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Forex News – Pound rises after Bank of England minutes

Posted on December 19, 2012 at 11:14 am GMT

The Bank of England policy meeting minutes of the December 5 meeting were released on Wednesday offering a gloomy outlook for the UK economy in 2012. The central bank forecasts that growth will remain stagnant. The minutes said there would probably be a contraction in the fourth quarter as economic output is slow. “The deterioration in UK competitiveness over the past couple of years represented a potential headwind to the ability of UK exporters to benefit from a pick-up in [..]

Forex News – German business confidence boosts euro

Posted on December 19, 2012 at 9:51 am GMT

The German Ifo business climate index was released on Wednesday showing an increase for a second straight month as the euro crisis appears to have eased and has calmed investors fears. The Ifo index ticked up to102.4 from 101.4 in November which is the highest level in five months as confidence in the business outlook in Europe’s largest economy surged. Forecasts were for the index to only climb to 102.0. The index is based on a monthly survey of some [..]

Asian Session – Yen falls after Japan trade data

Posted on December 19, 2012 at 7:08 am GMT

The Asian session maintained the upbeat sentiment from yesterday as signs of progress in the US fiscal negotiations bolstered demand for riskier assets. Investors are more optimistic that US policy makers will reach a budget deal to avert the fiscal cliff. US House Speaker John Boehner said he will push a budget “plan B” measure that would include tax increases on income of more than $1 million, countering Obama’s proposal while showing willingness to compromise on taxes. Euro was broadly [..]

Forex News –Greece credit rating upgraded by Standard and Poor’s

Posted on December 18, 2012 at 9:32 pm GMT

Greece had its credit rating lifted by Standard and Poor’s on Tuesday moving off “selective default” up to B minus with a stable outlook. The upgrade was partly as a result of the country’s successful completion of a debt buyback scheme last week, which was part of a deal reached by the EU and IMF as a condition for Greece to receive further financial aid. A total of 49.1 billion euros in aid will be disbursed to Greece by the [..]

US Session – Euro at 7-1/2 month high above $1.32

Posted on December 18, 2012 at 9:11 pm GMT

Risk sentiment was lifted in the US session on hopes of a deal being reached to avert a US fiscal crisis in early 2013. 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. Also helping sentiment was upbeat economic data from the US today showing that the current-account deficit in the world’s largest economy fell sharply to reach its lowest level [..]

European Session – EURUSD hits 7-1/2 month high

Posted on December 18, 2012 at 2:05 pm GMT

European FX markets had a slight risk appetite due to optimism over the US budget talks. There is some relief that there has been some progress in the negotiations and maybe the fiscal cliff can be averted. The overall gap between the Republican and Democratic position on revenue increases ( the most sticky part of the talks) appears to be narrowing. President Obama suggested he is open to tax rate increases beginning at incomes above $400k (he was previously at [..]

Asian Session – Yen falls on expectations of BOJ easing

Posted on December 18, 2012 at 7:10 am GMT

The yen weakened against the dollar during the Asian session ahead of a two-day Bank of Japan policy meeting. In early Monday trading the Japanese currency plunged to a 20-month low in reaction to the Japan election results which showed the conservative Liberal Democratic Party (LDP) won by a landslide. New Prime Minister Shinzo Abe is committed to aggressive monetary easing, and is expected to pressure the Bank of Japan to implement more stimulus measures. The Bank of Japan is [..]

US Session – Canadian dollar outperforms USD

Posted on December 17, 2012 at 9:08 pm GMT

Currency markets were quiet in the US session and there was little change amongst major currency pairs which just continued sideways trading form the prior European session. This is usual market behaviour ahead of the holiday season with light trading volumes. Also there were no key economic data releases today to cause any big movements. The only US data out was the Empire State manufacturing index which remained in negative territory for the fifth month in a row but markets [..]

European Session – Sterling climbs to 2-1/2 high versus dollar

Posted on December 17, 2012 at 12:42 pm GMT

Currency markets were quiet during Monday’s European Session, partly due to a lack of key economic data releases as well as light volumes ahead of the holiday season. After a sharp risk rally in early Asian trading in reaction to the results of the Japan elections, most currency pairs consolidated gains or eased on profit taking while risk sentiment faded as focus shifts to the US budget talks. Most pairs opened in Europe broadly unchanged from Asian levels. Yen weakened [..]

Commodities – Gold falls for third day

Posted on December 17, 2012 at 9:10 am GMT

Gold price fell in early Monday trading, extending losses for a third straight session as trading volumes were thin ahead of the holiday season. There was little reaction to the latest progress in U.S. fiscal cliff talks. John Boehner, who is the speaker of the House of Representatives, voiced his acceptance to a tax rate increase for the wealthiest Americans. This is a key break in the stalemate in the budget talks. Gold prices are down for the third straight [..]

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