All Blog Posts (1,487)

The Forex Daily Digest – August 14, 2009

The USD showed weakness against most major counterparts, undercut by disappointing U.S. July retail-sales figures, while data showed Germany and France unexpectedly returned to growth in the second quarter. Currency markets also digested this week’s Federal Reserve's announcement to leave interest rates unchanged and to gradually slow its purchases of Treasuries.

The Federal Reserve Bank of New York announced that U.S. monetary authorities did not intervene in foreign exchange… Continue

Added by Forex Daily Digest on August 14, 2009 at 8:02am — No Comments

The Forex Daily Digest – August 13, 2009

The USD overcame earlier losses against major counterparts after the U. S. Federal Reserve left interest rates unchanged, near zero percent, and said it would gradually slow its purchases of Treasuries. The Fed promised to keep interest rates exceptionally low "for an extended period of time," even as it drew encouragement from a stronger economic outlook.

The Fed will let its Treasury-buying program, part of its "quantitative easing" measures, end in October. Allowing the program… Continue

Added by Forex Daily Digest on August 12, 2009 at 9:11pm — No Comments

The Forex Daily Digest – August 12, 2009

The USD held losses against the JPY and the EUR yesterday after an auction of $37 billion in U.S. Treasury notes. And government data showed that U.S. non-farm productivity in the second quarter rose at the fastest pace in six years as American companies cut costs to protect their profits. The Labor Department said productivity rose at a 6.4 percent annual rate, that’s the biggest gain since the third quarter of 2003.

Deutsche Bank AG said that the EUR will probably fall to 130 yen… Continue

Added by Forex Daily Digest on August 12, 2009 at 7:34am — No Comments

The Forex Daily Digest – August 11, 2009

The USD gained for a third straight day against a basket of currencies yesterday as investors continued to trade on the strong U.S. jobs numbers from last Friday while awaiting the Federal Reserve's statement after its policy meeting later this week. Analysts said extending the USD's latest gains may center on the actions and words of the Fed.

The U.S. sees a large group of economic releases this week, although events will be dominated by Wednesday’s FOMC announcement. We look for the… Continue

Added by Forex Daily Digest on August 11, 2009 at 7:14am — No Comments

The Forex Daily Digest – August 10, 2009

Get ready for another exciting trading week ahead. It appears that Asian markets started the week on an upbeat note after strong gains at the end of the week on Wall Street. Japanese shares received an additional boost as the yen's recent sharp fall encouraged exporters such as Honda Motor Co.

Japanese core machinery orders jumped 9.7% in June from the previous month, a much larger increase than the 2.9% rise expected on average by economists. Core orders exclude often-large orders… Continue

Added by Forex Daily Digest on August 10, 2009 at 7:30am — No Comments

The Forex Daily Digest – August 7, 2009

The markets are a bit skittish ahead of this morning’s Non-Farm payrolls report. Investors have been watching key economic data closely for any signs of a recovery. Sizeable job losses have already taken a toll on consumer spending.

The EUR and the GBP lost ground against the U.S. dollar after the Bank of England and the European Central Bank kept interest rates unchanged. The USD, which has served as a safe-haven currency, also benefited from hesitations ahead of the key U.S. July… Continue

Added by Forex Daily Digest on August 6, 2009 at 8:45pm — No Comments

The Forex Daily Digest – August 6, 2009

The USD fell to its lowest point this year against the EUR, giving up gains after a drop in U.S. stocks and a poor report on the U.S. services sector. The USD will be the major focus, as the Bank of England and European Central Bank hold rate meetings ahead of the New York stock market opening. Analysts do not expect rate moves from either the ECB or Bank of England. The U.K., which has had more favorable housing and ISM data recently, is unlikely to take any rate action or say much at all. The… Continue

Added by Forex Daily Digest on August 6, 2009 at 7:44am — No Comments

The Forex Daily Digest – August 5, 2009

The stock market took off for a bit of a run again yesterday. More buying in bank and financial issues and a Caterpillar-led gain for industrials helped stocks close slightly higher, although a pullback for utilities limited the day's trading. Insurers, financials and even REITs have all shown some strength. Earnings reports are, of course, the biggest driver of this recent stock growth.

In the end, the Dow Jones industrial average ended the day 33 points higher finishing at 9,320,… Continue

Added by Forex Daily Digest on August 5, 2009 at 7:30am — No Comments

The Forex Daily Digest – August 4, 2009

It was all about the earnings. Solid profits for Barclays and HSBC prompted another day of gains for the financials, while increasing demand for commodities. This assisted Alcoa to lead the broader market to its highest closes in almost nine months. With the USD deteriorating and a report showing manufacturing activity in China is growing, prices of crude oil and several metals increased.

One of the biggest earnings reports of the day came from Ford Motor Company. The automaker… Continue

Added by Forex Daily Digest on August 4, 2009 at 7:27am — No Comments

The Forex Daily Digest – August 3, 2009

The USD fell more than 1% at the end of the week after the U.S. government said the economy contracted less than economists expected, but still indicated negative trends in consumer spending. Gross domestic product fell 1% in the second quarter, better than the 1.2% decrease which was expected by economists. Traders picked through revisions of past data and components of the report and watched stocks since the USD is so closely tried to indications of investors' risk appetite.

