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Forex News – Obama inauguration held in Washington DC today

Posted on January 21, 2013 at 9:32 pm GMT

U.S. President Barack Obama who was elected for a second term in office, was inaugurated today in Washington D.C., on the federal holiday marking the birthday of slain civil rights leader Martin Luther King Jr. The 51-year-old U.S. president has presided over an economy that is still recovering from the worst recession in a generation. Over the next two months, Obama’s administration will engage in a fiscal debate with Republican lawmakers who hold the majority in the U.S. House over [..]

US Session – Calm markets on US holiday; focus turns to BOJ meeting

Posted on January 21, 2013 at 9:05 pm GMT

The US trading session on Monday was quiet, as was to be expected due to the public holiday for Martin Luther King Jr. holiday today as well as the public inauguration ceremony to swear in US President Barack Obama in Washington D.C. Most currency pairs either consolidated or were subject to profit taking, due to lack of economic data to drive the markets. The only key event on the calendar was the Eurogroup meeting in Brussels that is currently underway. [..]

European Session – Euro steady ahead of Eurogroup meeting

Posted on January 21, 2013 at 2:04 pm GMT

Monday’s European session was quiet as there was little news flow and no tier-one economic data released. The focus will be on the Eurogroup meeting later today that is scheduled to begin at 1600 GMT in Brussels. Meanwhile the upcoming US session will also likely be quiet since US markets are closed for the Martin Luther King Jr. public holiday. US President Barack Obama’s public inauguration ceremony will be held in Washington D.C. EURUSD is trading down percent since Friday [..]

Commodities News – Oil declines from 4-mth high on falling demand

Posted on January 21, 2013 at 12:46 pm GMT

Oil prices are trading lower in Monday, down from a four-month high last Thursday. The CFD for crude is down to $95.50 in the Europe session today, trading sideways since its decline from Thursday’s high of $96.48. Meanwhile the crude oil contract for February delivery, which expires tomorrow, fell as much as 51 cents to $95.05 a barrel in electronic trading on the NYMEX and was at $95.07 at 9 a.m. London time. The March contract was down 46 cents [..]

Asian Session – Yen bounces as BOJ meeting begins

Posted on January 21, 2013 at 7:23 am GMT

The yen gained back losses against most of its major counterparts in the Asian session on Monday as the Bank of Japan two-day policy meeting gets underway. Speculation is strong that the BOJ will adopt further policy easing measures to stimulate the sluggish Japanese economy. This has kept the yen under pressure recently. Since September, the dollar has gained over 16 percent against the yen. Last Friday, the dollar hit its highest level against the yen since June 2010. The [..]

US Session – Dollar rallies to end week higher

Posted on January 18, 2013 at 10:53 pm GMT

The dollar rallied across the board in Friday’s US trading session as North American traders gave a lukewarm reaction to the China growth data today. GDP data showed the world’s second-largest economy grew faster than forecast in the second quarter. Being Friday, the last day of the trading week, many investors preferred to take profit on their winning positions after a strong risk rally this week, particularly in the euro. EURUSD almost made it to $1.3400, but failed to break [..]

European Session – EURCHF eases off 20-mth high, GBP falls on soft retail sales

Posted on January 18, 2013 at 1:10 pm GMT

Risk sentiment was buoyed by upbeat China GDP data on Friday. The Chinese economy grew by 7.9 per cent from a year earlier in the fourth quarter, beating forecasts for a 7.8 per cent rise. This raised optimism for a pick-up in growth in the world’s second largest economy. However, the risk rally that has been going on in the currency markets this past week was more or less killed by profit taking today. EURUSD which had reached a high [..]

Forex News – Sterling extends losses after weak UK retail sales data

Posted on January 18, 2013 at 10:45 am GMT

Sterling tumbled after disappointing UK retail sales figures on Friday , which highlighted ongoing weakness in the British economy. Christmas shopping season failed to boost numbers which dropped in December by 0.1 percent, against expectations for an increase if 0.2 percent. On an annual basis, sales increase by 0.3 percent, the smallest since April and far below a forecast 1.1 percent rise. The weak data point to a gloomy consumer mood that has shut three well-known UK big-store chains since [..]

Asian Session – Yen extends losses, AUD down on China data

Posted on January 18, 2013 at 7:30 am GMT

Upbeat Chinese GDP data which gives evidence the world’s second largest economy is back on track for growth after seven straight quarters of slowing expansion, was supportive of risk sentiment. China’s fourth quarter Headline GDP figure rose 7.9 percent versus expectations of 7.8 percent. Real However, GDP (quarter on quarter) rose less than forecast to 2.0 percent versus the 2.2 percent consensus. Meanwhile the previous quarter’s data has been revised downwards to 2.1 percent. Despite the slightly better than expected [..]

US Session – Euro rises across the board, hits 15-mth high vs. CHF

Posted on January 17, 2013 at 9:22 pm GMT

Risk sentiment was high today after better-than-expected US economic data and a strong debt auctions in Europe. Lower demand for the safe haven US dollar pushed it lower against euro and other risk currencies. A string of positive US economic data helped risk appetite. The US Labor Department reported that first-time jobless claims dropped more than expected to 335,000 in the past week, their lowest level in five years. Other data on construction showed housing starts rose by the highest [..]

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