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European Session – EURCHF hits fresh 13-month high

Posted on January 17, 2013 at 2:35 pm GMT

The US dollar is weak as risk appetite is strong. This led to a rally in the euro, allowing a bounce to gain back recent losses as market sentiment continues to calm over the European crisis. The euro is outperforming against most major counterparts. EURCHF climbed to fresh 13-months highs today, well above 1.24, hitting as high as 1.2471 in the European session. EURUSD is also strong, having gained 0.5 percent since yesterday’s close and hit a high of $1.3376, [..]

Asian Session – Aussie falls on weak jobs data

Posted on January 17, 2013 at 7:08 am GMT

The Australian dollar fell against most of its major counterparts after soft Australian jobs data, which highlighted economic weakness still exists in the nation. Australia’s statistics bureau said the number of people employed in the country fell in December by 5,500 after a revised 17,100 gain in the previous month. The official unemployment rate rose to 5.4 percent from 5.3 percent in November. The softer-than-expected jobs report kept alive the risk of an interest rate cut by the Reserve Bank [..]

US Session – Dollar unchanged after Fed’s Beige Book report

Posted on January 16, 2013 at 9:44 pm GMT

The US Session on Wednesday was relatively quiet, with dollar showing little reaction to the Federal Reserve’s “Beige Book” report on US economic conditions. It reported economic activity has expanded since the previous Beige Book report. EURUSD was little changed, mainly trading sideways, finishing the US session around $1.3275.There was a brief rally up to $1.3300 in the European session after Austrian ECB board member Nowotny said that the EUR exchange rate was not a major concern. His comments come [..]

European Session – Euro weak after cut to German growth forecast

Posted on January 16, 2013 at 1:42 pm GMT

Market sentiment was down today, with most investors shedding risk. With little in the way of new fundamentals and news flow today, negative sentiment continues from yesterday’s news flow. Euro is weaker against the dollar and extended a three day decline due to comments from Eurogroup President Jean Claude Juncker yesterday. Juncker said the euro’s exchange rate is dangerously high and this spooked markets, leading euro to drop by over 70 pips to $1.3263 late on Tuesday immediately after his [..]

US Session – Euro drops below $1.33 after Juncker comments

Posted on January 15, 2013 at 8:02 pm GMT

The euro weakened against the dollar throughout the day, ending three straight days of gains. The single currency was initially weighed down today due to disappointing news from Germany, which is considered to be Europe’s powerhouse. Germany’s Federal Statistics Office warned that Germany may have contracted 0.5 percent during the final quarter of 2012 The euro extended a decline in the late US trading session after reports that Eurogroup President Jean-Claude Juncker said the euro’s exchange rate is dangerously high. [..]

European Session – EURCHF hits 13-month high

Posted on January 15, 2013 at 1:52 pm GMT

The dollar regained strength due to safe haven flows as focus shifts to the US debt ceiling debate and Fitch issues warnings. This slightly pressured euro agaisnt the dollar, down 0.4 percent but still trading within yesterday’s range. Helping support the single currency was a solid Spanish bond auction and above forecast euro zone trade balance of 11 billion euros versus a previous 7.4 billion. EURUSD traded most of the European session between $1.3333 and $1.3387 and moved lower going [..]

Asian Session – Yen ends four day-decline against dollar

Posted on January 15, 2013 at 7:18 am GMT

The Japanese yen rebounded against most major counterparts in Tuesday’s Asian trading session, ending four days of declines against the dollar, after Japanese Economics Minister Akira Amari surprised markets with his comments. “If the yen excessively weakens, this would cause a spike in import prices,” Amari said to reporters in Tokyo today. “It would be a benefit for exports, but would have harmful effects on people’s livelihoods.” Amari said Japan faces risks from declines in the yen after it weakened [..]

US Session – Markets steady ahead of Bernanke speech

Posted on January 14, 2013 at 8:46 pm GMT

Currency markets were relatively quiet ahead of US Federal Reserve Chairman Ben Bernanke’s speech scheduled at 4 p.m. New York time. Investors are looking for hints on the Fed’s next move regarding monetary policy. The euro is still showing resilience and held on to gains close to an 11-month high of $1.3403 versus the dollar while remaining above $1.3335. There is a lot of optimism these days about a return to normalcy in euro-zone financial markets and European leaders said [..]

European Session – EURUSD hovers at 11-mth high

Posted on January 14, 2013 at 12:18 pm GMT

The euro remained close to an 11-month high versus dollar, which it hit earlier in the Asian session. Euro has been continuing its advance since last Thursday after ECB President Mario Draghi’s not so-hawkish news conference. He lowered expectations that an interest-rate cut will be coming soon and sounded more upbeat about the economic outlook in Europe. EURUSD hit a high of $1.3403 in Asia and eased only slightly due to profit-taking in the European session, remaining supported above $1.3347. [..]

Asian Session – Euro hits 20-mth high versus yen

Posted on January 14, 2013 at 7:16 am GMT

The risk-on tone continued in the start of the new trading week. Euro extended gains to a 10-month high against the dollar, still advancing following last week’s upbeat comments from ECB President Mario Draghi which eliminated expectations of future interest rate cuts. He gave a more positive outlook for the euro zone. EURUSD opened up with a gap of $1.3360 and advanced to hit a high of $1.3403 in Asian session trading on Monday. After a rough start to the [..]

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