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Forex News – German sentiment index drops in November

Posted on November 13, 2012 at 10:49 am GMT

The euro tumbled against the dollar, gapping down by over 20 pips after disappointing German sentiment survey which was much worse than expected. Germany’s ZEW economic sentiment index declined to minus 15.7 in November from minus -11.5 in October. This was well below forecasts for -9.8. The euro zone crisis is evidently taking its toll on Europe’s largest economy. Foreign trade and lack of confidence are impacting the German economy. Meanwhile, prevailing recessionary developments in the euro zone are likely [..]

Forex News – UK inflation at 5-month high

Posted on November 13, 2012 at 10:34 am GMT

Sterling jumped against the dollar immediately after UK CPI data which showed that inflation in October rose to the highest in five months. Much of the driver pushing inflation higher was a mixture of rising food prices and higher university fees. The data raised speculation that the Bank of England will be less likely to increase quantitative easing. Such stimulus measures usually weaken the currency. So if the central bank holds back form more QE, this will help lift the [..]

Asian Session – Greece bailout delay hurts euro

Posted on November 13, 2012 at 7:00 am GMT

The euro fell to a ten-week low in the Asian session on Tuesday after euro zone finance ministers announced that there will be a delay on a final decision on releasing the next aid tranche of Greece’s a bailout. Eurogroup head Jean-Claude Juncker speaking at the end of a finance ministers meeting on Monday, said Greece had made progress on austerity targets required for the bailout and has passed its austerity measures. However there remain sticking points in releasing the [..]

US Session – Sterling falls to 2-month low

Posted on November 12, 2012 at 6:16 pm GMT

The U.S. session was quiet due to the Veteran’s Day holiday and also absence of economic data. Most major risk assets were stuck in tight ranges. Euro was steady all day Monday after the passage of the Greece 2013 budget removed some of the near-term uncertainty. Euro-zone officials are currently meeting in Brussels to discuss Greece’s next aid tranche, but Monday news reports showed euro-zone officials, including Eurogroup Chairman Jean-Claude Juncker, that no definitive decision on the release of the [..]

Forex News – Obama and Boehner to compromise to avert fiscal cliff

Posted on November 12, 2012 at 5:36 pm GMT

President Barack Obama and U.S. House of Representatives Speaker John Boehner have given signs of willingness to work together to reach a compromise on the so-called “U.S. fiscal cliff”. They hope to diffuse a gridlock in the U.S.. Congress amid partisan tensions over tax positions to avert a fiscal crisis, which would result from the combination of big tax increases and spending cuts scheduled to begin January 1st of next year. At the end of the week, the re-elected U.S. [..]

Forex News – Greece aid not authorized yet

Posted on November 12, 2012 at 5:10 pm GMT

Media reports from the Eurogroup meeting in Brussels so far say that the euro zone will not be able to reach a decision today to authorise the next aid tranche to Greece. “I am impressed by Greece’s recent performance … Greece is on track to meet its commitments step by step,” the chairman of euro zone finance ministers.” Eurogroup Chairman, Jean-Claude Juncker told reporters on arrival for the meeting on Monday. “There won’t be any definitive decisions today, but I [..]

European Session – Euro flat ahead of Eurogroup meeting

Posted on November 12, 2012 at 1:22 pm GMT

Markets were mainly focused on the Eurogroup meeting in Brussels this Monday as there were few economic releases from Europe in today’s session. The meeting of European finance ministers begins at 16:00 GMT, but there is little expectation of any decision to be made today over the next bailout tranche to Greece. The Greek parliament did however approve new austerity measures in a vote late on Sunday which passes a new bill on the 2013 budget. This is supposed to [..]

Forex News – Greek parliament passes new budget

Posted on November 12, 2012 at 9:49 am GMT

Amid protests outside the Greek parliament in Athens on Sunday, Greek lawmakers were voting inside to approve the new 2013 budget that will involve tough new austerity measures and spending cuts. The vote was successful, totalling 167 votes for and 128 against the new bill. Aprroving the new budget is important for Greece because it will now be able to secure its next bailout tranche from the troika (EU, ECB, IMF). Parliament was in session until late into Sunday night, [..]

Asian Session – Euro off 2-mth lows after Greek budget vote

Posted on November 12, 2012 at 6:57 am GMT

Euro was lifted in the Monday Asian session after news that the Greek government successfully voted on a new 2013 budget over the weekend. Passing this budget will make it easier for Greece to receive the next installment of aid from its international lenders in order to avoid going bankrupt. EURUSD opened in Asia at $1.2710 moving off two-month lows reached on Friday after a sharp fall due to broad dollar strength and ongoing concerns over Greece and Spain. The [..]

US Session – Dollar bounces vs yen after U.S. consumer sentiment

Posted on November 9, 2012 at 7:18 pm GMT

The euro dropped to a two-month low against the U.S. dollar on Friday as concerns grow over weakness in the euro zone ‘core’ economies and also investors are nervous ahead of Greece budget vote Sunday. Growth in Germany, Europe’s largest economy, is likely to slow in the fourth quarter and the first three months of 2013, according to the German Economy Ministry. The market is afraid that Europe could drag the whole global economy down. Data today showed French industrial [..]

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