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Asian Session – Yen trims losses

Posted on November 23, 2012 at 7:11 am GMT

The Asian session was quiet due to lack of liquidity because of the Tokyo holiday. Also markets were closed in New York on Thursday for Thanksgiving. Yen trimmed losses in the Asian session and moved off a seven-month low hit on Thursday against the dollar. The Japanese currency had been declining for over a week on expectations of aggressive monetary easing in Japan after the December elections in the country. USDJPY opened Asia at 82.43 after a quiet, holiday affected [..]

US Session – Quiet Thanksgiving holiday trade

Posted on November 22, 2012 at 7:19 pm GMT

US markets were closed on Thursday for the Thanksgiving holiday, resulting in low trading volumes and mostly consolidation in major currency pairs. Euro eased off an earlier three-week high against the dollar, pulling back in the US session on some profit taking after a sharp rally in the previous two sessions during the Europe and Asian trade. Market sentiment was helped earlier today by well-received manufacturing data out of China which indicated growth in the world’s second largest economy. Meanwhile [..]

European Session – Euro rallies to 6-1/2 high vs. yen

Posted on November 22, 2012 at 1:43 pm GMT

The dollar is weaker today against most risk currencies as risk appetite rose after China’s flash HSBC PMI hit a 13-month high. Euro zone PMI was also released today. Euro rallied sharply against the dollar and yen as markets reacted positively to the data. Even though the data was mixed, they were a little bit above expectations. The main focus is really on Greece and hopes of a deal to be reached soon by international lenders to release financial aid [..]

Forex News – Euro zone PMIs suggest contraction

Posted on November 22, 2012 at 11:45 am GMT

Euro zone PMI disappointed again in November, with both services and manufacturing PMIs giving a reading below the 50 level which denotes contraction. The weak data suggest the euro zone economy is on course for its weakest quarter sinceearly 2009. Service sector firms endured the worst month since July 2009. The flash service sector PMI fell to 45.7 this month, failing to meet the expectations that it would hold at October’s 46.0 reading. Service sector firms like banks and hotels [..]

Forex News – China’s manufacturing sector shows growth

Posted on November 22, 2012 at 10:42 am GMT

China’s manufacturing sector is showing improvement as the world’s second largest economy is seeing a pick up in growth. The HSBC China flash PMI hit a 13-month high of 50.4 today, which is the first time the reading records above 50 since October 2011. Any number above 50 denotes expansion while below 50 indicates contraction. Markets reacted positively to the data which were released during Asian trading hours. Euro and especially the Australian dollar were given a boost. China is [..]

Asian Session – Yen falls to 6-1/2 low versus euro

Posted on November 22, 2012 at 7:02 am GMT

Euro rebounded on renewed Greek loan deal hopes as various euro zone finance ministers suggested that a deal to disburse the next aid tranche is around the corner. Euro recovered losses quickly as investors are anticipating a deal to be concluded at an extraordinary meeting of the Eurogroup on Monday next week, following a meeting that was inconclusive earlier this week. Euro hit a 6-1/2 high versus the yen during the Asian trade, with EURJPY shooting up to 106.25 early [..]

US Session – USDJPY hits 7-1/2 high, EUR rebounds on Greece optimism

Posted on November 21, 2012 at 6:34 pm GMT

Market sentiment appeared more upbeat in the US session even as investors were cautious ahead of the closure of US markets on Thursday for the Thanksgiving holiday. US markets were upbeat on the back of data showing initial US jobless claims dropped by 41,000 last week to 410,000. This helped risk appetite and euro higher. Also US consumer sentiment in November gained slightly to a reading of 82.7 according to the University of Michigan/Thomson Reuters survey. Even if the figure [..]

Commodities News – Gold volatile after delay in Greece aid deal

Posted on November 21, 2012 at 4:11 pm GMT

Gold has been flat since late Tuesday trading. The precious metal recovered to prior levels after dipping early on Wednesday due to a firmer dollar after disappointing news from Europe. Greece’s lenders failed to conclude a debt deal at the Eurogroup meeting on Tuesday. Many had been expecting the agreement to release the next aid trance to be struck at the meeting. However, the European finance ministers instead decided to hold another meeting to finalize matters on November 26. Spot [..]

European Session – Yen weakens further, euro recovers losses

Posted on November 21, 2012 at 1:27 pm GMT

Euro has recovered losses made against the dollar in the Asian session, to rise again in the European session. The single currency had tumbled earlier today on news that euro zone finance ministers failed to reach an agreement on Greece at the Eurogroup meeting in Brussels on Tuesday and are scheduled to meet again on November 26. These losses were retraced through the European session as German Chancellor Angela Merkel reiterated that “we want Greece to stay in the Euro” [..]

Forex News – Sterling jumps after BOE minutes

Posted on November 21, 2012 at 10:01 am GMT

Sterling jumped against the dollar after the release of the Bank of England minutes on Wednesday. GBPUSD shot up to a London session high of $1.5928, rising from around $1.5903. The minutes from the BOE November 7-8 meeting showed that the majority of Monetary Policy Committee members voted against more quantitative easing. The vote was 8-1 to leave the current asset purchase programme unchanged. The vote tally was more or less expected, but still the pound gained a small boost [..]

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