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Forex News – China’s economy growing at quicker pace

Posted on December 3, 2012 at 8:52 am GMT

China’s manufacturing PMIs improved in November, signalling the economy is recovering after a seven-quarter slowdown. China’s official manufacturing PMI rose to 50.6 last month, as expected, and up from October’s 50.2. Meanwhile the HSBC final manufacturing PMI came in at 50.5,hitting a 13-month high, better than the flash estimate of 50.4. The 50-point level demarcates growth and contraction. The increase in manufacturing activity since late September gives evidence that the Chinese economy is regaining its vigour after a period of [..]

Asian Session – Euro jumps on upbeat China PMI data

Posted on December 3, 2012 at 6:47 am GMT

Euro jumped to a six-week high as positive China data lifts risk appetite in early Asian session trading. The upbeat Chinese PMI data adds to evidence of recovery in the world’s second-biggest economy data, helping lift market sentiment. China November official manufacturing PMI recorded at 50.6, as expected, up from October’s 50.2; HSBC final manufacturing PMI was 50.5,hitting a 13-month high, better than the flash estimate of 50.4. EURUSD opened in Asia at $1.2981 and rose to $1.3046, the highest [..]

US Session – Euro ends month with gains

Posted on November 30, 2012 at 8:44 pm GMT

Flows were a little choppy today because it is the end of the month so there is a lot of position fixing and balancing by traders. Risk sentiment was mostly upbeat though cautious as investors are tracking every headline out of Washington regarding the fiscal cliff negotiations. Dollar briefly gained on safe haven demand after disappointing US data on consumer spending. The euro, meanwhile, traded for most of the time above the key level of $1.30 after news that the [..]

Forex News – Dollar jumps as risk hurt after soft US data

Posted on November 30, 2012 at 2:01 pm GMT

The dollar strengthened sharply against the euro and the sterling after disappointing US economic data hurt risk appetite and increased demand for safe haven currency. US consumer spending and personal income both gave readings lower than forecast for the month of October. American consumers reduced their spending as personal income growth stalls. Data from the US Commerce Department on Friday shows that consumer spending fell 0.2 percent after a 0.8 percent rise in September. This is the first drop in [..]

European Session – Yen falls across the board

Posted on November 30, 2012 at 1:23 pm GMT

Euro jumped 0.2 percent against the dollar early in the European session in a risk on environment due to a lot of market “chatter” about a fiscal cliff solution and ahead of ECB President Mario Draghi’s press conference. Draghi confirmed the rally when he made positive comments that he expects the euro zone to begin recovery in the second half of 2013. Also helping sentiment was news that Germany’s parliament today overwhelmingly approved billions of euros in international aid for [..]

Forex News – Sterling firm after rise in UK consumer confidence

Posted on November 30, 2012 at 9:02 am GMT

Sterling edged slightly higher after UK consumer confidence data showed a more than expected increase in November. The Gfk consumer sentiment index produced a reading of minus 22 but this was the highest reading in eighteen months and higher than the previous reading of minus 30. Forecasts were for the index to remain unchanged. The surprise reading which was the strongest since May 2011 is an indication that British people are more optimistic about the economy and their finances. The [..]

Asian Session – Yen weakens to 7-month low versus euro

Posted on November 30, 2012 at 7:17 am GMT

Yen weakened against all of its major counterparts during the Asian session. The sell-off was mostly due to month-end position fixing and expectations for looser monetary policy in the near term. The Japanese currency is already on a weakening trend due to speculation that the Bank of Japan will increase stimulus to spur inflation. Also, Japan’s cabinet approved an economic stimulus package and the country’s industrial production unexpectedly increased. Yen broke out of a range and dropped to a seven- [..]

Forex News – Cyprus close to a bailout deal

Posted on November 29, 2012 at 9:26 pm GMT

A bailout deal for Cyprus is near, after a preliminary agreement has been reached with international creditors. The deal could be finalized as soon as mid-December first tranche of funds to shore up its banks by the end of January. The Cyprus government is negotiating a loan with 2.5 pct interest. The small euro zone country’s banks are heavily exposed to debt-crippled Greece and as a result could need up to 17.5 billion euros worth of financial aid ($22.6 billion), [..]

US Session – Dollar briefly gains after Boehner comments

Posted on November 29, 2012 at 9:04 pm GMT

Markets were jittery after comments from US House of Representatives Speaker John Boehner who said “no substantive progress” was made in the budget talks. Risk currencies fell but soon pared losses and recovered slightly by late US session trading. A meeting with US Treasury Secretary Timothy Geithner did not lead to any new substantive plan for reaching an agreement on the budget. Only a day ago Boehner voiced optimism about reaching a deal and President Obama mentioned there should be [..]

Forex News – US jobless claims fall after Sandy distortion

Posted on November 29, 2012 at 3:18 pm GMT

The US employment market is looking a bit more upbeat as initial jobless benefits claims fell by 23,000 to 393,000 in the week ending November 24th. This was in line with expectations and a big improvement from the 451,000 figure two weeks ago. Meanwhile claims for the week ended November 17th were revised up 6,000 to 416,000. The drop in application for unemployment insurance benefits is a good signal that the US labour market in the mid- Atlantic region, which [..]

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