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US Session – Dollar buoyed by safe haven flows; fiscal cliff looms

Posted on December 21, 2012 at 10:14 pm GMT

Failure to find a US budget deal ahead of the holidays gave the dollar a boost due to safe haven flows. Despite upbeat US economic data which showed personal income & consumption as well as durable goods orders for November all beat forecast, these failed to shift risk sentiment up. Risk appetite was dampened after a budget plan by the Republican speaker of the House of Representatives, John Boehner, failed to win support from his party. Demand for the most [..]

Forex News – US Consumer Spending rises

Posted on December 21, 2012 at 2:55 pm GMT

US data on personal spending and core durable goods orders and were released on Friday, both numbers being better than expected. American consumers increased their spending in November as they went holiday shopping and bought gifts. Also helping was a rise in incomes after being depressed in October by lost wages due to Sandy. Commerce Department figures showed purchases increased 0.4 percent last month after a 0.1 percent drop in October. The data is important because consumer spending makes up [..]

European Session – Euro falls on weak German data, fiscal cliff concerns

Posted on December 21, 2012 at 12:50 pm GMT

Euro is trading lower against the dollar as risk appetite was dented by the US budget talks impasse. Republicans cancelled a vote on US House Speaker John Boehner’s so-called “Plan B” which included higher tax cuts for annual income above $1 million, citing insufficient support from the members. This raised concerns that the US could go over the “fiscal cliff” if a deal is not reached before January 1st when $600 billion worth of tax increases and spending cuts are [..]

Forex News – UK economy grows less than forecast in Q4

Posted on December 21, 2012 at 10:01 am GMT

United Kingdom economy grew slightly less than forecast in the third quarter of this year according to data released on Friday by the Office for National Statistics. GDP came in at 0.9 percent, which was lower than the 1.0 percent estimated. Britain’s dominant services sector which accounts for three quarters of GDP, posted meagre growth of just 0.1 percent on the month in October, adding to the challenge for the economy as a whole to expand in the final quarter [..]

Asian Session – Yen gains on safe haven flows due to US fiscal cliff concerns

Posted on December 21, 2012 at 7:08 am GMT

Currency markets in the Asian session began with risk-off sentiment again due to fiscal cliff concerns as the gridlock in the US budget negotiations created anxiety. US House of Representative Speaker John Boehner scrapped his “Plan B” which would have allowed higher tax rates on annual income above $1 million. There is a risk that a budget deal may not be reached by the end of the year deadline when $600 billion of tax increases and spending cuts take effect. [..]

US Session – Dollar turns back up, fiscal cliff talks in focus

Posted on December 20, 2012 at 8:52 pm GMT

Risk sentiment in the US session saw a pullback on Thursday and the US dollar turned up as investors appeared to be less willing to take on risk amid an apparent deadlock in fiscal cliff talks to avert automatic tax hikes and spending cuts that would take effect in 2013. The White House reported that US President Obama would veto US House Speaker John Boehner’s “Plan B” legislation which is being prepared by House Republicans, designed to avert looming tax [..]

European Session – Euro regain losses against dollar

Posted on December 20, 2012 at 2:07 pm GMT

The European session was more upbeat following some weakness in the Asian session post-Bank of Japan policy decision which disappointed markets a bit. The Bank of Japan expanded its asset- purchase fund by 10 trillion yen ($119 billion) to 76 trillion yen. The markets were expecting the central bank to take bolder steps. This caused some volatility in the markets and pushed yen higher. But this all reversed in the European session. Euro is stronger leading into the US session, [..]

Asian Session – Yen gains after Bank of Japan policy decision

Posted on December 20, 2012 at 7:06 am GMT

Most currency pairs were mostly range bound during the Asian session on Thursday as the upcoming holiday session has led to thin volumes. The yen saw some volatility after the Bank of Japan policy announcement today. The Bank of Japan eased monetary policy as expected, increasing its asset purchases by 10 trillion yen and saying it would review its policy goal in a likely move towards adopting an inflation target. The yen fell briefly against the dollar but remained up [..]

US Session – Euro slips from 8-mth high as fiscal cliff talks stall

Posted on December 19, 2012 at 9:20 pm GMT

The US session on Wednesday was a reversal of the European session as risk currencies turned back down giving up earlier gains against the dollar. Risk sentiment was upbeat until this morning on hopes of a deal being reached to avert a fiscal crisis in early 2013. On Tuesday US President Barack Obama and Republican lawmakers were said to be making progress toward a resolution to the looming fiscal cliff of tax hikes and severe spending cuts. However some media [..]

European Session – Euro extends gains above $1.33 after German Ifo data

Posted on December 19, 2012 at 1:36 pm GMT

The euro rose to an eight-and-a-half month high against the dollar in the European session on Wednesday, buoyed after an improved Ifo German business sentiment survey. Also year-end demand for the single currency lifted it. EURUSD rose 0.5 percent to break past $1.33 to mark its highest since early April, hitting as high as $1.3307 going into the US trading session. Meanwhile overall market sentiment is buoyed by hopes that the Republicans and Democrats are close to reaching an agreement [..]

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