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US Session – Dollar boosted by strong US Retail Sales

Posted on October 15, 2012 at 6:57 pm GMT

Dollar rose strongly against the yen following a better than expected US retail sales report. Data showed that September retail sales rose more than forecast by 1.1 percent and there was also an upward revision to spending in August. This helps raise optimism that the US economy will see a strong rebound in GDP growth for the third quarter. The news fuelled a rally in dollar/yen to mark a new one-week high. USDJPY jumped to 78.85 and then consolidated in [..]

Forex News – US retail sales rise more than expected in September

Posted on October 15, 2012 at 1:18 pm GMT

US retail sales data were released today showing a more than expected increase in the month of September. Sales rose 1.1 percent, beating forecasts of 0.7 percent. August figures were revised up to 1.2 percent. The sales report reflects broad-based gains in US household spending as Americans spent on everything from back-to-school supplies, electronics, appliances and autos. Auto sales, which can often have an outsize impact on the retail report, rose by 1.3 percent. The sector that saw the biggest [..]

European Session – Euro rallies to 1-week high versus yen

Posted on October 15, 2012 at 11:56 am GMT

The European session saw more upbeat sentiment with most risk currencies rebounding after a sell off earlier in the Asian session. Yields in EU periphery nations traded down while European equities rallied , helping to improve risk appetite. Euro saw a surprise jump against dollar and yen. Support was given after German Finance Minister Wolfgang Schaeuble said a Greek sovereign default “will not happen. Meanwhile reports stated that German Chancellor Angela Merkel said ‘It is our job to stimulate the [..]

Commodity News – Gold drops to 2-week low

Posted on October 15, 2012 at 8:51 am GMT

Gold prices extended their decline this Monday as the dollar rose. A stronger dollar usually weakens commodities that are priced in USD. Thus, dollar-denominated gold becomes more expensive for holders of other currencies. Dollar strengthened after a report on Friday showed US consumer confidence jumped more than expected in October. Meanwhile some positive news from China over the weekend raised speculation that China may not need additional stimulus. Trade data showed that exports grew more than estimated in September, increasing [..]

Asian Session – Euro vulnerable ahead of EU Summit this week

Posted on October 15, 2012 at 5:55 am GMT

Euro began the new trading week by giving up gains made at the end of last week, coming under pressure again in the Asian trading session. Given the fundamental issues that are still in play, it will be difficult for the single currency to keep rising, especially ahead of the EU Summit later this week. On October 18 and 19, EU leaders will be meeting in Brussels to discuss Greece and Spain. There is a large possibility that the next [..]

US Session – Dollar supported by better UoM consumer sentiment

Posted on October 12, 2012 at 7:10 pm GMT

The US session was relatively quiet ahead of the weekend. Positive market sentiment was still present though especially after some optimistic US economic data. The University of Michigan preliminary October consumer sentiment index increased more than expected to 83.1 from 78.3 the prior month. This was the highest level since 2007. It was projected to fall to 78. Prior to this report, PPI data showed wholesale prices in the US rose more than forecast in September. This helped support dollar [..]

Forex News – European Union awarded Nobel Peace Prize

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

The euro had a reason to celebrate today. The European Union, as an institution was awarded the 2012 Nobel Peace Prize this Friday for promoting peace, democracy and human rights in the past sixty years since the Second World War. This was a much needed moral boost as the EU struggles to resolve its economic crisis. Despite its current economic issues, the bloc has in the most part been recognized for bringing peace to a continent which tore itself apart [..]

European Session – Euro rises as Spain bailout anticipated

Posted on October 12, 2012 at 12:15 pm GMT

A more confident mood was evident in the European session this Friday, continuing the risk sentiment from the late US session yesterday. Euro rose sharply in early European trading, which reports say was sparked by large buying by the BIS (Bank for International Settlements). Meanwhile, euro zone data showed August industrial output was up 0.6 percent m/m which was stronger than forecasts of a drop of 0.4percent. The data helped support the euro rally. Also underpinning market sentiment today is [..]

Asian Session – Euro remains steady

Posted on October 12, 2012 at 6:12 am GMT

The Asian markets sustained the risk rally that ensued in yesterday’s US session after a report showed applications for jobless benefits in the US fell to the lowest in four years. Euro consolidated gains made yesterday after finally rebounding against the dollar. Until yesterday the single currency had been declining for three consecutive days, and reached a low of $1.2824 as a result of the S&P downgrade of Spain. EURUSD hit a high of $1.2950 in the US session, after [..]

US Session – Markets rally after US jobless claims fall

Posted on October 11, 2012 at 7:51 pm GMT

The euro and other risk currencies rose in the US session after a report showed an unexpectedly sharp fall in claims for US jobless benefits boosted market sentiment. The US Labor Department said the number of workers who applied for unemployment benefits dropped by 30,000 last week to 339,000. Euro extended gains from the Europe session, making back losses made after S&P downgraded Spain’s rating late Wednesday. The downgrade could speed up a potential bailout request by the Spanish government. [..]

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