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Forex News – Sterling spikes down v. USD after poor UK retail sales

Posted on November 15, 2012 at 10:55 am GMT

Sterling tumbled to a new two-month low against the dollar and a two-week low against the euro in reaction to weaker-than-expected UK retail sales data. The poor figures give evidence of a slow growth outlook for the British economy. The sales volumes dropped by more than expected by 0.8 percent in October according to data from the Office for National Statistics. This was the weakest since April. Analysts had forecast a drop of only 0.1 percent. September figures were revised [..]

Asian Session – Yen extends losses

Posted on November 15, 2012 at 6:59 am GMT

Yen weakened further on Thursday in the late Asian session to hit a 6-1/2 month low against the dollar. Accelerating the decline were comments by the head of Japan’s Liberal Democratic Party Shinzo Abe who, called for stronger monetary easing by the Bank of Japan to support growth and also wants the central bank to set interest rates at zero or below zero to enhance lending. Yesterday, Prime Minister Noda announced he will dissolve the parliament on Friday and called [..]

US Session – Dollar tumbles after Fed minutes

Posted on November 14, 2012 at 8:19 pm GMT

The dollar tumbled against the euro after the release of the U.S. Federal Reserve meeting minutes from the October session. The report showed that several FOMC policy makers saw additional monetary stimulus next year. A number of participants indicated that additional asset purchases would likely be appropriate next year after the conclusion of the maturity-extension program. Such a move would weaken the dollar. Meanwhile, disappointing U.S. retail sales data earlier in the North American Session also weighed on the greenback. [..]

European Session – Yen and sterling worst performers

Posted on November 14, 2012 at 12:40 pm GMT

Euro traded higher from yesterday’s levels, still buoyed by hopes that Greece could receive more than 44 billion euros in one single payout. Also comforting were comments from IMF chief Lagarde about needing to find a lasting solution for Greece. EURUSD opened in Europe at $1.2719 and climbed to a session high of $1.2755 before trimming gains after some disappoint economic data. Euro-zone industrial production declined at the sharpest rate in 3 years, falling 2.5 percent in September. This was [..]

Forex News – Sterling tumbles after BoE inflation report

Posted on November 14, 2012 at 11:10 am GMT

Sterling tumbled against the dollar and euro after the Bank of England’s governor Mervyn King gave a grim outlook on the British economy. King was giving a press conference after the BOE quarterly inflation report was released today. King said it would be hard for the UK economy to grow fast without further falls in the real exchange rate. The report British inflation is likely to be significantly higher over the next 18 months than expected in August, according to [..]

Forex News – Yen tumbles after Japan PM proposes snap elections

Posted on November 14, 2012 at 7:57 am GMT

The yen weakened sharply on Wednesday just as the Asian trading session was ending after comments from Japanese Prime Minister Yoshihiko Noda. Noda mentioned that he would have no problem dissolving the lower house of Japan’s parliament later this week and call snap elections for next month. The markets reacted by selling off yen because they believe that if a new government comes in, it would likely be the main opposition Liberal Democratic Party and an LDP-led government which is [..]

Asian Session – Yen weakens on speculation of BOJ action

Posted on November 14, 2012 at 6:54 am GMT

Euro held steady during the Asian session after having been lifted off a two-month low on Tuesday. Investors were given a sense of hope that there will be some resolution between Greece’s international lenders on the country’s bailout package. There were news reports that the lenders were considering grouping several delayed loan installments to Greece into one lump sum payment of about 44 billion euros. Germany had indicated supported for this move. On Monday euro zone ministers failed to clear [..]

US Session – Euro back above $1.27

Posted on November 13, 2012 at 7:01 pm GMT

The euro rebounded from a two-month low against the dollar reached early on Tuesday and was flat on the day just above the $1.2700 level in the late US session. Concerns over Greece continue to drive the euro’s direction, making for a choppy day as the single currency reacted to a series of headline news throughout the day. Tuesday began with a sell-off in the single currency which fell to a two-month low of $1.5857 as news from the Eurogroup [..]

Commodities – Gold lower today due to stronger USD

Posted on November 13, 2012 at 2:11 pm GMT

Gold prices eased on Tuesday due to a stronger dollar, paring gains after hitting a three-week high on Monday. Prices eased 0.3 percent to around $1,725. Safe haven flows to the greenback led gold prices lower, since the two assets have an inverse price relationship. Dollar has been boosted as investors usually turn to the world’s reserve currency when there is uncertainty in the financial markets. It is considered to be the most liquid currency. The dollar index, which gauges [..]

European Session – Euro choppy on mixed news reports

Posted on November 13, 2012 at 1:23 pm GMT

Euro slid for a fifth straight day against the dollar due to concerns over worsening economic fundamentals in Europe over the past few weeks. What accelerated the decline was a report that German ZEW investor sentiment index unexpectedly fell in November. The single currency was also weighed after news from the Eurogroup meeting late on Monday that the next aid tranche to Greece was delayed. Meanwhile, there was a brief spike in the euro after a news report from “Bild”, [..]

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