News / Page 475

Commodities – Gold rises for second day

Posted on November 9, 2012 at 2:07 pm GMT

Gold rose for a second day to hit a three-week high as concerns of the U.S. fiscal cliff and more loose monetary policy boosted demand for the precious metal. Immediately after the U.S. elections on Tuesday, market focus switched to the looming $600 billion worth of spending cuts and tax increases which will kick in by January 1 next year if the U.S. government does not find a resolution. Investors have become worried that Washington’s politicians may struggle to find [..]

European Session – Euro falls to 2-month low below $1.27

Posted on November 9, 2012 at 1:39 pm GMT

Markets are predominantly risk off before the weekend. After a brief rebound in Asia, most risk currencies extended their fall in the European session as concerns grow over the euro zone crisis. A string of disappointing data from Europe did not help. French industrial output slid 2.7 percent from a month earlier, more than analysts expectation of 1 percent. Italian industrial production figures for September were also weak. This grim data comes a day after the European Central Bank warned [..]

Forex News – UK trade gap narrowed in September

Posted on November 9, 2012 at 12:27 pm GMT

The United Kingdom’s trade gap was narrower in September by more than expected as the economy bounced out of recession in the third quarter. The trade balance report from the Office for National Statistics showed that Britain’s overall trade deficit, which includes the more buoyant trade in services, shrank to 2.7 billion pounds, down from 4.3 billion in August. Meanwhile the goods trade deficit narrowed to 8.4 billion pounds in September from 10.0 billion pounds in August, and the quarterly [..]

Forex News – China recovery gains momentum

Posted on November 9, 2012 at 10:53 am GMT

China data gave some relief to markets today, as the world’s second largest economy is showing signs of an uptick in economic activity and recovery from the slowest pace of growth in the past three years. October figures on industrial output showed a rebound from September, rising 9.6 percent from a year ago versus 9.4 forecast, while retail sales were up 14.5 percent on the year beating forecast of 14.0 percent. The data give evidence that China’s recovery is now [..]

Asian Session – China data provide some relief

Posted on November 9, 2012 at 6:58 am GMT

In the Asian session most currencies consolidated losses from the big sell-off yesterday, with some bounces seen due to traders repositioning and taking profits ahead of the weekend. Risk appetite is damp due to concerns over the U.S. fiscal cliff and euro zone crisis. There was nothing significant in terms of fundamentals that could be good enough to lift risk appetite. China had some good data though which provided some relief to markets. China’s National Bureau of Statistics reported that [..]

US Session – Euro heavy, dollar firm

Posted on November 8, 2012 at 8:15 pm GMT

Dollar remained firm due to safe haven flows amid a risk averse market. Markets are nervous that the so-called U.S. fiscal cliff is threatening to push the U.S. economy back into a recession. Meanwhile, the euro remains under pressure due to the euro zone debt crisis and uncertainties about the region’s economic outlook. EURUSD sank to a two-month low of $1.2716 today, compared to Wednesday’s high of 1.2875. European Central Bank President Mario Draghi said in a press conference today [..]

European Session – EURUSD falls to 2-month lows

Posted on November 8, 2012 at 1:55 pm GMT

Euro fell to a two-month low against the dollar, weighed down by euro zone debt woes. Spain’s well covered bond auction today was ignored, and the euro hardly reacted to the Greek vote to back austerity measures. The spark for a sell-off was headlines that Spain would not look for further financial aid this year, despite market expectations. Meanwhile the ECB announced today it kept interest rates on hold at 0.75 percent. Focus turns to a news conference by ECB [..]

Forex News – Sterling surges vs. dollar after BOE stands pat on policy

Posted on November 8, 2012 at 12:34 pm GMT

The pound surged against the dollar after the Bank of England announced at its policy meeting today that it decided not to expand monetary easing and ot leave current policy unchanged. This gives a signal to markets that the economic outlook for the British economy is becoming more stable. However the economy is still fragile and there is inflation risk, so the BOE will probably wait to see if next month’s economic data improve. Thus we cannot completely rule out [..]

Forex News – Greek parliament approves austerity measures

Posted on November 8, 2012 at 7:34 am GMT

The Greek parliament approved austerity measures in a vote late on Wednesday, winning by a very thin margin despite an internal rift in the coalition government. Meanwhile outside the parliament building there were violent protests by tens of thousands of protestors. The new reforms on spending cuts, tax hikes and measures making it easier to hire and fire workers are required by Greece’s international lenders in order to continue being able to receive financial aid to avert going bankrupt. Greek [..]

Asian Session – Euro weak ahead of ECB meeting

Posted on November 8, 2012 at 6:51 am GMT

Euro hovered near a two-month low against the dollar and fell to a three-week low against the yen ahead of a European Central Bank policy meeting today. Only slight relief was given to the single currency after positive news that the Greek parliament approved the government’s new austerity measures needed to secure the next tranche of bailout money from international lenders. EURUSD opened in Asia at $1.2770 and drifted lower to $1.2747. The ECB is expected to announce later today [..]

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