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Forex News – Italian PM Monti’s resignation weighs on euro

Posted on December 10, 2012 at 8:48 am GMT

Euro tumbled lower against the dollar in early Monday trading amid political concerns surrounding Italy which raised concerns for early elections. Italian Prime Minister Mario Monti announced over the weekend his intention to resign as soon as Italy’s parliament passed a pending budget bill later this month. Italy is Europe’s third largest economy so Monti’s surprise resignation is setting the stage for turmoil in the heavily indebted nation. Meanwhile, former Prime Minister Silvio Berlusconi made his statement on Saturday that [..]

Asian Session – Euro dips to 2-week low

Posted on December 10, 2012 at 7:19 am GMT

Asian markets were mostly quiet. The US dollar held onto gains made after the US nonfarm payrolls on Friday topped estimates. Demand for the dollar will be limited amid speculation the US Federal Reserve may announce this week additional bond purchases. Meanwhile risk off price action could likely come from continued pressures in the euro zone. Euro fell toward its lowest level in two weeks in Monday’s trade after Italy’s Prime Minister Mario Monti announced he intends to resign. This [..]

US Session – Dollar jumps after US nonfarm payrolls beat forecasts

Posted on December 7, 2012 at 8:47 pm GMT

The dollar gained after a better-than-expected US jobs report on Friday. The much anticipated nonfarm payrolls rose by 146,000 jobs in November, despite forecasts for a sharp pull-back due to Hurricane Sandy. The news temporarily shifted focus away from the fiscal cliff issue. The ICE dollar index which gauges the USD against a basket of six major currencies, rose to 80.381 in the North American trading session today, up from Thursday’s 80.250 and up 0.3 percent this week. The dollar [..]

Forex News – Dollar surges after US nonfarm payrolls rise

Posted on December 7, 2012 at 2:33 pm GMT

The dollar surged against the yen and euro after US employment growth quickens and nonfarm payrolls rose 146,000 in November, much better than expectations for a lower increase of 93,000 jobs. The unemployment rate dropped to a near-four year low of 7.7 percent from 7.9 percent. Hurricane Sandy which slammed the densely populated East Coast last month had no substantial impact on employment despite fears of it denting jobs growth. “Our analysis leads us to conclude that Hurricane Sandy did [..]

European Session – Euro falls after weak German growth forecast

Posted on December 7, 2012 at 1:13 pm GMT

The euro extended losses in the European session on Friday after the Bundesbank slashed its growth outlook for Germany and hinted on a recession in the euro zone’s largest economy. It predicts a 0.4 percent growth rate in 2013, revised down from 1.6 percent previously, as the euro zone debt crisis hampers growth in Germany. Euro was already weakened yesterday by comments from ECB President Mario Draghi on prospects of a euro zone rate cut, as well as saying the [..]

Forex News – Sterling dips on weak UK manufacturing data

Posted on December 7, 2012 at 12:34 pm GMT

Sterling tumbled against the dollar after worse – than – expected data showed UK manufacturing output fell in October at the fastest rate since June. According to data from the Office for National Statistics Manufacturing output dropped 1.3 percent on the month after a slightly downwardly revised flat reading in September. This was worse than the predicted 0.2 percent monthly dip. Meanwhile on the year, output dropped by 2.1 percent, also the steepest since June. Contributing to the lower figures [..]

Forex News – Yen briefly gains after Japan earthquake

Posted on December 7, 2012 at 10:52 am GMT

Japan was struck by a powerful earthquake on Friday at 5:18 p.m. local time, causing a one-metre tsunami off the coast of northeastern Japan, not far from last year’s earthquake that devastated the region. The Japan Meteorological Agency reported quake had a magnitude of 7.3 initially but there were no immediate reports of deaths or serious damage. Power stations, refineries report normal operations. In Tokyo the quake measured a 4, while in Miyagi prefecture it registered a “lower 5”. Today’s [..]

Forex News –Bundesbank lowers Germany’s growth forecast

Posted on December 7, 2012 at 10:22 am GMT

The euro fell after news that the German central bank slashed the growth outlook for Germany in 2013,as the economy was affected by the euro zone sovereign debt crisis which has slowed growth in the region. “Given the difficult economic situation in some euro-area countries and widespread uncertainty, economic growth will be lower than previously assumed,” the Bundesbank said. The move comes just a day after the European Central Bank sliced its growth forecasts for next year for the euro [..]

Asian Session – Euro consolidates losses, NFP in focus

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

Euro remained broadly weak after falling in reaction to Mario Draghi’s downbeat outlook on the euro zone on Thursday. The euro fell the most in a month against the dollar as the European Central Bank president spoke at a press conference following the ECB decision to keep rates on hold at 0.75 percent. Draghi said the euro zone economy would shrink again in 2013 and sharply lowered its growth and inflation forecasts. GDP is forecast to fall by 0.9 percent [..]

European Session – Euro falls after Draghi cuts growth forecast

Posted on December 6, 2012 at 9:08 pm GMT

The euro fell the most in a month after the European Central Bank said on Thursday that growth in the euro zone is likely to shrink in 2013, raising speculation of an interest rate cut early next year. The euro was initially steady after the ECB announced rates were left unchanged at 0.75 percent but as ECB President Mario Draghi began his press conference the single currency began to fall sharply. Draghi said the ECB cut its growth forecasts and [..]

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