News / Page 481

European Session – Euro hammered by dismal euro zone PMI’s

Posted on October 24, 2012 at 12:06 pm GMT

Euro tumbled 0.5 percent against the dollar after a series of weak euro zone PMI data, followed by disappointing German business confidence data. The decline in the numbers reinforces concern that the economic downturn in the euro zone may be deepening and widening. Euro zone manufacturing PMI came in lower at 45.7 versus an expected 48.0. Meanwhile Germany’s Ifo business sentiment index surprisingly fell in October, adding to fears that Europe’s largest economy will not be able to drive the [..]

Forex News – Euro plummets after weak euro zone PMI numbers

Posted on October 24, 2012 at 8:46 am GMT

Euro tumbled 0.3 percent against the US dollar after the release of disappointing euro zone PMI numbers for the month of October. The decline in the numbers reinforces concern that the economic downturn in the euro zone may be deepening and widening. A series of PMI numbers were compiled, including services PMI and manufacturing PMI. Survey data on business expectations and output were also released. The data show that businesses across the euro zone suffered their worst month since the [..]

Forex News – China PMI data show signs of economic recovery

Posted on October 24, 2012 at 8:20 am GMT

A manufacturing report released today gives an indication that economic activity in China is starting to pick up. It may be slow but China is making a steady economic recovery after having experience the weakest growth period in three years. The flash numbers of purchasing managers index (PMI) compiled by HSBC for the month of October revealed an increase in new orders and output. The headline figure came in at 49.1 points. Despite the number being below the key 50 [..]

Asian Session – Aussie rebounds after China PMI

Posted on October 24, 2012 at 6:14 am GMT

The Australian dollar was the biggest mover after bouncing higher in reaction to positive data from China, its major trading partner. The October PMI was the highest in three months. The stronger Chinese PMI numbers gives hope that Chinese manufacturing is beginning to gather pace. An improving Chinese economy will have a ripple effect for the Australian economy. Meanwhile, domestic Australian data showed a rise in inflation. Consumer prices accelerated more than estimated in the third quarter, raising speculation that [..]

US Session – Sterling falls below $1.60 on risk aversion

Posted on October 23, 2012 at 8:22 pm GMT

Risk aversion dominated markets as concerns about a global economic slowdown grow and major US corporations earnings have been disappointing. The European debt crisis continues to be a headache as we saw a spike in Spain’s today. Euro fell to a one-week low versus the dollar, weighed down by Moody’s downgrade of five Spanish regions. EURUSD tumbled to $1.2951, down 0.9 percent on the day. Sterling tracked the weaker euro and also fell, reaching a six-week low versus the dollar. [..]

Forex News – Canadian dollar jumps after BOC maintains rates

Posted on October 23, 2012 at 1:34 pm GMT

The Canadian dollar surged against the US dollar after the Bank of Canada did not raise interest rates today. The BOC announced that it is maintaining its target for the overnight rate at 1 per cent. The central bank has maintained this low rate for two years and has until recently been talking about higher rates, making it the only major central bank to do so. Governor Mark Carney caused a slight stir in April when the Bank of Canada [..]

European Session – Euro breaks below key $1.30 level

Posted on October 23, 2012 at 11:36 am GMT

Market sentiment was damp today as risk aversion dominated the European session. Euro declined against the dollar, accelerating the slide in the late European session. Enthusiasm from the Spanish regional elections quickly wore off after Moody’s downgraded five of Spain’s regions. Meanwhile, Spanish newspaper “El Confidencial” reported that the Spanish government told the EU it will miss its budget deficit target this year. Concerns of Spain’s debt overload and continued uncertainty on whether Spain will formally request financial aid from [..]

Forex News – Yen extends losses ahead of BOJ

Posted on October 23, 2012 at 9:00 am GMT

The US dollar’s rise against the yen has gained momentum today, as the Japanese currency is being sold-off amid rising speculation that the Bank of Japan will introduce further stimulus measures at its October 30 policy meeting. Reports have been swirling, though unconfirmed, that Japanese government officials are exerting pressure on the central bank’s policy makers to take steps to weaken the Japanese currency as it is believed to be too strong and has gained strength not due to domestic [..]

Forex News – South African rand slides over 1 percent vs. USD

Posted on October 23, 2012 at 8:29 am GMT

The rand tumbled against the US dollar in early European session trading as a risk-off market pushed traders away from riskier emerging market currencies. Falling commodity prices such as gold, South Africa’s major export, are also weighing on the rand. USDZAR opened in Europe at 8.6375 and soared to 8.7209 within two hours of trading, breaking out of a 5-day consolidation range to reach its highest level in a week. Tension in South Africa’s mining sector due to wild cat [..]

Asian Session – Yen falls to three-month low against dollar

Posted on October 23, 2012 at 6:06 am GMT

Yen extended losses in the Asian trading session, touching a three month low against the dollar amid growing expectations that the Bank of Japan will ease monetary policy at its meeting tomorrow. Following a disappointing trade report yesterday, the Japanese currency accelerated its decline as data showed that Japanese exports fell the most since May 2011. Meanwhile, there has been talk that Japanese government officials have been pressuring the BOJ to expand QE (quantitative easing) by another 20 trillion yen [..]

Legal disclaimer: The material does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instruments. XM accepts no responsibility for any use that may be made of these comments and for any consequences resulting in it. No representation or warranty is given as to the accuracy or completeness of this information. Consequently, any person acting on it does so entirely at their own risk. The research and analysis does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it.

It has not been prepared in accordance with legal requirements designed to promote the independence of research, and as such it is considered to be marketing communication. Although we are not specifically constrained from dealing ahead of the publication of our research, we do not seek to take advantage of it before we provide it to our clients. We aim to establish, maintain and operate effective organisational and administrative arrangements with a view to taking all reasonable steps to prevent conflicts of interest from constituting or giving rise to a material risk of damage to the interests of our clients. We operate a policy of independence, which requires our employees to act in our clients’ best interests and to disregard any conflicts of interest in providing our services.

CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losing all of your invested capital, so please make sure that you fully understand the risks involved.

News

XM Live Chat