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The EUR/USD tested a significant support line at 1.2790, while the GBP/USD reached as low as 1.5350 before correcting back upwards. Commodity prices seemed to level-out, however, indicating that the upward movement of the greenback may not have been caused by a surging dollar but rather by a decline in everything else. This suggests that risk appetite came under pressure during the thin trading conditions in the market. Summary USD - USD Climbs from a Potential Decrease in Risk Appetite EUR - Euro Declines against Currency Rivals JPY - Will the BOJ Intervene on Behalf of the Yen Today? Crude Oil - Oil Prices Steady at $74 a Barrel
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The euro and high-yielding currencies held firm on Friday after an improvement in U.S. housing and jobless claims data bolstered investor appetite for risk ahead of key U.S. jobs data today at 12:30 GMT. Summary USD - Dollar Slips against the Euro and the Yen EUR - EUR Gains for a 2nd Week Before Retail Sales Report JPY - Yen Trades Near 15-year High OIL - Crude Oil Declines on Forecast for U.S. Jobless Increase
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After the U.S. dollar corrected some of its gains yesterday, a new trading day, packed with significant ?economic publications is ahead. Most attention should be given to the U.S. ADP Non-Farm Employment ?Change, which attempts to estimate Friday's release of Non-Farm Payrolls. Current expectations are for a ?positive result, will the dollar erase yesterday's losses?? Summary USD - Dollar Weakens Despite Positive Consumer Confidence Report EUR - Euro Strengthens On Positive Global Data JPY - Yen Continues To Strengthen Vs. The Majors OIL - Crude Oil Drops To $71.52 a Barrel
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The Japanese yen made another bullish move against the majors as the steps taken by the Bank of Japan to weaken the yen only served to increase traders' resolve to increase bullish bets on the Japanese currency. Summary USD - Dollar Stronger Following Lower Equities EUR - Euro Weaker on Light Volume JPY - Yen Continues to Strengthen Despite BOJ Easing OIL - Crude Oil Snaps 3-day Win Streak
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| Comments | 0 | Hits: 27 |
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The US Prelim GDP, to be released at 12:30 GMT, is the primary publication today that is set to determine the level of the US dollar. The other main release that are is to dominate forex trading, especially for currencies, is the publication of the British Revised GDP at 8:30 GMT. Traders are also advised to follow Fed Chairman Bernanke's speech at 14:00 GMT. This speech is very likely carry a higher than usual impact on Dollar volatility. Summary USD - Dollar Falls on Increased Risk Appetite EUR - EUR Rises on Gains in European Shares JPY - Safe-Haven Yen Climbs vs. Rivals Crude Oil - Crude Oil Rises above $73 a Barrel
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A downgrade of Ireland's sovereign debt rating late Tuesday further roiled foreign exchange markets already agitated by dismal U.S. housing sales. The Standard & Poor's Ratings Services downgraded Ireland's credit rating late Tuesday on concerns about the cost of bailing out the country's ailing banks. Summary USD - U.S Dollar Extends Losses EUR - Euro Hits New Lows vs. the Dollar and the Yen JPY - Yen Rises Broadly on Global Risk Aversion Crude Oil - Oil Rebounds with U.S. Durable Goods Data Ahead
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The U.S. Dollar advanced on Wednesday, gaining 1% against the Japanese Yen and pushing the EUR back under $1.30, after a report showed U.S. consumer confidence fell more than expected, pressuring equities lower and reducing investors' appetite for risky assets. Summary USD - Dollar Rises on Demand for Greenback's Safety EUR - EUR Erases Gains; Slips Below $1.30 level JPY - Yen Rises on Safety Demand Crude Oil - Oil Falls a 2nd Day after Consumer Confidence Drops
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After a long time waiting, the Euro-Zone's famous Bank Stress Tests results were finally published on Friday evening. The results failed to reassure investors regarding the stability of the European banking system as analysts claimed that the test weren't strict enough. As this week begins, the reliability of the tests will remain the main topic. Will it eventually boost the Euro? Summary USD - The Dollar Ends A Volatile Trading Week Following Mixed Data from the U.S. EUR - Stress Tests Fail to Ease Investors' Concerns from a Possible Debt Crisis JPY - Yen Weakens Against the Majors OIL - Crude Oil Prices Consolidates Around $79 a Barrel
