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Forex News – Japan’s LDP victory will lead to more BOJ easing

Posted on December 17, 2012 at 7:32 am GMT

The yen plummeted in early trading as currency markets opened in Monday following news of Japan’s LDP party landslide victory on Sunday. Japan’s conservative opposition party led by hawkish Shinzo Abe won the elections by a large majority over the outgoing Prime Minister Yoshihiko Noda. In his campaigns Abe has been promising sweeping changes after three years of the country’s rule by the Democratic Party of Japan (DPJ). His win now gives him the mandate to implement these changes he [..]

Asian Session – Yen tumbles after Japan elections

Posted on December 17, 2012 at 7:03 am GMT

The yen weakened sharply as Asian currency markets opened for trading on Monday in reaction to news of Japan’s election results. Conservative LDP party headed by Shinzo Abe won by a landslide victory in Sunday’s polls, giving Abe a mandate to implement the fiscal and monetary stimulus plans he has been pledging. Abe has promised to pursue a more ultra-easy monetary policy and is seen to be applying pressure on the Bank of Japan to do so in order to [..]

US Session – Euro extends gains against dollar above $1.31

Posted on December 14, 2012 at 10:16 pm GMT

The dollar weakened in the US session on Friday after economic data showed US consumer prices fell in November for the first time in six months. Euro extended gains against the dollar during the New York session and broke above the key $1.31 level for the first time in a week. The euro had its biggest weekly gain against the dollar since the week September 16. A series of positive events helped propel the single currency to a seven-month high, [..]

Forex News – U.S. inflation remains tame as consumer prices fall

Posted on December 14, 2012 at 2:36 pm GMT

Inflation remains tame in the United States as consumer prices fell more than forecast in November , partly due to a drop in energy prices dropped. According to data, headline inflation declined as shown by the Consumer Price Index (CPI) which dropped 0.3 percent last month, the first drop since May and followed a 0.1 percent gain the prior month. The decline was much more than expected. Economists had expected consumer prices to fall 0.2 percent. As the U.S. is [..]

European Session – Yen underperforms, euro falls after German PMI

Posted on December 14, 2012 at 1:23 pm GMT

Euro reversed gains made against the dollar in Asia and fell during the European session. The earlier rally was largely driven by risk appetite after a strong China PMI data which hit a 14-month high and give hopes of an upturn in the world’s second largest economy. Euro soon ran out of momentum with profit taking sales intensifying after disappointing euro zone and German PMI data. Although Germany’s services PMI rose well above forecast, which helped boost the composite PMI [..]

Forex News – Weak euro zone PMI weighs on euro

Posted on December 14, 2012 at 10:59 am GMT

A series of weak PMI numbers from Germany and France as well for the euro zone as a whole have disappointed markets and sent the euro lower in early European trading on Friday. Markit’s Flash Composite Purchasing Managers’ Index, which gives a survey for around 5,000 businesses across the 17-euro zone nations, rose to a nine-month high of 47.3 this month, beating forecasts for a rise to 46.8. However, any number below 50 indicates a contraction phase, whereas a figure [..]

Forex News – BOJ monetary easing expected after weak Tankan

Posted on December 14, 2012 at 9:04 am GMT

The Bank of Japan’s closely watched quarterly Tankan index for large manufacturers declined sharply in December, indicating business sentiment deteriorated amongst large Japanese companies. The index dropped more-than-expected to minus 12 in the current quarter from minus 3 previously. The outcome was worse than forecasted minus 10 reading. The survey results make it more likely for the Bank of Japan, to ease monetary policy further next week to support an economy seen as already in recession. Meanwhile, opposition party leader [..]

Asian Session – Yen plummets after weak tankan data

Posted on December 14, 2012 at 7:05 am GMT

Yen tumbled in the Asian session on Friday as Japanese business confidence slid to an almost three-year low, as shown by the “tankan” index. The survey result makes it more likely that the Bank of Japan will ease monetary policy further at its meeting next week, in order to stimulate a sluggish Japanese economy. Meanwhile, Japan’s elections on Sunday could see a new leader elected who is likely to apply more pressure on the BOJ to ease policy aggressively. Leading [..]

Forex News – Sterling falls after S&P downgrades outlook for UK

Posted on December 13, 2012 at 9:03 pm GMT

Sterling tumbled against the dollar on Thursday after news that Standard and Poor’s cut the outlook on the United Kingdom’s credit rating from stable to negative. The U.K. is now at risk of losing its prized AAA credit rating. The latest downgrade follows from rating agencies Moody’s and Fitch who already have negative outlooks for the UK. There is a one-in-three chance that S&P could cut the rating in the next two years, it said in a statement in London [..]

US Session – Fiscal cliff talks reach road block again

Posted on December 13, 2012 at 8:37 pm GMT

Currency markets were directionless during the US session on Thursday and mostly risk off as focus turns to the fiscal cliff issue. Today Republican House Speaker John Boehner said the White House is not serious about cutting spending and “appears willing to slow-walk our economy right up to, and over, the fiscal cliff.” It appears least likely that a budget deal will be reached before heavy spending cuts and tax hikes that will take effect on January 1. Meanwhile in [..]

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