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European Session – EURUSD falls to 7-week low on Greece uncertainty

Posted on November 5, 2012 at 1:04 pm GMT

Risk sentiment was off in currency markets today, leading to a firmer US dollar. The euro zone debt crisis and Greece are back in focus as concerns before Greek a austerity vote weigh on the euro. Risk aversion is also tied to Tuesday’s US elections presidential elections. The Greek parliament has to vote on the latest austerity package needed to secure international aid. Any disagreements will put at risk Greece’s aid package. EURUSD opened in Europe at $1.2838 and to [..]

Forex News – Sterling falls after weak UK Services PMI

Posted on November 5, 2012 at 10:45 am GMT

Sterling fell after disappointing UK data on the country’s dominant service sector which showed the slowest pace of growth in almost two years last month. The Service Sector Purchasing Managers’ Index (PMI) compiled by Markit/CIPS reported a reading of 50.6 last month from 52.2 in September, the lowest reading since December 2010. Expectations were for a smaller dip to 52.0. However, the number holds above the 50 mark which what separates contraction from expansion. “The broadly stagnant trend seen in [..]

Forex News – Australian retail sales tick up, AUD gains

Posted on November 5, 2012 at 7:14 am GMT

The Australian dollar rose early Monday following better than expected retail sales numbers. Aussie gained back losses made against the US dollar on Friday, moving up to $1.0368 from a low of $1.0329 in early Asian session trading on Monday. Australian retail sales in September showed a rise of 0.5 percent , beating economists’ predictions of a 0.4 percent increase. However the firm data may not be enough to sway the Reserve Bank of Australia from cutting interest rates. Today’s [..]

Asian Session – EURUSD at 1-mth low, aussie gains on upbeat data

Posted on November 5, 2012 at 6:44 am GMT

Markets were risk-off on Monday as uncertainty lies ahead of the US presidential elections on Tuesday. Despite better than expected US non-farm payroll data on Friday, the initial keen-jerk reaction on the upbeat jobs numbers soon faded and risk currencies moved back lower while dollar gained strength again. Euro was the hardest hit by the stronger dollar as well as being weighed down by investors losing confidence in Greece. The Greek government is voting this week on measures required by [..]

US Session – Dollar boosted by upbeat US jobs numbers

Posted on November 2, 2012 at 7:19 pm GMT

US nonfarm payroll employment increased by 171,000 in October, beating estimates of 125,000, according to the US Bureau of Labor Statistics (BLS) this Friday. The data provides positive signs of a steady recovery in the world’s largest economy. Labor market growth has picked up markedly since the spring of this year. The official unemployment rate rose one-tenth of a percentage point to 7.9 percent but mainly due to an increased participation rate in the labour force. Today’s report is the [..]

Forex News – Upbeat NFP report before US presidential election

Posted on November 2, 2012 at 1:43 pm GMT

On Friday the US Department of Labor released the closely watched nonfarm payrolls report which beat expectations. This report offers the last broad snapshot of the US economy before the November 6 presidential election. Data showed an increase of 171,000 new jobs added in October compared to the forecast of 125,000. Meanwhile, September jobs figures were revised up 84,000 to 148,000 in total. Overall unemployment seems to be on a declining trend in America, as hiring has picked up over [..]

European Session – USDJPY hits 6-mth high after nonfarm payrolls

Posted on November 2, 2012 at 1:24 pm GMT

Dollar surged to a six-month high against the yen after better than expected US jobs data, signalling the world’s largest economy is back on track for recovery. The nonfarm payrolls report showed an increase of 171,000 new jobs added in October compared to the forecast of 125,000. Meanwhile, September jobs figures were revised up 84,000 to 148,000 in total. Overall unemployment seems to be on a declining trend in America, as hiring has picked up over the past four months, [..]

Forex News – Sterling rises after UK construction data

Posted on November 2, 2012 at 10:51 am GMT

Sterling rose against the dollar and euro after data showed that construction activity picked up in October in the United Kingdom. According to data compiled by Markit/CIPS , the UK Construction PMI ( Purchasing Managers’ Index) ticked up to 50.9 from 49.5 in September, better than the expected 49.1. Any number above 50 indicates expansion. However, Markit said that within the sector, only civil engineering output rose, with residential and commercial work declining. New orders fell for the fifth straight [..]

Asian Session – Yen extends losses on grim Japan outlook by BOJ

Posted on November 2, 2012 at 6:51 am GMT

Yen extended losses in the Asian session, weakening 0.2 percent against the dollar after minutes of the Bank of Japan policy meeting of October 5 were released today. The report indicates that the Japanese economy may have entered a recessionary phase and this spurred speculation that the bank will continue to ease monetary policy till deflation is overcome. Such measures will weigh on yen and will be supportive of the dollar versus yen rate. Also buoying dollar was positive US [..]

US Session – Dollar gains against yen after upbeat US data

Posted on November 1, 2012 at 9:36 pm GMT

US data toady was upbeat and helped risk sentiment. Data on employment and manufacturing beat estimates while consumer confidence rose climbed in October to a more than four-year high. These are good signals that the growth rate in the US has stabilized and is not decelerating. Jobless claims fell by 9,000 to 363,000 in the week ending October 27, the fewest in three weeks. ISM manufacturing index rose more than forecast to 51.7 from 51.5, adding to evidence the economy [..]

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