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Both the euro and British pound fell against the safe haven currencies yesterday, following a speech from FED Chairman Bernanke which caste doubt over the pace of the global economic recovery. While the euro has traded steadily against the U.S. dollar in overnight trading, it continues to fall against the yen. Summary USD - USD Sees Moderate Gains Following Return to Risk Aversion EUR - Euro Breaks its Bullish Streak. Falls Against Yen JPY - Yen Soars Against Majors as Risk Aversion Returns OIL - Oil Prices Tumble Following Surprise Increase in Reserves
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The U.S. dollar edged lower against the yen throughout morning trading today, following a drop in risk taking ahead of a key announcement from the Bank of Japan (BOJ). Investors are cautiously awaiting a decision on whether the BOJ will intervene to limit yen growth. Japan is an export driven economy, meaning a strong yen limits the volume the country is able to sell. USD/JPY, currently trading around the 86.85 level, is still fairly close to the 7-month low the pair hit last week. The greenback appears to be fairing slightly better against the euro. EUR/USD has dropped some 100 pips since this morning, and is currently trading around the 1.2900 level. In addition to the BOJ statement, traders will want to pay attention to the U.S. Building Permits report at 12:30 GMT as well as the Bank of Canada Rate Statement at 13:00 GMT. The U.S. economy has seen a string of negative news events over the last few weeks. Should the new building permits number come in above the forecasted 0.57M, the greenback could stage an afternoon rally against the yen. Analysts are predicting the Bank of Canada to raise overnight rates from 0.50% to 0.75%. If true, the loonie will likely see some gains against its main counterparts in afternoon and evening trading. Dollar and Euro Strengthen Despite Negative News In a light trading day, the dollar was higher against most of the majors, with the lone exception being the euro. Risk aversion was lower as traders shrugged off the downgrade of Ireland's credit rating as U.S. equities finished higher despite negative housing data from the U.S. economy. Summary USD - Greenback Rises with Equities EUR - Moody's Downgrades Ireland's Sovereign Debt JPY - Potential Intervention by the Bank of Japan? Crude Oil - Spot Crude Oil Flirts with 200-Day Moving Average
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The U.S. Core CPI is the primary publication today that is set to determine the level of the dollar when the report is released at 12:30 GMT. The other main releases that are set to dominate forex trading, especially for currencies such as the dollar and euro is the publication of the U.S. TIC Long Term Purchases and Prelim Consumer Sentiment at 13:00 GMT and 13:55 GMT respectively. Traders may find good opportunities to enter the market following these vital announcements. Summary USD - USD Falls on Negative Economic Data EUR - EUR/USD Hits 2-Month High JPY - Yen Experiences Mixed Results against Major Currencies OIL - Oil Prices Fall Based on Weak U.S. Data
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Due to renewed concerns regarding the Euro-Zone's debt crisis and due to the beginning of earning season in the U.S, the Dollar slightly strengthened against the Euro yesterday. However, what will determine the direction of the Dollar today is likely to be the economic data which is expected from the U.S. and the Euro-Zone, especially the U.S. Trade Balance report. Will the Dollar see another day of rising trend? Summary USD - Dollar Strengthens As Second-Quarter Earnings Season Begins EUR - Euro Tumbles on Concerns Stress Tests Won't Ease Investors JPY - Yen Rises as Risk Aversion Increases OIL - Crude Oil Drops To $75.50 a Barrel
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The 1-0 over-time victory of Spain over the Netherlands in yesterday's World Cup Final has generated an interesting question among market analysts. Does this victory put optimism and positive sentiment back into Spain's crumbling economy? Can it boost short-term growth enough to add further momentum to the euro's latest gains against its primary rivals? Summary USD - USD Sinking Under Weight of Risk Appetite EUR - Does Spain's Victory in the World Cup Help the EUR? JPY - Kan's Democratic Party Defeat Saps JPY Strength OIL - Chinese Imports and Weak USD Boost Oil above $76
