September 2009 Blog Posts (30)

The Forex Daily Digest – September 30, 2009

The USD gained a little ground against other major currencies yesterday, particularly the JPY after that nation’s Finance Minister hinted at the possibility of “intervention” to slow any further increase in the yen. U.S. gold futures fell slightly in choppy trading as a USD increase encouraged bullion investors to lock in their profits, but strong technical support should keep gold from falling even more.

Japan's new finance minister, Hirohisa Fujii, has upset the foreign exchange… Continue

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

The Forex Daily Digest - September 29, 2009

The USD lost some of its gains yesterday after the U.S. equities markets began trading in the positive. The Dow Jones Industrial Average actually finished higher by more than 124 points. Over the past few months, the U.S. dollar has moved in the opposite direction as stocks. The USD is considered a currency that holds value in uncertain times. Then as the position has brightened, investors have sold their dollars to buy more volatile but higher-yielding currencies.

The JPY hit its… Continue

Added by Forex Daily Digest on September 29, 2009 at 7:49am — No Comments

The Forex Daily Digest – September 28, 2009

World Bank President Robert Zoellick said the U.S. shouldn’t take for granted the dollar’s status as the world’s main reserve currency. In remarks set for delivery today, Zoellick said the “next upheaval” in the international economic order is under way as emerging nations gain greater influence. In an excerpt from Zoellick’s speech he said, “The United States would be mistaken to take for granted the dollar’s place as the world’s predominant reserve currency.” Policy makers from China to… Continue

Added by Forex Daily Digest on September 27, 2009 at 7:18pm — No Comments

The Forex Daily Digest – September 25, 2009

The USD gained against major currency rivals yesterday following a report that showed U.S. sales of existing homes unexpectedly fell in August for the first time in five months. The National Association of Realtors reported that sales of existing U.S. homes dropped 2.7% in August to a seasonally adjusted annual rate of 5.10 million. The median forecast was for a small gain to a 5.40 million annual rate from 5.24 million in July. The USD remained higher after the Labor Department reported… Continue

Added by Forex Daily Digest on September 25, 2009 at 7:00am — No Comments

weekly unemployment claims ending Sept 19

UNEMPLOYMENT INSURANCE WEEKLY CLAIMS REPORT

SEASONALLY ADJUSTED DATA

In the week ending Sept. 19, the advance figure for seasonally adjusted initial claims was 530,000, a decrease of 21,000 from the previous week's revised figure of 551,000. The 4-week moving average was 553,500, a decrease of 11,000 from the previous week's revised average of 564,500.

The advance seasonally adjusted insured unemployment rate was 4.6 percent for the week ending Sept. 12, a… Continue

Added by Adam Horak on September 24, 2009 at 8:46am — No Comments

New statistics released today by the U.S. Bureau of Economic Analysis show that the slowdown in U.S. economic growth was widespread: 60 percent of metropolitan areas saw economic growth slow down or …

New statistics released today by the U.S. Bureau of Economic Analysis show that the slowdown in U.S. economic growth was widespread: 60 percent of metropolitan areas saw economic growth slow down or reverse. Real GDP growth slowed in 220 of the nation's 366 metropolitan statistical areas (MSAs) in 2008 with downturns in construction, manufacturing, and finance and insurance restraining growth in many metropolitan areas. Growth in real U.S. GDP by metropolitan area slowed from 2.0 percent in… Continue

Added by Adam Horak on September 24, 2009 at 8:39am — No Comments

The Forex Daily Digest – September 24, 2009

The USD, already hitting its lowest levels of the year, is expected to continue to grow weaker even as an improving U.S. economy leads the Federal Reserve to unwind more of its liquidity-boosting programs. That's because the U.S. currency has increasingly been at the center of a so-called carry trade. The USD fell across the board in Asia, hitting fresh yearly lows against the EUR, the NZD and the AUD ahead of the latest update on monetary policy by the U.S. Federal Reserve. After an unstable… Continue

Added by Forex Daily Digest on September 24, 2009 at 7:33am — No Comments

after the Fed, where to next.

The U.S. dollar has moved into areas of overbought territory after the recent bout of dollars strength following the FOMC minutes where the FED reiterated its pledge to keep interest rates near all time lows and sounded less hawkish than many economists had expected. The FED appears to be in no hurry to make changes to the current interest rate police or cease current quantitative easing measures. The recent dollar mood remains bearish overall after the bounce from support levels during the… Continue

Added by Adam Horak on September 23, 2009 at 10:20pm — No Comments

The Forex Daily Digest – September 23, 2009

The USD fell to a one-year low against the EUR, just over $1.48 as crumbling sentiment on the U.S. currency prompted selling ahead of a Federal Reserve meeting and Group of 20 summit this week. Traders took advantage of a dollar rally in the prior session to sell on views the Fed will signal plans to maintain loose monetary policy well into 2010. U.S. gold futures rose toward $1,020 an ounce, gaining one percent as a sharp deterioration of the dollar's value triggered investment buying in gold… Continue

Added by Forex Daily Digest on September 23, 2009 at 7:32am — No Comments

greenback mid day outlook

The dollar continues to look weak across the board, with the dollar index pushing to new yearly lows just ahead of tomorrows FOMC announcement. Any strength for the greenback seems to be brief followed by quick bouts of dollar selling. The US equities markets opened higher, with the DOW back above the 9800 level, following a broad base rally in European equities. Commodities are firm with gold extending its recent push above $1021 and crude oil back above $71.50. It looks like the greenback… Continue

Added by Adam Horak on September 22, 2009 at 11:10am — No Comments

The Forex Daily Digest – September 22, 2009

The USD was up against the EUR yesterday ahead of the G20 meeting being held in Pittsburgh this week. It also gained a bit of ground as investors seemed to be chased away from risky trades ahead of today’s FOMC meeting. The dollar also was higher after news from the Conference Board that reported the U.S. recession is bottoming out and a recovery is near. The index of leading economic indicators rose 0.6% last month. Analysts predicted the index would rise 0.7% in August.

