News / Page 458

Forex News – UK trade deficit shrank as exports rose

Posted on January 9, 2013 at 9:46 am GMT

The UK trade gap shrank in November as exports rose more than imports, although the overall total trade balance is still in deficit. According to a report by the UK Office for National Statistics the goods trade deficit narrowed to 9.164 billion pounds from 9.487 billion pounds in October. This was slightly worse than the expected deficit of 9.05 billion pounds. The latest data reveals a sizeable deficit and makes it more likely that net trade was a drag on [..]

Forex News – Australian retail sales numbers fall

Posted on January 9, 2013 at 7:40 am GMT

Australian retail sales numbers were weaker than expected for the month of November according to the Australian Bureau of Statistics. Sales dropped 0.1 percent despite forecasts for a rise of 0.3 percent. October’s numbers were flat with no change at 0 percent. The weak data raises speculation that the Reserve Bank of Australia will cut interest rates further. “The risk is the RBA cuts earlier and deeper than our current cash rate forecast of one more cut in May,” commented [..]

Asian Session – Yen weakens on expectations of more BOJ easing

Posted on January 9, 2013 at 7:05 am GMT

Yen weakened versus the dollar in Wednesday’s Asian trading session after a brief bounce in the past two days. The Japanese currency is under pressure amid expectations for more monetary easing by the Bank of Japan following a change of government in the country’s recent elections. New Prime Minister Shinzo Abe is in favour of more aggressive stimulus measures though increased asset purchases and bond buying. The aim is also to weaken the yen. Japan’s Finance Minister Taro Aso announced [..]

US Session – Euro reverses gains and falls versus dollar

Posted on January 8, 2013 at 8:56 pm GMT

The euro fell against the dollar in the US session on Tuesday giving up earlier gains on the back of disappointing economic data from the euro zone. Unemployment hit a record high of 11.8 percent in November in the euro area while German factory orders fell more than economists expected in November amid weak demand from outside the euro area. German data showed exports fell 3.4 percent in November, fuelling concerns that Europe’s largest economy may have contracted in the [..]

European Session – Euro sees brief gains on Japan bid to buy ESM bonds

Posted on January 8, 2013 at 1:12 pm GMT

The European trading session was quiet with EURUSD locked in a tight range just above $1.3100. Early focus was all related to news out of Japan. The single currency got a slight boost against the dollar and yen earlier in the day after Japanese Finance Minister Taro Aso said the government would buy bonds issued by the ESM, which is the euro zone’s permanent rescue fund, known as the European Stability Mechanism. The news helped lift euro but this soon [..]

Forex News – Australian trade deficit widens most since 2008

Posted on January 8, 2013 at 8:21 am GMT

The Australian dollar weakened against the US greenback after data released on Tuesday shows that Australia’s trade deficit widened in November as imports outpaced exports again, marking the 11th straight month of shortfalls. According to data from the Australian Bureau of Statistics, this is the widest trade gap since March 2008 and was more than the forecast. The trade balance was a total of A$2.64 billion shortfall, more than the expected A$2.3 billion gap and up from October’s revised A$2.44 [..]

Asian Session – Yen gains for second day against USD

Posted on January 8, 2013 at 7:08 am GMT

The yen extended gains versus the dollar in the Asian session on Tuesday, as the USDJPY pair continues to correct for the second day after a sharp rally recently. The Japanese currency weakened in recent weeks amid speculation that the Bank of Japan will ease monetary policy, especially after Japan’s new Prime Minister Shinzo Abe pledged he would push for more stimulus measures. On Friday the USDJPY pair hit a 2-1/2 year high of 88.39 yen but has since eased [..]

US Session – Euro gains as focus turns to ECB meeting

Posted on January 7, 2013 at 9:19 pm GMT

The euro advanced against the dollar in Monday’s US session, moving off a three-week low reached on Friday. Much of the dollar weakness is attributed to speculation that the US Federal Reserve will end stimulus measures by the end of the year and end its bond-buying program. Helping lift the euro are expectations that the European Central Bank will refrain from cutting interest rates at its policy meeting on Thursday. EURUSD rose for a second session, gaining 0.7 percent since [..]

European Session – Euro pulls back against USD in quiet session

Posted on January 7, 2013 at 12:36 pm GMT

The economic calendar was relatively quiet in European hours. Returning risk aversion led the Japanese yen to outperform since the start of the Asian session due to safe haven flows. The absence of headline-driving event risk gave a chance for profit-taking and for markets to reflect and plan the week ahead. Today was the first day of a full trading week and first day with full volume after slow and light holiday trading the past couple of weeks. Risk appetite [..]

Asian Session – Yen gains versus dollar

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

The yen gained against most major counterparts in Monday’s Asian session after a week of losses. The dollar moved off a 2-1/2-year high against the yen after a sharp rally on Friday following a satisfactory US non-farm payrolls report. Yen has been oversold recently due to more aggressive stimulus measures from the Bank of Japan this year and the possibility of less stimulus from the US Federal Reserve. Yen weakness is taking a pause and was due for a correction [..]

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