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European Session – Euro claws back losses

Posted on October 11, 2012 at 1:21 pm GMT

The European session saw a little more risk sentiment giving some boost to the euro and other risk currencies. Euro was able to recover some losses made after Standard & Poor’s cut Spain’s credit rating by two notches to just above junk status. Gains for the euro are expected to be limited due to ongoing uncertainty over when Spain would request a bailout from the EU. If it does, then this would be positive for the euro. Meanwhile, Greece is [..]

Forex News – Spain downgraded by Standard & Poor’s

Posted on October 11, 2012 at 9:51 am GMT

Spain’s creditworthiness has continued to deteriorate as the heavily indebted nation struggles to deal with a large debt burden. This has led to the country’s ratings to be slashed again, this time by Standard and Poor’s. S&P cut Spain’s rating by two notches to BBB – minus, which is one notch above “junk” status. The downgrade comes after another rate cut by Moody’s. It has kept the country’s negative outlook, based on the mounting pressures from the economy’s economic recession. [..]

Asian Session – Euro falls after S&P downgrades Spain

Posted on October 11, 2012 at 5:41 am GMT

Risk aversion dominated the Asian session after rating agency Standard and Poor’s cut Spain’s rating by two notches to BBB-, which is just above junk status. S&P also gave the Spanish economy a negative outlook reflecting its view that there are significant risks to economic growth and budgetary performance, in the debt-ridden euro zone nation. Euro fell to its lowest since October 1 against the dollar in reaction to the news. EURUSD opened in Asia at 1.2873 and slid to [..]

US Session – Dollar falls on modest US economic expansion

Posted on October 10, 2012 at 7:33 pm GMT

The dollar weakened in the US session after the Federal Reserve’s Beige Book regional business survey said the US economy expanded “modestly” last month. This dampened prospects for a stronger recovery in the US. The ICE dollar index fell after the Beige Book release. The index measures the dollar against a basket of six major currencies, and traded down from 79.925 to 79.898. Against yen, dollar dropped to a session low of 78.12 from a high of 78.35. Euro bounced [..]

European Session – Euro lifted after French and Italian data

Posted on October 10, 2012 at 12:42 pm GMT

The mood in the European session remained damp, although euro was given a slight lift following better than expected French and Italian industrial production data. Also Italy held a successful bond auction today. Euro has been more steady in the European trade today after a choppy last three days brought the EURUSD to a low of 1.2834. The pair was soon lifted to 1.2896 in late European session trading ahead of the North American open. Euro is expected to remain [..]

Forex News – French Industrial Production data beat forecasts

Posted on October 10, 2012 at 12:03 pm GMT

Euro trading was quiet in the European session this Wednesday, with no dramatic headline news, and little on the economic calendar. We had Industrial Production data from France today, which surprisingly was better than forecast, helping give some support to euro. Industrial Production in Europe’s second largest economy rose in August, by 1.5 percent compared to expectations for a drop of 0.2 percent. Also the July figure was revised up to 0.6 percent from 0.2 percent. The upward surprise was [..]

Asian Session – Euro falls for third day

Posted on October 10, 2012 at 6:11 am GMT

Asian markets were risk-off as global growth concerns weighed on sentiment. The International Monetary Fund cut global economic growth forecasts for 2012 and 2013 on Tuesday, giving support to the dollar. Adding to negative sentiment, uncertainty in the euro zone has weighed on the euro, with investors worrying about when Spain will request a bailout to help cut its huge public debts. Also causing concern is when Greece will agree terms with its international lenders for the next tranche of [..]

US Session – Dollar gains as EU debt concerns grow

Posted on October 9, 2012 at 6:30 pm GMT

Euro was pressured as concerns over confidence in early debt solutions for Greece and Spain fades away. Although EU finance ministers are meeting this week and EU leaders next week, there is little sign of significant progress on either Greece’s or Spain’s debt problems. Meanwhile, the new IMF global growth forecast doesn’t help and added to the negative sentiment. The IMF cut its global growth forecasts for the second time since April. Euro began the day just below $1.3000 but [..]

European Session – Euro drops on Spain and Greece debt woes

Posted on October 9, 2012 at 12:16 pm GMT

Euro dipped sharply in early European session trading as various official meetings in the Europe this week are making the market focus shift back to the problems in the euro zone periphery. Concerns about whether Spain will apply for a bailout and fresh concerns about Greece weighed heavily on risk sentiment ahead of the ECOFIN meeting today. European Central Bank President Mario Draghi said the euro zone faces risks from financial instability. However he reiterated that the ECB’s financial support [..]

Forex News – Pound hurt by growing UK trade deficit and weak output

Posted on October 9, 2012 at 9:43 am GMT

UK manufacturing production data were released today showing a decline in August, highlighting the weak recovery prospects for the British economy. According to the Office for National Statistics, factory output fell 1.1 percent in August after a downwardly revised bounce of 3.1 percent in July. Expectations were for a dip of 0.6 percent on the month. It is evident that the manufacturing sector is struggling and being affected by the very weak euro area economy and weak global backdrop. The [..]

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