Federal… Continue

Added by Forex Daily Digest on September 22, 2009 at 8:14am — No Comments

The Forex Daily Digest – September 21, 2009

The USD gained a bit of ground at the end of the week, as traders looked toward next week's meeting of Federal Reserve policy makers and reduced bets that the greenback would continue declining steadily. The Fed's rate-setting Federal Open Market Committee (FOMC) meets Tuesday and Wednesday. Analysts anticipate no change to the central bank's target overnight lending rate between banks, but speculate whether the fed will make changes to its debt-buying programs.

The EUR, which had… Continue

Added by Forex Daily Digest on September 21, 2009 at 6:10am — No Comments

The Forex Daily Digest – September 18, 2008

The USD turned higher as pessimism about the economic attitude was felt across the markets, strengthening the sales of equities and higher-yielding currencies. The Dow Jones Industrial Average finished just slightly lower (-7.79) after three consecutive days of gains, with telecommunication services and financial shares causing the loss. Wall Street analysts said the market was due for a sell-off after totaling gains in eight of the last 10 trading sessions.

Stocks increased after… Continue

Added by Forex Daily Digest on September 17, 2009 at 7:44pm — No Comments

The Forex Daily Digest – September 17, 2009

The USD fell against its major rivals after an uptick in homebuilders' sentiment added to stocks' gains and encouraged sellers of low-yielding assets. The USD fell throughout during the U.S. session, depressed by a fresh show of strength to U.S. manufacturing gave investors new reasons to buy stocks and higher-yielding currencies and dump safe-haven securities such as the dollar.

An independent survey shows that investors have turned the most bearish on the USD in 18 months as signs… Continue

Added by Forex Daily Digest on September 16, 2009 at 7:46pm — No Comments

The Forex Daily Digest – September 16, 2009

The USD fell yesterday, dropping to the lowest level in a year and reversed earlier advances against major counterparts after a pair of economic reports said retail sales and producer prices rose more than economists expected, encouraging speculation that the economy is reviving. For months, the dollar has been inclined to move in the opposite direction as equities as investors' willingness to buy riskier assets fluctuates. That trend has shown signs of diminishing in the past month or so,… Continue

Added by Forex Daily Digest on September 15, 2009 at 9:02pm — No Comments

The Forex Daily Digest – September 15, 2009

The USD fell against major rivals in trading to begin the week, giving up a small lift amid rising U.S.-China trade tensions, as the EUR and JPY hit technical levels that triggered some buying. While there was no U.S. economic data scheduled on Monday, several reports this week have the potential to influence the currency market. Retail sales, due out this morning, is expected to show a big jump though most attributable to auto sales due to the so-called cash-for-clunkers program. Data on… Continue

Added by Forex Daily Digest on September 14, 2009 at 8:12pm — No Comments

The Forex Daily Digest – September 14, 2009

The USD fell to new lows on Friday, after strong data on U.S. confidence followed Chinese economic news and boosted investors' appetite for riskier assets. A growing group of analysts also speculated that investors may be returning to trades using the USD as a funding currency to buy higher-yielding assets, known as carry trades. Meantime, currency speculators raised their bets against the USD in the latest week to the most since at least mid-July of last year.

From a week ago, the… Continue

Added by Forex Daily Digest on September 13, 2009 at 6:04pm — No Comments

dollar sell off starts early...

U.S. Dollar Trading (USD) the rout continued overnight with USD strength being once again turned around and the market testing multiple levels across the board. The catalyst for today's dollar weakness was surprising weakness in July Trade Balance which fell to -32bn vs. -27bn forecast. Compounding Dollar woes was the extension of Global Stocks which further decreased demand for the Safe Haven. Crude Oil up $0.63 closing at $71.94. In US Stocks, DJIA +80 points closing at 9627, S&P +10… Continue

Added by Adam Horak on September 10, 2009 at 10:39pm — No Comments

The Forex Daily Digest – September 11, 2009

The USD fell for a fourth straight day, again hitting its lowest levels in a year, as stocks held on to small gains after a U.S. report that showed a drop in jobless claims. The Labor Department reported that the number of people filing for state unemployment benefits fell 26,000 to a seasonally adjusted 550,000 last week, which is the lowest since mid-July. The four-week average of new claims also fell, down 2,750 to 500,000.

The JPY rose against the EUR and the USD before a… Continue

Added by Forex Daily Digest on September 10, 2009 at 9:00pm — No Comments

weekly unemployment claims

UNEMPLOYMENT INSURANCE WEEKLY CLAIMS REPORT

SEASONALLY ADJUSTED DATA

In the week ending Sept. 5, the advance figure for seasonally adjusted initial claims was 550,000, a decrease of 26,000 from the previous week's revised figure of 576,000. The 4-week moving average was 570,000, a decrease of 2,750 from the previous week's revised average of 572,750.

The advance seasonally adjusted insured unemployment rate was 4.6 percent for the week ending Aug. 29, a decrease… Continue

Added by Adam Horak on September 10, 2009 at 9:09am — No Comments