dipped 0.3 percent from Wednesday’s 14-month high but remains above the key $1.35 level. Disappointing German retail sales data and Deutsche Bank results weighed on the currency today. Data showed retail sales in Europe’s largest economy fell the most in over three years in December, but losses were limited due to solid German jobs data and a drop in the unemployment rate. EURUSD is currently trading at $1.3550 going into the US session. EURJPY slightly to slipped to [..]

Forex News – German retail sales fall to 19-mth lows

Posted on January 31, 2013 at 9:37 am GMT

The euro held steady against the dollar early in the European session on Thursday even after poor economic data from Europe’s largest economy, Germany. German retail sales plunged to 19-month lows, dropping 1.7 percent on a monthly basis, the worst since May 2011. Its fell 4.7 percent on an annual basis to the lowest since May 2009. Both results were worse than forecast of a decline of 0.1 percent on the month and 1.6 percent on the year. The disappointing [..]

Asian Session – Euro at 14-month highs

Posted on January 31, 2013 at 7:16 am GMT

The dollar remained weak during Thursday’s Asian session, hurt by GDP data showing weak US growth. The dollar also fell after the Federal Reserve announced it will continue with its stimulus program worth $85 billion until unemployment was expected to hit 6.5 percent and/or inflation returned to 2.5 percent. Such a measure of quantitative easing which includes bond buying is negative for the dollar, which is headed for a sixth monthly decline against the euro. There is more risk event [..]

Forex News – US GDP contracts to worst since 2009

Posted on January 30, 2013 at 9:19 pm GMT

US GDP growth contracted by 0.1 percent in the fourth quarter of last year, to the worst since 2009. The number surprised markets because even though economists did expect growth to be slow, they did not expect a negative number, but had forecast a 1.1 percent growth rate, down from the previous 3.1 percent. This last quarter’s GDP is the worst since 2009. Much of the factor weighing on growth was a large drop in defense spending which fell by [..]

US Session – Dollar extends losses after Fed maintains aggressive policy

Posted on January 30, 2013 at 8:44 pm GMT

The dollar weakened against most major counterparts in the US session after a series of key economic news. The first hit was when disappointing GDP data was released early in the session. Then the dollar slightly extended losses again late in the session after the Federal Reserve announced it maintained its aggressive policy easing measures. US GDP growth contracted by 0.1 percent in the fourth quarter of last year, which was the worst since 2009. This surprised markets because even [..]

European Session – Euro hits 14-mth high above $1.35

Posted on January 30, 2013 at 11:53 am GMT

The euro rose for a second day against the dollar in Wednesday’s European session, breaking above a key psychological level of $1.35 to approach the highest in 14-months. The pair had been confined in a tight 30-pip range in the last two sessions due to light news flow, but remaining buoyed against a broadly weaker US dollar. The uptrend appears to be holding strong for the pair in the near term as European economic confidence rose more than estimated this [..]

Forex News – Euro surges above $1.35

Posted on January 30, 2013 at 10:04 am GMT

EURUSD finally broke above the key $1.35 resistance level in Wednesday’s European session. The pair had been confined in a tight 30-pip range in the last two sessions due to light news flow, but remaining buoyed against a broadly weaker US dollar. The uptrend appears to be holding strong for the pair in the near term. The dollar suffered a setback in yesterday’s US session after a disappointing US consumer confidence report. Meanwhile, investors are being cautious ahead of the [..]

Asian Session – Yen steady vs weak USD ahead Fed

Posted on January 30, 2013 at 7:22 am GMT

Currency markets were quiet during the Asian session on Wednesday ahead of key event risk as the US Federal Reserve completes its two-day policy meeting today. While the FOMC (Federal Open Market Committee) is expected to keep policy unchanged, there has been some concern that FOMC members were “approximately evenly divided” between those who want to end asset purchases (quantitative easing) by June this year and those who want to continue beyond that. Under the current stimulus program (Called QE3), [..]

US Session – Dollar falls on weak US consumer confidence

Posted on January 29, 2013 at 9:19 pm GMT

The US dollar was weaker against most major counterparts on Tuesday, weakening further in the US trading session after disappointing US economic data showed consumer confidence in January fell to the lowest level since 2011. The Conference Board said its consumer confidence index fell to 58.6 this month, missing expectations of 64.3. The December figure was upwardly revised to 66.7. Meanwhile, investors are being cautious ahead of the US Federal Reserve meeting on Wednesday. Focus will be on whether the [..]

European Session – Euro steady after upbeat German consumer confidence data

Posted on January 29, 2013 at 2:01 pm GMT

Currency markets were quiet during the European session on Tuesday, with most major pair consolidating in ranges due to light news flow. Euro is down 0.2 percent form yesterday’s close but still trading within Friday’s range. It has failed to break above key resistance at $1.35 and is hovering below the 11-month high of $1.3477 hit on Friday. EURUSD tested lows of $ 1.3413 but is well buoyed after some upbeat economic data from Europe. Both German and French consumer [..]

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