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Forex News – US retail sales rise while jobless claims fall

Posted on December 13, 2012 at 2:20 pm GMT

Some positive data from the US today on retail sales and jobless claims lifted market sentiment in early New York trading hours, pointing to steady healing in the economy. A report showed that the number of initial jobless claims fell to a nine-week low and a fourth straight week.According to the US Labor Department, Americans filing new claims for unemployment benefits fell 29,000 to a seasonally adjusted 343,000 for the week ending December 8. This was more than the expected [..]

European Session – Dollar halts post-Fed tumble

Posted on December 13, 2012 at 1:01 pm GMT

Wednesday’s Fed inspired drop in dollar has fizzled and risk currencies unwound their post-Fed gains today. The dollar dropped sharply yesterday after the Fed announced a more accommodative policy by expanding its bond buying scheme by a total of $45 billion a month. Such a move tends to weaken the currency. The Fed also said it will maintain rates at record low near zero. The euro began to drift lower against the dollar from the Asian session to early European [..]

Forex News – SNB maintains EURCHF cap at 1.20 after policy meeting

Posted on December 13, 2012 at 11:08 am GMT

The Swiss National Bank policy meeting was held on Thursday, with the central bank announcing it kept the three-month target Libor rate unchanged and also that it would maintain its cap on the EURCHF exchange rate at 1.20 CHF. The SNB reiterated its policy on intervention on the FX markets if necessary and was prepared to buy unlimited amounts of foreign currency in order to prevent the Swiss currency from appreciating too much. “We cannot exclude the possibility that we [..]

Asian Session – Yen extends losses to 9-mth low versus USD

Posted on December 13, 2012 at 7:08 am GMT

The yen continued to weaken in the Asian session on Thursday ahead of Japan’s Tankan survey tomorrow, which is expected to show big manufacturers in the country are more pessimistic about the economy. Meanwhile, speculation is growing that the Bank of Japan will adopt more aggressive easing measures as early as next week. Yen fell to the weakest level in almost nine months against the dollar and an eight-month low versus the euro. USDJPY opened in Asia at 83.25 and [..]

Forex News – Federal Reserve eases policy

Posted on December 12, 2012 at 8:59 pm GMT

The Federal Reserve expanded its stimulus to the economy on Wednesday, citing a continued slow pace of recovery in employment as contentious U.S. budget talks heighten uncertainty about the outlook. The following are comments from economists on the Federal Reserve’s decision on Wednesday to expand stimulus measures. MARK ZANDI, CHIEF ECONOMIST, MOODY’S ANALYTICS, WEST CHESTER, PENNSYLVANIA: “It’s a very bold move, more than anticipated. They came through with more quantitative easing. The communication was well ahead of expectations. They said [..]

US Session – Dollar plunges after Fed adopts more stimulus

Posted on December 12, 2012 at 8:11 pm GMT

The US dollar fell against most counterparts on Wednesday following the Federal Reserve’s policy announcement. The Fed expanded its bond-buying program to buy $45 billion a month of treasuries, in addition to $40 billion a month of mortgage-debt purchases. The Fed also decided to keep short-term rates near zero, where they have hovered since late 2008. Rates are expected to remain very low as long as the unemployment rate remains above 6.5 percent. “These actions should maintain downward pressure on [..]

Forex News – Greek bond buyback scheme completed

Posted on December 12, 2012 at 2:44 pm GMT

Greece’s bond buy back deadline ended on Tuesday but narrowly missed its target. But the bottom line is that it greatly reduces the country’s debt load. In its scheme to purchase debt back from investors, the Greek government had a maximum budget of 10 billion euros. There was a huge discount to the face value of these bonds, amounting to about 30 billion euros. In order to buy back the entire amount of the target Greece needs additional funding from [..]

European Session – Dollar weakness ahead of FOMC

Posted on December 12, 2012 at 1:16 pm GMT

There is massive dollar weakness today ahead of the Federal Reserve policy meeting conclusion later when the Federal Open Market Committee (FOMC) is expected to announce a fresh round of bond buying as part of its efforts to stimulate the sluggish US economy. Quantitative easing will replace the previous program known as Operation Twist. This involves injecting a pre-determined quantity of money into the economy, which is speculated to be over $80 billion per month in bond buying .This “unsterilized” [..]

Forex News – Sterling rises after goods UK jobs data

Posted on December 12, 2012 at 10:28 am GMT

The labour market in the United Kingdom showed some signs of improvement in November based on improved jobs report released on Wednesday by the UK Office of National Statistics. The number of people in Britain claiming unemployment benefits rose less than expected last month bringing the number to 1.58 million Britons and the number of people who are employed with a job has hit a record high. The surprise 3,000 fall in the claimant count pushed sterling higher against the [..]

Commodities – Gold prices edge up ahead of Fed

Posted on December 12, 2012 at 8:52 am GMT

Gold prices edged up on Wednesday as the US dollar remains under pressure on expectations of easing by the Federal Reserve at a policy meeting that concludes later today. The Federal Open Market Committee (FOMC) is expected to announce further stimulus measures on the form of bond purchases in the amount of $45 billion. Such measures tend to have a weakening effect on the US currency and this will support gold as it is seen as a hedge against inflation. [..]

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