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Forex News – Euro drops after ECB President Draghi comments

Posted on December 6, 2012 at 2:29 pm GMT

The euro fell sharply as European Central Bank President Mario Draghi gave a press conference following form the ECB policy meeting. The central bank kept the key interest rate unchanged at a record low 0.75 percent as expected.Focus was on Draghi’s speech for any clues of possible cuts in the future. EURUSD dropped to 1.3022 and continued falling as of 14:30 GMT. The following are highlights of some of Draghi’s comments: GREEK BOND BUYBACK “On Greece, now you say that [..]

European Session – Euro steady after ECB meeting

Posted on December 6, 2012 at 1:48 pm GMT

Euro regained losses made overnight after falling from the news that Greece was downgraded to selective default status by Standard and Poor’s. EURUSD opened in Europe at 1.3056 and rose to as high as 1.3085. German factory orders which surprised higher, increasing 3.9 percent , which is almost four times as much as economists forecast in October, driven by foreign demand.. This helped support the euro. Finally the decision by the ECB to leave interest rates on hold at 0.75 [..]

Forex News – UK trade deficit grows

Posted on December 6, 2012 at 11:53 am GMT

The United Kingdom trade balance for the month of October was reported at minus 9.5 billion pounds as exports fell and the prices of goods sold abroad dropped, according to data from the Office for National Statistics. The deficit grew more than September’s 8.439 billion pounds and more than even the highest forecast by economists. Forecasts were for a trade deficit of 8.8 billion pounds. Exports fell by more than 10 percent over the year to some EU countries, including [..]

Forex News – Australian labour market improves

Posted on December 6, 2012 at 9:41 am GMT

Australia’s labour market is improving, as shown by better than expected jobs numbers on Thursday. The Australian Bureau of Statistics reported that the unemployment rate fell more than expected in November to 5.2 percent from October’s 5.4 percent. Markets were pleasantly surprised that unemployment fell since there were expectations for a rise in the rate to 5.5 percent. Also, 13,900 net new jobs were created, up from the previous month’s 10,200 and beating expectations of a mere 200 additional jobs. [..]

Asian Session – Euro falls after Greece downgraded by S&P

Posted on December 6, 2012 at 7:15 am GMT

The euro extended losses in Asia after Greece was downgraded by Standard and Poor’s. The ratings agency downgraded Greek debt from CCC to SD (selective default). Euro had rallied to a 7-week high against the dollar yesterday but soon gave up gains following the disappointing Spain debt auction yesterday. EURUSD opened in Asia at $1.0365 after closing in New York on a weak note after the S&P downgrade and drifted to an Asian session low of$1.3044. Key near term risk [..]

US Session – Euro pressured by Spain debt woes

Posted on December 5, 2012 at 8:49 pm GMT

The euro fell against the dollar as focus reverted back to the euro zone crisis after a weak Spanish bond auction and weak euro zone economic data dissipated the euphoria from the recent Greek bond buy back deal. Spain wasn’t able to reach the top target of its sales range as it had planned, causing concern that the heavily indebted country may resort to a bailout soon. A sharp fall in euro zone retail sales for October dampened hopes of [..]

Forex News –USDJPY jumps after ISM services index rises

Posted on December 5, 2012 at 3:22 pm GMT

The dollar jumped 0.1 percent against the yen after better than expected ISM non-manufacturing PMI as well as improved factory orders. The ISM (Institute of Supply Management) non-manufacturing PMI climbed to 54.7 in November from the prior month’s 54.2. Expectations were for a reading of 53.5. Readings above 50 signal expansion. The ISM services survey covers industries ranging from utilities and retailing to housing, health care and finance. A separate report shows that productivity in the US increased at a [..]

Forex News – Osborne delivers Autumn Statement, economy to shrink in 2012

Posted on December 5, 2012 at 2:26 pm GMT

The following are highlights from UK Chancellor of the Exchequer George Osborne’s “Autumn Statement” (half-yearly budget) which he delivered today. He warned that growth would be weaker than expected next year. He signalled that he would have to break away from his debt promise and thus the debt to GDP ratio might not be met. BRITISH ECONOMY IS HEALING “It’s taking time, but the British economy is healing. After the biggest financial crash of our lifetimes, people know that we [..]

European Session – Euro back below $1.31 on weak Spanish bond sale

Posted on December 5, 2012 at 1:53 pm GMT

Euro rose above $1.3100 in the early part of Wednesday trading and peaked at a seven-week high in the European session. Gains were soon gone and euro fell back below $1.31 after a disappointing Spanish bond auction which raised concern in the markets that Spain could require a bailout. The debt sale came in below target as the Spanish government sold 4.3 billion euros below the target top of 4.5 billion but still within the preferred range. Economic data also [..]

Forex News – Sterling falls on weak UK services PMI

Posted on December 5, 2012 at 12:04 pm GMT

Sterling fell after disappointing UK services Purchasing Managers’ Index (PMI) data on Wednesday, which raised concerns that the economy could begin contracting again. According to the Markit/CIPS Services PMI declined in November to 50.2 from October’s 50.6. Forecasts were actually for a rise 51.1. The only positive in the data was that the figure was above the key 50 level which denotes expansion phase. The UK service sector is a dominant service sector and thus any slowdown there could put [..]

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