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Forex News – UK GDP up 1 percent in third quarter

Posted on November 27, 2012 at 10:51 am GMT

GDP data released today showed the UK economy grew 1 percent in the third quarter. According to the Office for National Statistics, the second estimate was the same as the initial estimate. This spike in GDP follows three straight quarters of economic slowdown was the best quarterly expansion in 5 years. Much of the driver behind growth was the summer London Olympics. This one time factor is not enough to sustain growth in the long term, which is why the [..]

Asian Session – Euro jumps after Greek bailout deal reached

Posted on November 27, 2012 at 7:02 am GMT

There was some early action in the Asian session after reports of a deal on Greece was reached by the troika, which helped lift risk appetite. Following over twelve hours of talks on Monday, European finance ministers along with the International Monetary Fund, reached an agreement on a package of measures to reduce Greece’s debt and release emergency aid to prevent the country from bankruptcy. Athens will receive a 34.4 billion-euro ($44.7 billion) loan installment in early December. Also as [..]

US Session – Euro steady in anticipation of Greek aid deal

Posted on November 26, 2012 at 8:41 pm GMT

Most currency pairs continued in tight ranges during the US session as markets remain on hold for any news on the Greek debt deal from the Eurogroup meeting in Brussels today. European Union finance ministers gathered for a third meeting this month with the International Monetary Fund to try and reach agreement on aid for indebted Greece. Uncertainty kept risk appetite at bay. Euro traded a tight range against the dollar, $1.2952 and $1.2974, tightening further towards the end of [..]

Forex News – Sterling up after new BOE governor announced

Posted on November 26, 2012 at 7:12 pm GMT

Sterling rose after the new Bank of England governor was announced today by the UK Chancellor of the Exchequer George Osborne. Current Bank of Canada governor, Mark Carney is to take on the new post at the UK’s central bank, a move that surprised markets. Carney has several big financial roles already under his belt, and as Head of Canada’s central bank for almost five years, he will bring a myriad of skills and experience to take the top job [..]

European Session – Euro remains above $1.29 ahead of Eurogroup

Posted on November 26, 2012 at 1:11 pm GMT

The European session on Monday was mainly quiet with most pairs in ranges as investors wait for news on Greece. Euro zone finance ministers meet again later today for a third time in less than a month to try and reach a deal with international lenders to release financial aid to Greece. The next bailout tranche will be at least 31 billion euros, and will hopefully be released in time for debt repayments due in mid-December. German Chancellor Angela Merkel [..]

Asian Session – Euro eases on uncertainty ahead of Eurogroup meeting

Posted on November 26, 2012 at 7:07 am GMT

The start of the new trading week was predominantly risk off as most currency pairs edged lower after such strong rallies last week. The Bank of Japan released its monetary policy meeting minutes today. The BOJ reiterated that it will continue “powerful easing until it judges the 1 percent goal to be in sight.” This is bearish for the yen which led to a knee-jerk reaction weakening of the currency which soon recovered as the markets already priced in the [..]

Forex News – Cyprus agrees on bailout deal with troika

Posted on November 23, 2012 at 8:17 pm GMT

Cyprus has reached a tentative agreement on a bailout package with the European Union and International Monetary Fund and expects the lenders to confirm the deal later on Friday, according to Cypriot government spokesman Stefanos Stephanou. Stefanou said the bailout deal for Cyprus includes “unpleasant measures” as they are expected to include between 9.5 and -15 percent cuts to the pay and pensions of Cypriot civil servants. The Mediterranean nation is to become the fourth euro zone country to request [..]

US Session – Euro rises above $1.29

Posted on November 23, 2012 at 7:54 pm GMT

The trading week ended in a positive risk environment, sending the US dollar lower as safe haven demand faded. Euro extended gains against the dollar after an improvement in German business confidence data that was reasonably substantial. This was positive both for Germany and for the euro area as a whole, keeping the single currency well supported. EURUSD crossed above $1.29 for the first time in three weeks, rallying to a high of $1.2989 in the US trading session, up [..]

European Session – Euro hits new 3-week high after German Ifo

Posted on November 23, 2012 at 12:59 pm GMT

Euro edged higher against the dollar in the European session, on track for a second week of continuous gains. The single currency spiked up to a fresh three-week high after a report showed German business confidence unexpectedly rose in November, signalling that growth in Europe’s largest economy may be on the rebound. Meanwhile, euro has been underpinned in the past two days by hopes that Greece’s lenders were nearing an agreement that will release the next aid trance to the [..]

Forex News – German business sentiment improves

Posted on November 23, 2012 at 10:54 am GMT

Euro shot up against the dollar after data showed German business sentiment improved in Europe’s largest economy. The Ifo business survey is complied by a Munich-based think tank and is based on surveying 7,000 companies every month. The index climbed to 101.4 in November from 100.0 in October, surprisingly beating estimates of a drop to 99.5 and moving off from a 2 1/2 year low. The euro rose to a three-week high against the dollar after the better-than-expected reading of [..]

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