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European Session – Dollar jumps against yen after higher ADP jobs data

Posted on November 1, 2012 at 1:20 pm GMT

Market sentiment was mildly risk-on during the European session and improved after the upbeat US data on ADP jobs data. Also weekly US jobless claims fell. Expectations for initial jobless claims were for 371,000 while the actual reading came in lower at 363,000. This was due to a drop by 9,000 in the October 27 employment week. Just 15 minutes before this data we had the ADP jobs report which showed 158,000 jobs were created, beating expectations for 138,000. The [..]

Forex News – UK manufacturing sector slows down

Posted on November 1, 2012 at 12:38 pm GMT

The UK manufacturing sector is showing signs of weakness as orders rose at a slower pace according to data released today. The manufacturing PMI (purchasing managers index) compiled by CIPS/Markit indicated a drop to 47.5 from September’s downwardly revised 48.1. Any figure below 50 indicates contraction. Today’s figure was below expectations for a 48.0 reading. The disappointing number comes after some hope for an upturn in the British economy following a recent increase in third quarter GDP and improved retail [..]

Forex News – China PMI rises in October

Posted on November 1, 2012 at 7:49 am GMT

China reported an increase in its Purchasing Managers’ Index (PMI) in October, indicating an acceleration in the pace of growth in the world’s second largest economy. Data released by the Chinese government on Thursday indicate that manufacturing activity expanded for the first time in three months as PMI ticked up to 50.2 from September’s 49.8 as output and new orders climbed. Any number above 50 indicates expansion. The data shows that the worst is possibly behind for China. This is [..]

Asian Session – Yen weakens versus dollar

Posted on November 1, 2012 at 6:49 am GMT

China manufacturing data supported risk sentiment in Thursday’s Asian trading session. The world’s second largest economy showed expansion in October for the first time in three months as PMI rose to 50.2 from 49.8 in September. A reading above 50 indicates expansion. The positive data helped boost the dollar against the yen and euro. Yen weakened closer towards a four-month low, also weighed down by the recent Bank of Japan easing measures. Also month-end squaring of positions led to increased [..]

US Session – Dollar cuts losses as US markets reopen after Sandy

Posted on October 31, 2012 at 8:29 pm GMT

Dollar gained as US markets reopened after a two-day closure due to Hurricane Sandy. The dollar erased most of its losses as US stocks gave up early gains on the first day US trading resumed following a two-day shutdown caused by the super storm. The ICE dollar index, which measures the dollar’s performance against a basket of six major currencies, moved off lows to rise to 79.90. Euro ended the day flat against the dollar around $1.2955 after briefly trading [..]

Forex News – Loonie tumbles after disappointing Canadian GDP

Posted on October 31, 2012 at 2:03 pm GMT

The loonie was battered against the US dollar after weak GDP data on Wednesday showing the Canadian economy surprisingly experience contraction from July to August, gravely missing forecasts. Growth slowed to 0.1 percent according to Statistics Canada which complied the August GDP numbers. The contraction comes after a steady 0.2 percent growth in July and surprised economists who had expected growth at 0.2 percent again. The decline marks the first contraction since February of this year. Much of the cause [..]

European Session – Euro rises above $1.30

Posted on October 31, 2012 at 12:34 pm GMT

Risk appetite remains in the markets today after returning yesterday. This helped euro and other risk assets gain. Meanwhile the reopening of the US equity markets today after a two day closure could cause some volatility as many traders have to catch up and square up positions due to month-end. Euro managed to just break above the key $1.30 level today, rising half a percent against the dollar. The single currency brushed off some negative data from Europe this morning. [..]

Forex News – Aussie dollar boosted by improving housing sector

Posted on October 31, 2012 at 7:35 am GMT

Australia’s housing sector is showing signs of recovery after data released today showed building permits jumped by more than expected in September from August. The Australian dollar jumped in reaction to the news, rising in the Asian session. Permits for building beat estimates and rose 7.8 percent in September from August. Forecast was for a mere 1 percent rise. AUDUSD advanced to $1.0389 from $1.0361. Aussie has recovered most of the losses made earlier this month after the Reserve Bank [..]

Asian Session – Aussie jumps after upbeat housing data

Posted on October 31, 2012 at 6:29 am GMT

The Australian dollar was the biggest mover during the session, gaining against the USD after data today showed better-than-expected building approvals in Australia. Permits for building beat estimates and rose 7.8 percent in September from August. Forecast was for a 1 percent rise. AUDUSD advanced to $1.0389 from $1.0361. Aussie has recovered most of the losses made earlier this month after the RBA cut interest rates by a quarter point. Euro bounced against the dollar yesterday following a successful Italian [..]

US Session – Dollar weakens as risk appetite picks up, Sandy leaves

Posted on October 30, 2012 at 8:32 pm GMT

The US dollar weakened against most counterparts as risk aversion began to ease off as the day progressed. A report showing US single-family home prices ticked up in August, helped lift risk appetite. Trading volumes were light again in the North American session as US trading desks were only thinly staffed due to Hurricane Sandy which led to the two day closure of Wall Street. US equity markets are scheduled to open again tomorrow (Wednesday). Euro advanced higher against the [..]

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