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Forex News – US third quarter GDP higher than expected

Posted on October 26, 2012 at 1:06 pm GMT

Market sentiment was lifted after better than expected US GDP data today. The US Department of Commerce data show that the US economy expanded by 2 percent in the third quarter, up from the second quarter’s 1.3 percent pace. The figures beat forecasts for a 1.9 percent growth rate. The accelerated rate of growth was due to a pickup in consumer spending, as well as a housing sector rebound, which overshadowed a drop in business spending and lower trade. However, [..]

European Session – Euro weighed down by euro zone debt concerns

Posted on October 26, 2012 at 11:37 am GMT

Negative sentiment prevailed in the European session with very light flows as investors are unwilling to take on new positions ahead of the weekend. The weak state of global equity markets due to soft corporate earnings as well as the European debt crisis are dominating risk aversion. A series of disappointing economic data from Europe today did not help sentiment. Spain reported record high unemployment at 25 percent, while fresh concerns over Greece weighed on the single currency. Reports said [..]

Forex News – Spain’s jobless at record highs

Posted on October 26, 2012 at 8:38 am GMT

Spain’s unemployment figures were released today showing record highs as the country struggles through a debt crisis and the deepening recession resulted in more workers remaining jobless. One in four Spanish workers were without a job in the three months leading to September. According to the National Statistics Institute in Madrid, the unemployment rate for the third quarter hit 25.02 percent, up from the previous quarter’s 24.6 percent. This the highest rate since 1976, just after Spain achieved democracy. This [..]

Asian Session – Yen rebounds off four-month lows against dollar

Posted on October 26, 2012 at 6:01 am GMT

Yen regained some losses against the dollar during the Asian session, moving off a four-month low hit early in the session. Gains for the Japanese currency are expected to be limited though, as the Bank of Japan is expected to be easing monetary policy at its meeting next week on October 30. Meanwhile, Japanese inflation data released showed core consumer prices falling for the fifth straight month in the year to September. The data should give the BOJ more reason [..]

US Session – Dollar supported by positive US data

Posted on October 25, 2012 at 7:43 pm GMT

Dollar was supported in the US trading session after a series of US economic data that were positive. Durable goods orders increased more than expected, while the number of Americans filing new claims for unemployment benefits last week decreased. Pending homes sales rose 0.3 percent in September to reverse August’s decline, although less than expected. The data show a growing economic disparity between the U.S. economy compared with the euro zone. Euro fell 0.2 percent against the dollar, reaching a [..]

Forex News – Dollar jumps after US data on durable goods rise

Posted on October 25, 2012 at 1:16 pm GMT

Dollar jumped against the yen and the euro immediately after US economic data showed durable goods orders rose higher than expected in September while the number of jobless claims fell for the week before. The US Commerce department reported that Durable goods orders increased in September by 9.9 percent, beating economists forecast to rise 7.1 percent. Durable goods orders are order for goods lasting a long period of time, at least three years, such as items from toasters to aircraft. [..]

European Session – British Pound Rises after UK GDP data

Posted on October 25, 2012 at 12:00 pm GMT

Markets were more risk friendly today but all there was very limited activity. The UK GDP data was the main news event of the day, which was positive for the British pound. Sterling jumped over 1 percent against the dollar after GDP data showed the UK economy recovered much more strongly than expected in the third quarter, growing by 1 percent versus 0.6 expected. GBPUSD hit a one-week high of $1.6142 in the London session up from the session open [..]

Forex News – Sterling jumps after UK GDP grows in Q3

Posted on October 25, 2012 at 9:10 am GMT

Sterling rose to one-week highs versus the dollar and the euro after a GDP report showed the UK economy recovered much more strongly than expected in the third quarter. The UK Office for National Statistics reported that gross domestic product beat forecasts and ticked up by 1.0 percent in the three months to September. This was the strongest quarterly GDP growth in five years. Economists had forecast mere 0.6 percent growth. Investors bought up the pound because they now speculate [..]

Asian Session – Yen falls to 4-mth low against dollar

Posted on October 25, 2012 at 5:48 am GMT

Yen was sold off against the dollar as investors anticipate additional easing by the Bank Of Japan at its policy meeting next week. Japan is an export-focused economy and data earlier in the week showed a large decline in the country’s exports, affected by the global slowdown. The BOJ is expected to take stimulus measures to counter this and there is speculation that it will add another 10 trillion yen to its asset purchase program. Yen has weakened 2.6 percent [..]

US Session – Dollar firmer after Fed maintains stimulus plan

Posted on October 24, 2012 at 7:53 pm GMT

The main event of the US session today was the FOMC statement which revealed that the US Federal Reserve will stick to its interest-rate forecast of low rates until 2015 and will also adhere to its bond-purchase program. Dollar rose as Fed Chairman Ben Bernanke gave the statement, saying the Fed will continue to stimulate the US economy until the labour market improves. The Federal Reserve believes the US economy is still growing modestly and unemployment remains elevated. Euro remained [..]

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