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Forex News – US third quarter growth at 2.7 percent

Posted on November 29, 2012 at 2:14 pm GMT

GDP data showed that the US economy expanded faster than initially estimated at a 2.7 percent annual rate in the third quarter. The increase was helped by a narrower trade deficit and gains in inventory. These overshadowed a drop in consumer spending. According to the US Department of Commerce, the growth pace was much quicker than the 2.0 percent rate the government estimated last month and the best since the fourth quarter of 2011. Business inventories added 0.77 percentage point [..]

European Session – Euro extends gains towards $1.30

Posted on November 29, 2012 at 1:01 pm GMT

The euro extended gains in the European session on Thursday due to the risk-on sentiment arising from optimism for a US budget deal to be reached to avert the so-called ” fiscal cliff”. Adding to euro buoyancy was a successful Italian bond auction today which helped lower yields on 10-year government bonds. EURUSD opened in Europe at $1.2942 and rose to a high of $1.2997. The euro has gained 0.8 percent against the dollar from Wednesday’s low. Also helping sentiment [..]

Asian Session – Euro maintains gains, fiscal cliff talks in focus

Posted on November 29, 2012 at 6:59 am GMT

After risk sentiment improved late in the US session on Wednesday, markets were cautious in Asia, with most currency pairs consolidating as investors remained on the sidelines for more news on the US fiscal cliff talks. On Wednesday, US House of Representatives speaker John Boehner said he was optimistic that a deal will be reached between rivaling Republicans and Democrats, while President Barack Obama said he expected a resolution before Christmas. Talks are underway between US lawmakers to find a [..]

US Session – Markets rebound on fiscal cliff optimism

Posted on November 28, 2012 at 8:56 pm GMT

Wednesday was a headline-driven market, with currencies reacting to any news. There was a sharp turnaround in sentiment in the mid-US session after comments from US House Speaker John Boehner as well as President Barack Obama indicated optimism about reaching a deal on the fiscal cliff negotiations. Earlier in the day market sentiment was damp as there were concerns of lack of progress in the talks and that $600 billion worth of tax increases and spending cuts would kick in [..]

Forex News – US New home sales drop more than expected

Posted on November 28, 2012 at 3:30 pm GMT

The dollar fell further against the yen after disappointing US economic data. A report showed that the number of new home sales in the US fell to an annual pace of 368,000 in October, which was well below the median analyst estimate of 390,000. Meanwhile the September sales figure was revised down to 369,000 from 389,000. With the revisions, the upward trend in new home sales now appears to have slowed down and having seen very little volatility since February, [..]

European Session – Euro drops as Greece and US debt woes weigh

Posted on November 28, 2012 at 1:37 pm GMT

Market sentiment was heavy today as the looming US fiscal cliff is weighing risk currencies. The lack of progress made so far to find a resolution to avoid automatic tax increases in January 2013 is making markets nervous. This means that $600 billion worth of tax increases and spending cuts will kick in and it is feared they will push the US economy back into a deep recession. Uncertainties in the market pushed investors to the safe haven US dollar [..]

Commodities – Gold down for second day on stronger dollar

Posted on November 28, 2012 at 12:13 pm GMT

Gold moves lower for a second day on Wednesday due to a firmer dollar. Uncertainties of the US fiscal cliff led to safe haven flows towards the world reserve currency. USD and gold usually have an inverse price relationship. Markets are getting more anxious as focus turns to the fiscal cliff talks where little progress has been made so far to find a resolution to avoid automatic tax increases in January 2013. The so-called fiscal cliff refers to $600 billion [..]

Asian Session – Yen gains in risk off market

Posted on November 28, 2012 at 7:00 am GMT

Risk appetite was off in the Asian markets on Wednesday, which weighed on risk currencies. With the Greek debt deal out of the way focus has shifted now to the US fiscal cliff. US Senate Majority Leader Harry Reid on Tuesday voiced his concerns over the lack of progress among Democratic and Republican lawmakers on talks over the fiscal cliff. Prolonged negotiations create uncertainty in the markets and increase demand for safe haven currencies like the Japanese yen. Yen advanced [..]

US Session – Dollar gains after positive US data

Posted on November 27, 2012 at 8:43 pm GMT

The dollar gained during the North American session, boosted by US economic data. Consumer confidence rose this month and durable goods orders as well as home prices were better than expected. This helped shift worries from the fiscal cliff. Dollar gained against yen after the US data, trading up to 82.26 in the New York trade, off a session low of 82.01. The greenback also gained against the euro which had reversed all gains made earlier in the day following [..]

European Session – Euro reverses gains from Greek debt deal news

Posted on November 27, 2012 at 1:28 pm GMT

Markets were initially upbeat in response to the positive outcome of a meeting of euro zone finance ministers and international lenders where a deal on Greece was finally reached after three meetings in the past month. The EU and IMF agreed on new debt target for Greece and the next loan installment will be released in early December. The goal is to bring down the country’s debt-to-GDP ratio from an estimated 144 percent to 124 percent by 2020. The euro [..]

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