All Blog Posts (1,487)

The Forex Daily Digest – September 10, 2009

The USD dropped to the weakest level in almost a year against the currencies of six major U.S. trading partners as record low interest rates encouraged investors to sell the dollar and embrace risk. The greenback became the cheapest funding currency in London this week, making it more attractive as a means of financing purchases of higher-yielding assets.

A key bank-to-bank lending rate fell to its lowest point on record yesterday, signaling continued easing of the once-frozen credit… Continue

Added by Forex Daily Digest on September 9, 2009 at 7:44pm — No Comments

The Forex Daily Digest – September 9, 2009

The USD fell to a new annual low against the EUR and fell versus other major rivals, undercut as investors continued to show rising appetite for risk. The dollar's weakness came against conditions marked by higher in equities and improving economic data abroad -- as well as renewed questions about the role of the USD as the world's premier reserve currency.

Gold futures hit an 18-month high, as a weaker dollar boosted gold's investment appeal, but ended the day below the… Continue

Added by Forex Daily Digest on September 8, 2009 at 8:30pm — No Comments

the dollar goes out with a bang

The Dollar goes out with a bang.

With the summer doldrums coming to an end following the Labor Day holiday the greenback starts off the trading season with a revaluation of price, selling off throughout the European session and into the start of the US session. Traders are still reeling from the moves that began during the European session. The Dollar is now trading at some of the lowest levels of 2009 as the UN called for a replacement to on the dollars influence as the reserve… Continue

Added by Adam Horak on September 8, 2009 at 11:39am — No Comments

The Forex Daily Digest – September 8, 2009

According to the United Nations, the USD’s role in international trade should be reduced by establishing a new currency to protect emerging markets from the “confidence game” of financial speculation. The Geneva-based U.N. Conference on Trade and Development said in a report that U.N. countries should agree on the creation of a global reserve bank to issue the currency and to monitor the national exchange rates of its members. China, India, Brazil and Russia called for a replacement to the… Continue

Added by Forex Daily Digest on September 7, 2009 at 8:01pm — No Comments

The Forex Daily Digest – September 7, 2009

It’s Labor Day in the United States and that means the equities markets are closed and many of the serious traders have taken a long weekend off. But the Forex trades regardless of American holidays, albeit, probably not as robust as a typical trading day.

It appears that overseas markets are becoming a foundation of strength for U.S. producers, helping to contract the U.S. trade deficit in one of the few bright spots in the global recession. The U.S. trade report will be one of the… Continue

Added by Forex Daily Digest on September 6, 2009 at 8:00pm — No Comments

The Forex Daily Digest – September 4, 2009

The dollar turned higher after an early bout of weakness. The dollar opened under pressure as investors briefly abandoned safe-haven positions after a leading economic forecaster grew more confident.

Initial jobless claims fell last week but claims lasting more than a week increased. The data are another precursor to the monthly employment data due from the government later this morning. In another report, the Institute for Supply Management said its nonmanufacturing index came in at… Continue

Added by Forex Daily Digest on September 4, 2009 at 7:30am — No Comments

The Forex Daily Digest – September 3, 2009

The USD held onto gains against major currency counterparts, as weaker-than-expected private sector employment pressured stocks and fueled demand for safe-haven, low-yielding currencies. ADP reported that employment in the U.S. private sector fell by 298,000 in August. The drop suggests non-farm payrolls may drop by more than the 250,000 anticipated by economists ahead of the government's much-anticipated report due out Friday morning.

The AUD jumped against its U.S. counterpart, as… Continue

Added by Forex Daily Digest on September 3, 2009 at 8:07am — No Comments

The Forex Daily Digest – September 2, 2009

U.S. stocks fell sharply yesterday on fears of increasing U.S. bank failures and anxiety about the lasting strength of the recent equity rally, driving investors into the relative safety of bonds and the U.S. dollar.

The USD had a good day as a drop in stocks led investors to find the shelter of low-yielding currencies. The dollar index stood at 78.705, up from 78.001 in Asian trade and from 78.242 on Monday. The JPY held its own against the dollar, holding on to its gains from… Continue

Added by Forex Daily Digest on September 2, 2009 at 7:30am — No Comments

The Forex Daily Digest – September 1, 2009

The USD firmed up at the start of yesterday’s trading, as Chinese stocks increased worries about global growth and put pressure on stocks around the world. The USD normally serves as a safe haven, along with other low-yielding currencies such as the JPY.

The JPY increased to a 7-week high against the USD and gained versus other currencies yesterday buoyed by the decisive opposition victory in Japanese elections and as declines in global equities stoked risk aversion. The main… Continue

Added by Forex Daily Digest on September 1, 2009 at 7:34am — No Comments

The Forex Daily Digest – August 31, 2009

As we approach the end of the summer months, U.S. equities markets may experience a slow week but topped off by a potential activity when the government releases its August jobs report on Friday morning. Economists in the U.S. are predicting that employers dropped another 250,000 positions in August, which is a little more than last month’s 247,000. Prior to Friday’s jobs report from the Labor Department, stocks will prepare for two other reports on jobs -- an August report from payroll… Continue

Added by Forex Daily Digest on August 31, 2009 at 7:24am — No Comments

The Forex Daily Digest – August 28, 2009

The USD fell against major counterparts, as stocks -- partly helped by a successful auction of Treasury bonds -- staged a come-back in afternoon trade, leading traders to dump some safe-haven positions in low- yielding currencies.

