News / Page 484

European Session – Euro rallies ahead of EU Summit

Posted on October 17, 2012 at 12:27 pm GMT

Euro advanced to hit a one-month high against the dollar in a risk-on European session as optimism of Spain requesting financial aid is spurring risk appetite. Meanwhile, Moody’s ratings agency announced that it has kept Spain’s credit rating unchanged at the current investment grade level and has refrained from downgrading to junk status. Moody’s decision reflects the better funding conditions for Spain based on the fact that the ECB has shown willingness to purchase Spanish bonds in the secondary markets [..]

Forex News – Sterling jumps after UK employment rises to record high

Posted on October 17, 2012 at 8:59 am GMT

The pound jumped against the dollar after a UK employment report showed the number of Britons claiming unemployment benefits fell more than expected by 4,000 last month versus the 200 forecast. Much of the boost was probably due to increased hiring by the London Olympics. Meanwhile, the employment level in the UK rose to the highest on record, climbing to 29.590 million. This helped reduce the ILO unemployment rate to 7.9 percent, compared with expectations for 8.1 percent. This indicates [..]

Commodity News – Gold continues to advance due to weaker dollar

Posted on October 17, 2012 at 8:41 am GMT

Gold prices continued to move higher today, advancing since Monday. The yellow metal had tumbled to a one-month low on Monday to touch $1,728.28 a troy ounce but rose quickly to regain losses after being boosted by improved US data. On Monday, the US retail sales report for September was released, indicating a surprise increase of 1.1 percent, better than the expected 0.7 percent. Also August numbers were revised upwards to 1.2 percent. The data gave a much needed boost [..]

Asian Session – Euro at 1-mth high after Moody’s reaffirms Spain rating

Posted on October 17, 2012 at 6:00 am GMT

Euro continued to be bought in the Asian session after news that Moody’s announced it kept Spain’s credit rating at investment grade and did not downgrade the rating. This positive news comes as investors are optimistic that Spain will request financial assistance in the form of a credit line. EURUSD opened in Asia at 1.3052 and rose quickly to a one-month high of 1.3123, the highest since September 17. Focus will turn to the European Union leaders summit in Brussels [..]

US Session – USDJPY extends gains after US industrial production rose

Posted on October 16, 2012 at 7:25 pm GMT

Risk sentiment was still high in the US session, kept alive by positive US data which showed industrial production rose more than forecast last month by 0.4 percent. Meanwhile, markets were already lifted by speculation that the Spanish government is closer to asking for financial aid, based on a media report that said Germany was open to a precautionary line of credit for Spain. If Spain requests aid, this would only serve to boost the euro and reduce concern the [..]

European Session – Euro gains on improved trade

Posted on October 16, 2012 at 12:45 pm GMT

Currency markets have been bullish in the European session as risk appetite remained strong. Euro was strong after a series of positive data helped lift the currency. Euro zone headline inflation released today was softer in September than expected, printing 2.6 percent versus 2.7 percent. The trade surplus unexpectedly grew sharply in August to 9.9 billion euros, thanks to exports rising by 3.7 percent. Further adding to risk appetite was a strong German confidence report. Meanwhile, there is speculation that [..]

Forex News – Euro zone exports increase while inflation falls

Posted on October 16, 2012 at 11:39 am GMT

A series of economic data from the euro zone were released today, helping the euro rise higher during the European trading session. A trade balance report for August showed that exports from the euro zone increased sharply in August, rising by 3.7 percent from July. This brings the seasonally adjusted trade surplus rose to 9.9 billion euros from a previous 7.2 billion euros, the largest since the euro was created in 1999. The rise in exports is good news for [..]

Forex News – UK inflation falls to near 3-year low

Posted on October 16, 2012 at 9:06 am GMT

UK inflation data were released today, showing the September CPI (Consumer price inflation) rate recorded its lowest level in almost three years. Much of it is due to falling gas and electricity prices in comparison to last year. According to data compiled by the UK Office for National Statistics, annual CPI printed a 2.2 percent rise last month as expected. This was the lowest increase since November 2009. This was lower than the August CPI which stood at 2.5 percent. [..]

Forex News – South African Rand gains as commodities rise after US data

Posted on October 16, 2012 at 8:30 am GMT

The South African Rand has managed to minimize losses made against the US dollar today, following a sharp decline on Monday when it fell by almost 3 percent. Since late Monday, the commodity-linked rand has been strengthening, due in large part to a boost in risk appetite following a better-than-forecast US retail sales report. Consequently commodity prices and risk assets were boosted. This gave a much needed lift to the South African currency especially after it was hurt by news [..]

Asian Session – Yen falls for fourth straight day against dollar

Posted on October 16, 2012 at 5:40 am GMT

The Asian session was quiet, with most currencies consolidating after a relatively risk-on market yesterday. Most pairs were ranging, with the exception of the dollar which extended its rally against the yen after being boosted by better than expected US retail sales yesterday. September sales rose by 1.1 percent, including upward revisions in July and August. Yen weakened for a fourth day to an almost one-month low against the dollar due to reduced demand for safe haven assets. USDJPY extended [..]

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