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Asian Session – Aussie rebounds off recent lows

Posted on October 9, 2012 at 6:03 am GMT

The Asian session kept the predominantly risk off sentiment. Europe remains a potential market mover. The Eurogroup meetings are currently underway with Greece and Spain on the agenda. We are also waiting to see what the outcome will be from German Chancellor Merkel’s visit to Athens later today. The euro remained lower following a sharp decline yesterday. EURUSD kicked off in Asia at 1.2966 and was able to retrace up to 1.2989 during the session. Sterling remains heavy ahead of [..]

US Session – Dollar maintains gains in risk off trade

Posted on October 8, 2012 at 6:48 pm GMT

The US session was overall quiet due to markets being closed for holidays in the US and Canada today. Most major currencies were retracing some of the moves seen at the end of last week. After the initial knee-jerk rally in risk in response to the improved US jobs report and drop in the unemployment rate on Friday, risk assets began the new trading week by giving up gains. Investor focus turned to the crisis in Europe as uncertainty persisted [..]

Forex News – ESM fund to be launched at Eurogroup meeting today

Posted on October 8, 2012 at 1:27 pm GMT

Euro zone finance ministers are meeting in Luxembourg today, and are scheduled to launch the new euro zone bailout fund. The European Stability Mechanism (ESM) is a fund made up of 500 billion euros and will be a permanent fund that will be the main defence against the European debt crisis that now threatens Spain. It replaces the previous temporary European Financial Stability Facility (EFSF). The ESM’s main function is to lend to distressed euro zone member governments in return [..]

European Session – Euro continues drop as Europe’s debt crisis weighs

Posted on October 8, 2012 at 12:47 pm GMT

The European session was mainly risk off as the euphoria from Friday’s improved US jobs report faded quickly and focus turned to the deteriorating outlook for the global economy as well as concerns over the euro zone debt crisis. Euro extended losses today as the Eurogroup meeting was being held, and so far there has not been any sign of any resolutions for the crisis. More attention will be paid to German Chancellor Angela Merkel’s visit to Athens tomorrow to [..]

Asian Session – Euro extends losses ahead of Eurogroup meeting

Posted on October 8, 2012 at 6:05 am GMT

Euro gave back all gains made against the dollar as low risk appetite and low volumes dominated the Asian session this Monday. After a sharp rise against the dollar and most major counterparts on Friday following a better than expected US nonfarm payrolls report, euro fell as focus turned back to the debt crisis in Europe. The Eurogroup meeting will be held later in Luxembourg today, where finance ministers will meet to discuss Greece’s progress toward meeting austerity targets and [..]

US Session – Gold down $20 after improved US jobs report

Posted on October 5, 2012 at 7:09 pm GMT

Risk appetite increased after the US nonfarm payrolls report showed more jobs were created than expected. The US economy added 114,000 jobs in September. This drove down the unemployment rate to 7.8 percent, its lowest since January 2009. Euro and most risk currencies were boosted as risk was back on after the NFPs. EURUSD reached a high of 1.3070 in New York trading, up from 1.2996 before the data. The British pound peaked at a high of $1.6215 before easing [..]

Forex News – Euro surges after better than forecast NFP

Posted on October 5, 2012 at 1:09 pm GMT

Euro and most risk currencies jumped after a better than expected US nonfarm payrolls report today. The NFP for September printed a total of 114,000 jobs created last month compared to expectations for 113,000. The unemployment rate fell to 7.8 percent from 8.1 percent , which is the lowest level since January 2009. The dollar surged against the safe haven yen, with USDJPY jumping to 78.86 within thirty minutes of the news from 78.42 beforehand. Euro hit a high of [..]

European Session – Quiet session ahead of US nonfarm payrolls

Posted on October 5, 2012 at 12:08 pm GMT

The European session was quiet as investors are in a wait-and-see mode ahead of the release of the closely watched US nonfarm payrolls report. EURUSD hovered around the 1.3000 level in the wake of ECB press conference yesterday at which Mario Draghi reaffirmed the commitment to support the euro and control the pressure on sovereign debt rates via the OMT program. Sterling was little changed as well ahead of the US jobs report release at 8:30am New York time. GBPUSD [..]

Asian Session – Yen gains after BOJ holds off from more stimulus

Posted on October 5, 2012 at 6:05 am GMT

Yen gained against the dollar and euro after the Bank of Japan kept monetary policy unchanged and refrained from introducing additional stimulus measures. The central bank kept its benchmark interest rate between zero and 0.1 percent and monthly bond purchases at 1.8 trillion yen. In reaction to the news, USDJPY dipped to an Asian session low of 78.26 from a high of 78.56. EURJPY edged down to 101.85 from 102.26. Focus now turns to the next meeting on October 30. [..]

U.S. Session – EURUSD hits 2-week high after Draghi comments

Posted on October 4, 2012 at 10:05 pm GMT

The euro extended its gains against the dollar in the New York session after the European Central Bank refrained from cutting interest rates. The ECB pledged that it stood ready to buy the debt of troubled euro-zone states. Also ECB President Mario Draghi said in his monthly news conference that rate cuts had not been discussed when the ECB decided to keep its benchmark interest rate unchanged at 0.75 percent. This suggests the ECB has no serious concerns about the [..]

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