Asian markets advanced today after stocks on Wall Street rebounded to end higher, with Japanese shares on the advance ahead of weekend general elections that are widely expected to bring the opposition to power. Also in news from Asia, the Bank of China,… Continue

Added by Forex Daily Digest on August 27, 2009 at 9:28pm — No Comments

The Forex Daily Digest – August 27, 2009

The USD moved higher against the EUR for a third day and the JPY rose as potential restraints on industrial excess in China and a smaller-than-forecast gain in orders for some U.S. durable goods encouraged demand for safety. The JPY and USD rose against counterparts including the AUD on speculation investors will reduce demand for higher yields. Sterling dropped for a sixth day versus the EUR in its longest stretch of declines since January on bets the U.K.’s economic recovery will lag behind… Continue

Added by Forex Daily Digest on August 27, 2009 at 7:08am — No Comments

The Forex Daily Digest – August 26, 2009

The USD experienced a bit of recovery, rebounding from earlier losses, as a drop in crude oil prices restricted gains in stocks, and increased safe-haven demand for the dollar. The USD came under increased pressure following reports that U.S. home prices were up in June and consumer confidence rose in August.

In another development widely accepted by investors, President Obama announced that he plans to reappoint Fed Chairman Ben Bernanke for a second four-year term as chairman of… Continue

Added by Forex Daily Digest on August 26, 2009 at 8:28am — No Comments

The Forex Daily Digest – August 25, 2009

The dollar strengthened against major world currencies, recovering from recent declines after signs this past weekend that most of the world’s key central banks backed a policy of keeping interest rates low for the foreseeable future even as the global economy appears to be mending. Analysts continue to expect that signs of strength in the U.S. economy will eventually be read as a positive for the USD, ending a contrary connection since the credit crisis began when downbeat news triggered… Continue

Added by Forex Daily Digest on August 25, 2009 at 8:15am — No Comments

The Forex Daily Digest – August 24, 2009

European Central Bank officials, led by President Jean-Claude Trichet, addressed mounting evidence of an economic recovery with caution, suggesting they won’t rush to reverse their emergency stimulus anytime soon. Economic numbers scheduled to be released this week may increase optimism that a recovery is currently in progress.

At a meeting over the weekend in Jackson Hole, Wyoming, the U.S. Federal Reserve continued to hold to its intention to maintain interest rates exceptionally… Continue

Added by Forex Daily Digest on August 23, 2009 at 7:23pm — No Comments

The Forex Daily Digest – August 21, 2009

Concern over the continued volatility of the world economy helped support the USD against major counterparts. There were a number of economic fundamentals that affected early trading. Initially, the spotlight was on Germany's finance ministry, which warned that it remains unsure whether the stabilization of the economy will hold. This just a week after German gross domestic product unexpectedly returned to growth in the second quarter.

A Bank of Japan board member told business… Continue

Added by Forex Daily Digest on August 21, 2009 at 7:41am — No Comments

The Forex Daily Digest – August 20, 2009

The USD fell against the EUR as a rebound on Wall Street reduced safe-haven demand for the dollar. The USD weakened against the JPY, although it came off the day's worst levels as a sharp drop in China's stock market raised concerns about the global economic outlook.

The GBP has had a bad week, a let-down after five months of consistent gains. Currency analysts say the normally volatile currency could still pick up some recently lost ground because its major rival, the USD, is facing… Continue

Added by Forex Daily Digest on August 19, 2009 at 9:02pm — No Comments

The Forex Daily Digest - August 19, 2009

Better-than-expected quarterly profits from retailers like Home Depot, Target and American Express led to a bounce-back for financials which helped stocks close higher yesterday. In the wake of steep declines in the past two sessions, consumer stocks had a solid move higher. While concern about the health of the American consumer remains, largely due to a still weakened labor market, some within the industry were able to suppress investor fears on the session.

The USD and JPY may… Continue

Added by Forex Daily Digest on August 18, 2009 at 9:00pm — No Comments

The Forex Daily Digest – August 18, 2009

The USD and the JPY traded near the highest levels in more than two weeks against the EUR as stocks dropped globally over concern the economic recovery may falter. Wall Street fell in yesterday’s trading, falling for the second straight session, as worries that nervous U.S. consumers will pressure a delicate recovery pulled stocks lower after a five-month advance. The Dow Jones industrial average lost 186 points, or 2%, after having lost as much as 204 points earlier. The S&P 500 index fell… Continue

Added by Forex Daily Digest on August 18, 2009 at 7:32am — No Comments

The Forex Daily Digest – August 17, 2009

The JPY was broadly firmer today after weak economic data out of the U.S clouded the outlook for a quick global recovery, prompting further profit taking in commodity-linked currencies after their exceptional rally. Japan’s currency advanced against all 16 major counterparts on expectations that the world’s second-largest economy climbed out of its worst postwar recession last quarter. The EUR fell against the JPY for a second day on speculation Asian stocks will extend a drop in global… Continue

Added by Forex Daily Digest on August 17, 2009 at 6:31am — No Comments