The… Continue

Added by Forex Daily Digest on August 2, 2009 at 8:38pm — No Comments

The Forex Daily Digest – July 31, 2009

After two consecutive days of declines, the Dow finished the day up almost 84 points to 9154.46 yesterday marking its highest close since Nov. 4th. With one day left in the month, the index is up 8.4% and is in line for its best monthly percentage increase since October 2002. The Labor Department reported that initial claims for jobless benefits were up, though the number of continuing weekly claims fell to its lowest level since April 11th.

The USD gave up some midweek gains… Continue

Added by Forex Daily Digest on July 31, 2009 at 7:56am — No Comments

The Forex Daily Digest – July 30, 2009

The USD posted some hefty gains after the government reported that U.S. durable-goods orders fell more than expected and caused the stock market to lose ground while increasing demand for the USD as a safe haven. Commerce said orders for U.S.-made durable goods dropped 2.5% on weaker demand for autos, aircraft and computers. Economists anticipated a more modest 0.6% drop. May orders were revised down from a rise of 1.8% to 1.3%.

Gold futures fell, joining a broad-based sell-off in… Continue

Added by Forex Daily Digest on July 30, 2009 at 7:46am — No Comments

The Forex Daily Digest – July 29, 2009

The USD hit the lowest level this year against the currencies of six major U.S. trading partners as supposition that the global economy is emerging from the recession lessened the demand for a refuge. The AUD advanced to the highest level since September against the USD after the Reserve Bank said the economy may rebound faster than forecast six months ago. The EUR had a seven-week high against the USD.

The United States and China discussed two sensitive topics -- currencies and… Continue

Added by Forex Daily Digest on July 29, 2009 at 8:02am — No Comments

The Forex Daily Digest – July 28, 2009

The USD was down against other major currencies in European trading this morning. Gold was unchanged.

The Obama administration welcomed Chinese government officials to Washington for two days of intensive and wide-ranging talks, saying the White House wanted to promote cooperation on economic and diplomatic issues. Analysts said government officials in the U.S. and China are more aware due to the global recession that the two superpower economies are closely linked. China's central… Continue

Added by Forex Daily Digest on July 28, 2009 at 7:30am — No Comments

The Forex Daily Digest – July 27, 2009

The Dow Jones Industrial Average held above the 9000 mark, but stocks finished mixed last week as shares of Microsoft and Amazon were beaten down on earnings news. Treasury prices fell on Friday, finishing up a second week of declines, as the government gets ready to auction a record amount of U.S. debt and demand for safe-haven assets declines. The Treasury Department said last week that it will offer a total of $115 billion in notes and Treasury Inflation Protected Securities next week. That… Continue

Added by Forex Daily Digest on July 27, 2009 at 8:02am — No Comments

The Forex Daily Digest – July 24, 2009

The Dow crossed the 9,000 mark at the close yesterday, pushing the USD lower against all of the higher yielding currencies. Although earnings have been mixed during this second quarter season, risk appetite apparently has returned. Moderately strong U.S. economic data and the Bank of Canada's comment that the country's recession is ending during this quarter has added to the optimistic tone in the currency market.

If the Bank of Canada is right and their nation’s recession is coming… Continue

Added by Forex Daily Digest on July 24, 2009 at 7:30am — No Comments

The Forex Daily Digest – July 23, 2009

Fed Chairman Ben Bernanke traveled to Capitol Hill again yesterday testifying on the details about how the Fed, which has pumped hundreds of billions of dollars into the U.S. financial system, would undo its rescue programs. But at a congressional hearing on Wednesday, legislators appeared to be less concerned in the technical details of the Fed's exit strategy than they were about what tools the Fed has to fix the unrelenting housing and labor markets.

The New York Federal Reserve… Continue

Added by Forex Daily Digest on July 23, 2009 at 7:46am — No Comments

The Forex Daily Digest – July 22, 2009

U.S. stock markets gained on a late run yesterday as Caterpillar and Merck helped the Dow Jones Industrial Average to its seventh straight gain. The Dow rose to its highest close since Jan. 6th.

The USD has a good day against most other major currencies, as comments by Fed Chairman Bernanke eased anxiety that policy-makers would not act decisively to head off inflation produced by efforts to counter the credit crisis. One analyst said after Bernanke’s presentation that the Fed… Continue

Added by Forex Daily Digest on July 22, 2009 at 7:59am — No Comments

The Forex Daily Digest – July 21, 2009

The U.S. stock market ended the day higher but the USD took a few hits as a string of solid corporate earnings encouraged investors to jump back into high-yielding currencies and other risky assets. Some analysts believe the EUR appeared to be overextended, especially after it failed to add to its gains following a positive report on U.S. leading indicators.

The EUR and the AUD are showing an impressive run, which will ultimately leave them vulnerable to profit-taking if upcoming… Continue

Added by Forex Daily Digest on July 21, 2009 at 8:00am — No Comments

The Forex Daily Digest – July 20, 2009

As we start another week, it’s looking very thin in economic reports. On Tuesday five of the Dow 30 will be reporting their earnings numbers. Also this week, Fed Chairman Ben Bernanke will present his semi-annual testimony on monetary policy to Congress, speaking before the House Financial Services Committee tomorrow and the Senate on Wednesday.

The EUR experienced some relatively serious price action last week. Fundamental traders are thanking the market’s reaction to earnings and… Continue

Added by Forex Daily Digest on July 20, 2009 at 7:55am — No Comments