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Today, traders should pay close attention to the release of the U.S. Consumer Confidence report. This indicator always leads to extreme market volatility for the major currency pairs. Traders may find good opportunities to enter the market following this vital announcement at 14:00 GMT. Summary USD - USD Rises against EUR on Sign of Strengthening Economic Recovery EUR - EUR Weakens to a 1 1/2-Year against the Pound JPY - Yen Sees Mix Results against the Majors Crude Oil - Oil Falls below $78.50
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Analysts have begun to make positive statements regarding China's latest announcement that it may consider an easing of the rigidness of their monetary policy. This could result in the Chinese yuan being allowed to appreciate normally and boost risk appetite and market optimism in regards to a speedier recovery. It appears traders are scanning the horizon for a silver lining and China is believed to have come to the rescue, finally. But has it? Summary USD - Will China's Latest Move Kick-Start a Global Recovery? EUR - EUR in Recovery as Risk Appetite Gets Boost from China JPY - Will New Japanese PM Respond to China with a De-Valuation? OIL - Crude Prices in Appreciation on Boosted Demand and Weak USD
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After several weeks in which the Dollar appreciated repeatedly against the Euro, the Euro is showing its first signs of recovery. The rising risk appetite in the market is the main reason for the strengthening Euro, but will it continue? Summary USD - Dollar Weakens As Risk Appetite Soars EUR - Euro Rallies as Stocks Continue To Rise JPY - Yen Drops against the Majors; BOJ Leaves Rates At 0.10% OIL - Crude Oil Rises Above $77 a Barrel
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After a receiving a slight boost following comments from Fed chairman Bernanke yesterday, the Euro largely reversed its gains in overnight trading versus the U.S. Dollar and Yen. Investors appear to be waiting on news from a meeting today at the European Central Bank as to whether more help will be provided to debt ridden Euro-zone countries. Summary USD - Dollar Improves as Investors Return to Risk Aversion EUR - EUR Reverses Gains, Awaits News From ECB Meeting JPY - Safe Haven Yen Continues to Rally Against Its Rivals Crude Oil - Crude Corrects Itself After Major Gains Yesterday
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The EUR pairs rose from Friday's lows, particularly against the US Dollar and Japanese Yen, despite the continued slide in global equities. The EUR/USD finished the day higher despite a trading day that was influenced by reduced risk taking. Global equities were lower across the board with the DAX down 0.57% and the S&P 500 lower by 1.35%. Most of the gains in the EUR/USD, however, can be contributed to profit taking from Friday's trading session. Summary USD - Dollar Pares Losses on Slide in US Equities EUR - EUR Comes Off Low vs. USD JPY - Yen Rises in Late Trading Crude Oil - Slow Growth and European Fiscal Concerns Weigh on Oil
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Continuing market uncertainty and Euro declines helped support Gold prices as investors turn to the metal as an alternative safe haven investment. Gold levels were further supported by positive economic data from the U.S on the one hand and manufacturing concerns from China on the other. Chinese growth concerns are adding to the uncertainty regarding the global economic recovery, pushing investors to the metal as an alternative investment. Summary USD - USD Remains Strong as Euro-Zone Uncertainty Persists EUR - EUR Recovers from a 4 year Low JPY - JPY Declines as Prime Minister Resigns Crude Oil - Crude Falls on Concerns Regarding Global Economic Recovery
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Renewed debt concerns among the Euro-zone countries sent the single currency spiraling down yet again in overnight trading. EUR/USD dropped well below the 1.2200 level, approaching a 4-year low. Today, traders can expect a number of U.S. economic indicators to create volatility in the marketplace. Whether or these indicators this will help the Euro is still unknown. Summary USD - Dollar Receives a Boost Following Durable Goods Report EUR - China Debt Reassessment Sends Euro Lower JPY - Yen Retains Safe-Haven Status and Continues to Make Gains Crude Oil - Crude Receives a Boost Following Inventories Report
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