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Asian Session – Markets consolidate ahead of Federal Reserve meeting

Posted on December 12, 2012 at 7:17 am GMT

Euro held onto gains made against the dollar yesterday following better-than-expected German ZEW data indicating that investor confidence has improved and businesses believe that Germany will not face a recession. Euro remained in consolidation mode during the Asian session as investors await on the sidelines for the US Federal Reserve policy meeting to conclude later today. EURUSD opened in Asia at 1.3004 and only managed a tight range of less than 20 pips between 1.2996 and 1.3013. The FOMC is [..]

US Session – Dollar under pressure ahead of Fed policy announcement

Posted on December 11, 2012 at 9:08 pm GMT

There was a general risk-on sentiment in markets today after the German ZEW report showed investor confidence jumped in December which signalled Europe’s powerhouse will avoid a recession. As a result euro strengthened for a second day against the dollar. The ZEW reading came in at +6.9 points, which was much higher than the expected -11.5. Also helping lift euro was a successful debt auction by both Greece and Spain who sold T-bills above the target. EURUSD gained 0.5 percent [..]

Forex News – Canada’s trade gap narrows, boosting loonie to 7-wk high

Posted on December 11, 2012 at 3:17 pm GMT

The Canadian dollar was boosted against its US counterpart after trade data showed Canada’s trade deficit narrowed in October. According to Statistics Canada, the trade gap was much smaller than expected at C$169 million ($171 million) in October from a revised C$1.01 billion deficit in September. The main contributing factor was a surge in exports coupled with a drop in imports . Exports rose by 1 percent to $38.1 billion, boosted by higher prices and volumes . Farm, fishing and [..]

Forex News – US trade deficit widens in October

Posted on December 11, 2012 at 2:26 pm GMT

The US dollar fell sharply against the yen after data showed the US trade deficit widened in October as slowing global demand takes a toll on its exports which fell the most since January 2009. According to data released by the US Commerce Department on Tuesday, the trade deficit widened 4.9 percent to $42.2 billion, while The October figure was slightly less than the $42.6 billion expected but more than September’s trade gap which was revised to $40.3 billion from [..]

European Session – Euro boosted by German ZEW data

Posted on December 11, 2012 at 1:08 pm GMT

Risk sentiment in the European session was lifted by several market events especially with regards to the euro. Germany’s ZEW sentiment index for December was in positive territory for the first time since May indicating that investor confidence has improved and businesses believe that Germany will not face a recession. The index jumped to +6.9 versus -15.7 in November and above -12 forecast. Further boosting euro sentiment was a successful debt auction by both Greece and Spain who sold above [..]

Forex News – Euro rises on improved German ZEW sentiment index

Posted on December 11, 2012 at 10:36 am GMT

The euro rose after some positive economic data out of Germany, on speculation will it pick up next year. Germany is Europe’s largest economy so this is important data. The data indicate conditions are not so grim in Germany and is expected to survive the recession in the euro zone. The German ZEW index rose sharply in December showing German investor confidence has improved. The index showed a jump to 6.9 points from -15.7 in November, coming in well above [..]

Asian Session – Euro steady after Monti calms markets

Posted on December 11, 2012 at 7:16 am GMT

The euro edged up a little more against the dollar in the Asian session, moving further away from a near two-week low after plunging on Monday in reaction to news over Italian Prime Minister Mario Monti’s decision to resign. The PM’s decision came after former prime minister Silvio Berlusconi abruptly withdrew support for Monti’s technocrat government. Monti tried to calm markets and played down market fears over his decision to resign, saying there was no danger of a vacuum of [..]

US Session – Euro recovers losses as Monti calms markets

Posted on December 10, 2012 at 8:32 pm GMT

The euro recovered losses made in early Monday trading after being sold off in reaction to Italian Prime Minister Mario Monti’s surprise announcement of his intention to resign before the end of this year. This sparked fears that a new government would overturn reforms he put in place to help bring back Italy from the brink of debt. The political uncertainty and former Italian PM Silvio Berlusconi’s announcement to return to the forefront and run for office caused euro to [..]

European Session – Euro hovers at 2-week low, Italian politics weigh

Posted on December 10, 2012 at 1:27 pm GMT

Monday’s European session focused on the euro zone, primarily on the news from Italy that Prime Minister Mario Monti intends to resign early, after the 2013 budget is approved. Meanwhile, former PM Silvio Berlusconi announced he will running for office again. This raises concerns that a new Italian government would reverse the policies Monti put in place to help reduce the country’s debt. Berlusconi is very much anti-austerity and is a German-skeptic and plans to topple Monti and no longer [..]

Commodities – Gold rises on expectations of Fed quantitative easing

Posted on December 10, 2012 at 11:08 am GMT

Gold prices climbed higher on Monday to a one-week high on expectations that the US Federal Reserve will be easing further when it holds its policy meeting this week. Despite the higher-than-expected US nonfarm payrolls report on Friday, which led gold to dip briefly, the Fed is still likely to stay accommodative and continue its bond buying program. The Fed is expected to announce fresh bond purchases of $45 billion a month to replace Operation Twist. The latter program which [..]

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