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US Session – Euro rises to 8-month high vs. USD

Posted on January 11, 2013 at 7:31 pm GMT

The euro extended Thursday’s rally against the dollar, rising 0.8 percent to $1.3365, its highest since April 2012. The single currency is on track for its strongest weekly gain against the dollar in nearly four months. A relatively upbeat outlook on the euro zone economy by ECB President Mario Draghi in a post ECB policy meeting news conference yesterday gave investors more risk appetite to buy the euro. Sterling gave back some gains today after being hurt by weak UK [..]

European Session – Euro extends gains above $1.33

Posted on January 11, 2013 at 1:44 pm GMT

Risk appetite for the euro continues to be strong today after being lifted on Thursday following the European Central Bank policy meeting and 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. As the euro zone’s future has become a little clearer, investors were more willing to buy the single currency, which was rocketed to a high of $1.3278 within [..]

Forex News – Yen falls as Japan unveils government spending plans

Posted on January 11, 2013 at 8:08 am GMT

On Friday Japanese Prime Minister Shinzo Abe unveiled spending plans by the government that would help stimulate Japan’s economy and drive it out of the recession it has been in since last June. This had a weakening effect on the yen, which has been weakening since November due to speculation of more easing measures by the Bank of Japan. The newly installed Japanese Prime Minister Abe is known to be pro-easing and has made it clear that he will pressure [..]

Asian Session – Yen extends losses after weak trade data

Posted on January 11, 2013 at 7:20 am GMT

Yen extended losses against the dollar and euro in early Asian session trading on Friday after trade data showed Japan posted a current account deficit of 222.4 billion yen ($2.5 billion) in November. It was the first deficit in 10 months and more than the expected deficit of 3.5 billion yen ($39 million). Also adding pressure to yen were comments today by Japanese Prime Minister Shinzo Abe that signalled the Bank of Japan may undertake more aggressive monetary easing. As [..]

US Session – ECB’s Draghi saves the euro

Posted on January 10, 2013 at 9:21 pm GMT

Euro surged against the dollar and yen after the European Central Bank policy meeting on Thursday when the central bank kept rates on hold at 0.75 percent and did not signal any near term cutting of rates. ECB President Mario Draghi sounded rather upbeat on the economic outlook during his press conference after the rate announcement and lowered expectations that an interest-rate cut will be coming soon. EURUSD hit the highest level this month so far at $1.3265, gaining 1.5 [..]

European Session – Euro rises after ECB meeting; Draghi speech in focus

Posted on January 10, 2013 at 1:41 pm GMT

The euro gained 0.5 percent against the dollar during the European session on Thursday. Most of the session the pair consolidated as investors awaited the European Central Bank policy meeting and the announcement of interest rates. As expected the ECB kept the key rate on hold at 0.75 percent. Meanwhile a strong Spanish bond auction that met the sales target also added fuel to the euro rally. EURUSD surged to a high of $1.3122 after the ECB announcement, up from [..]

Forex News – AUDUSD surges to 1-mth high on robust China trade data

Posted on January 10, 2013 at 7:45 am GMT

China’s upbeat trade data lifted market sentiment on Thursday, providing some relief to investors who feared the world’s second largest economy was slowing down and was at risk of experiencing a “hard” economic landing. The increase in exports by over 14 percent in December compared to a year earlier was more than economists had forecast, beating expectations 5.0 percent growth. This was the fastest rate of expansion since May 2012. The figure was up from November’s 2.9 percent growth in [..]

Asian Session – Aussie boosted after strong China trade data

Posted on January 10, 2013 at 7:04 am GMT

China’s better than expected trade data boosted market sentiment in the Asian session on Thursday. The world’s second largest economy increased exports by 14.1 percent in December from a year earlier while imports increased 6 percent. The upbeat reading is good news for Australia as China is Australia’s top export market as well as a key driver of prices for commodities. The Australian dollar reacted positively to the Chinese data since such news will make it less likely that the [..]

US Session – Dollar advances against yen, EUR slips ahead of ECB

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

The euro was trading slightly lower against the dollar in the US session after dipping in reaction to disappointing German economic data which showed industrial output rose less than expected in November. This weighed on euro since Germany is seen as the strongest economy in Europe and the region’s best chance at preventing too deep a recession. EURUSD fell to as low as $1.3036 before steadying. Investors are being cautious ahead of the European Central Bank meeting tomorrow. Expectations are [..]

European Session – Euro dips as focus turns to ECB

Posted on January 9, 2013 at 1:03 pm GMT

Currency markets were mostly in consolidation mode for most of the European session on Wednesday due to a lack of key economic data releases. The exception was the USDJPY pair which rose in on speculation that BOJ would raise its inflation target and increase quantitative easing at its next policy meeting. Meanwhile tomorrow’s ECB and BOE meetings are keeping investors cautious and no one is willing to enter new trades. Also key Spanish and Italian bond auction are going to [..]

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