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Forex News – Highlights from EU Summit

Posted on October 19, 2012 at 11:57 am GMT

The following are highlights of comments made by EU leaders and officials after the EU Summit meeting in Brussels over the past two days. The main outcome of the meeting was the agreement on establishing a single bank regulatory body that will be led by the European Central Bank to “supervise” over the banks of the 27 euro zone member countries. The issue of Spain requesting financial aid was not dealt with at the meeting. Spain has yet to make [..]

Forex News – EU leaders agree to establish ECB-led bank supervisor

Posted on October 19, 2012 at 8:50 am GMT

European Union leaders meeting in Brussels for a two-day summit from October 18 – 19, have one main issue on their agenda. This is to create a single banking supervisor for the euro zone to oversee all 6,000 euro zone banks, within the European Central Bank framework. After meeting for almost ten hours last night, the leaders of the 27 member countries of the single currency area agreed to put into force this supervisory mechanism in 2012. EU leaders agreed [..]

Asian Session – Euro supported by EU bank deal

Posted on October 19, 2012 at 6:16 am GMT

Most major pairs held in tight ranges during the Asian session on Friday as risk appetite wore off going into the weekend. Investors are also waiting on the sidelines as a two-day European Union summit got underway in Brussels, scheduled to end today. The news so far from the summit is that EU leaders agreed to have by next year a new supervisory body for euro zone banks . This would allow the new ESM rescue fund to pump capital [..]

US Session – Dollar gains in risk averse market after weak US data

Posted on October 18, 2012 at 8:15 pm GMT

The US trading session changed gear and we saw more risk aversion as some US economic reports dampened investor sentiment and brought to light pockets of weakness in the US economy. Data showed that US weekly applications for unemployment benefits increase by more than expected, while the Philadelphia Federal Reserve’s index on regional manufacturing conditions indicated weakness in the strength of the recovery in the US. Also dampening sentiment on Wall Street were mixed earnings reports from major US corporations. [..]

Forex News – Euro dips after US jobless claims rise

Posted on October 18, 2012 at 1:41 pm GMT

The euro dipped against the dollar immediately after disappointing US jobless claims numbers. Americans filing new claims for unemployment benefits rose last week to 388,000, reversing a sharp decline in the prior week 342,000. Expectations were low though, and a rise was expected to 367,000. The only positive out of today’s data is that at least the increase in claims was less than forecast, pointing to a US labour market that is slowly healing. The US data overshadowed the good [..]

European Session – Euro jumps after successful Spain bond auction

Posted on October 18, 2012 at 12:19 pm GMT

Risk sentiment was still on in the Europe session, riding on a series of strong data out of China earlier today. This eased fears of a continued slowdown in the world’s second largest economy. In the meantime, the US data from yesterday eased concerns about the US economy and is also boosting risk appetite. Euro consolidated gains in most of the session, with a brief spike up after a successful Spanish bond auction where Spain’s government sold above the targeted [..]

Forex News – Pound jumps after strong UK retail sales

Posted on October 18, 2012 at 9:33 am GMT

Sterling was boosted after better than expected UK retail sales data, giving hope that household spending by British consumers may help keep the economy on track for recovery. The Office for National Statistics reported that in September retail sales rose 0.6 percent versus the 0.4 percent predicted. This figure was up from August’s 0.1 percent drop. These monthly sales volumes include automotive fuel, although sales excluding fuel also increased. They were up 0.6 percent on the month and were 2.9 [..]

Asian Session – Aussie advances on good China data

Posted on October 18, 2012 at 6:08 am GMT

Asian markets remained upbeat after a series of good economic data from China today. GDP for the third quarter from a year earlier grew 7.4 percent, in line with expectations. Also industrial production and retail sales increased. All data give signs of stabilization in the world’s second largest economy. Meanwhile, helping the upbeat mood in Asia were the better than expected US data on housing yesterday. Yen underperformed due to risk appetite reducing demand for safe havens. Also affecting the [..]

US Session – US housing data, Spain ratings, propel euro to month high

Posted on October 17, 2012 at 7:38 pm GMT

US markets held on to risk sentiment from earlier in the day. The catalyst for some decent gains in risk currencies was mainly Moody’s decision not to downgrade Spain to junk status. This helped euro advance to a one-month high against the dollar. Further adding to the upbeat mood in the US session were better US housing data. September housing starts beat forecasts to jump 15 percent, recording a four year high, while building permits increased by 11.6 percent. Risk [..]

Forex News – Canadian dollar surges after better US housing numbers

Posted on October 17, 2012 at 1:43 pm GMT

The Canadian dollar surged against the greenback after improved US housing data today. This pressured USDCAD down to 0.9817 within minutes from where it was trading before the news at 0.9839. Housing starts beat forecasts and jumped 15 percent and building permits increased by 11.6 percent. The September numbers were the highest in four years, since July 2008, indicating that the once sluggish US housing market in on the road to recovery. On Monday, US retail sales report showed a [..]

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