October 2009 Blog Posts (25)

The Forex Daily Digest – October 30, 2009

The USD weakened against the EUR after government data showed the U.S. economy returned to growth in the third quarter, reducing the dollar's safe-haven allure and sending investors elsewhere for better returns. The Labor Department reported that the U.S. economy grew at a 3.5 percent annual rate, the fastest pace since the third quarter of 2007, according to preliminary data, and slightly better than forecasts of a 3.3 percent rise.

China and the United States agreed to deal with a… Continue

Added by Forex Daily Digest on October 30, 2009 at 8:04am — No Comments

The Forex Daily Digest – October 29, 2009

The USD extended its gains after economic data showed that orders for U.S.-made durable goods rose 1% in September. Data also showed U.S. new home sales fell in September. The report showed sales of newly-built home declined unexpectedly last month, falling at an annual rate of 3.6 percent to 402,000. The dollar had advanced earlier against all its major rivals except the JPY, as falling global equity markets led investors to seek safety in the dollar and cut exposure to assets perceived as… Continue

Added by Forex Daily Digest on October 29, 2009 at 7:46am — No Comments

FOREX outlook Oct 29th

The U.S. Department of Labor will publish the weekly Initial Jobless Claims report tomorrow (Oct 29).

The report is a measure of the number of people who file for unemployment benefits for the first time during the given week. This data is collected by the Department of Labor, and published as a weekly report.

The number of jobless claims is used as a measure of the health of the job market, as a series of increases indicates that there are fewer people being… Continue

Added by Adam Horak on October 28, 2009 at 10:52am — No Comments

The Forex Daily Digest – October 28, 2009

The USD edged lower as stock markets stabilized, prompting some to move away from the perceived safety of the USD. The EUR extended gains against the USD, after data showed U.S. home prices for August increased for a fourth straight month. The Case-Shiller Home Price Index for August showed that prices improved. In the survey's 20-city composite index, home prices increased at a better-than-anticipated 1.2%, although they are still down 11.3% from August 2008. And consumer confidence in the… Continue

Added by Forex Daily Digest on October 28, 2009 at 8:21am — No Comments

The Forex Daily Digest – October 27, 2009

The USD hit a 14-month low against the EUR as an advance in Asian stock markets and signs that the global economy is recovering lessened demand for the dollar as a safe haven. The USD fell against 11 of its 16 major counterparts. South Korea’s won strengthened after its economy grew at the fastest pace in seven years. The JPY and EUR gained after an official Chinese paper said the nation should boost reserves in the currencies.

Nobel laureate Paul Krugman said China is devaluing its… Continue

Added by Forex Daily Digest on October 27, 2009 at 7:35am — No Comments

The Forex Daily Digest – October 26, 2009

The USD continued its winning streak against the JPY and gained on the GBP and other major currencies as U.S. equities declined on Friday, taking the steam out of investors who had been running toward riskier assets. The USD also rose for a third straight day against the EUR, which hit a 14-month high earlier in the week. The USD may remain under pressure as the Federal Reserve lags behind other central banks in increasing borrowing costs.

An assortment of positive euro zone data… Continue

Added by Forex Daily Digest on October 25, 2009 at 5:45pm — No Comments

The FOREX Daily Digest – October 23, 2009

The USD increased against the EUR on speculation that China will withdraw fiscal and monetary stimulus and as U.S. initial jobless claims increased more than forecast, reducing risk demand. A 13.9% year-on-year increase in Chinese industrial production and one analyst said an 8.9% rise in third-quarter gross domestic product, while impressive, was "not quite as strong as some had been hoping.” The U.S. currency may remain under pressure as the Federal Reserve trails other central banks in… Continue

Added by Forex Daily Digest on October 23, 2009 at 7:33am — No Comments

The Forex Daily Digest – October 22, 2009

The dollar fell against the JPY in Asia due to profit-taking, but it may rise briefly later in the day as Japanese fund players are expected to launch their buying for new trust funds. The dollar weakened to the lowest level in 14 months against the euro as signs the global economy is recovering boosted demand for higher-yielding assets.

The CAD fell for a second day as declines in global stocks and crude oil, the nation’s largest export, slowed investors’ appetite for riskier… Continue

Added by Forex Daily Digest on October 22, 2009 at 7:39am — No Comments

The Forex Daily Digest – October 21, 2009

The USD reentered positive territory after experiencing a 14-month low against a basket of currencies as a result of policymaker comments, but options-related buying kept it from pushing through $1.50 against the EUR and 90 JPY. The dollar was also affected by the U.S. equities markets, as well as data showing continued weakness in the U.S. housing sector. The USD has been under sustained pressure this year due to expectations of low U.S. interest rates and questions about its status as the… Continue

Added by Forex Daily Digest on October 20, 2009 at 4:34pm — No Comments

FOREX outlook

Tomorrow (Oct 21) The Bank of England's (BOE) Monetary Policy Committee (MPC) will publish its record of the committee's interest rate meeting held two weeks ago.

The meeting gives a picture of economic conditions in the UK, and records the votes of the individual members of the Committee.

If the BOE is hawkish about the inflationary outlook, it should be taken as positive/bullish for the GBP.

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Euro Dollar

The Euro broke the yesterday's resistance… Continue

Added by Adam Horak on October 20, 2009 at 3:12pm — No Comments

The Forex Daily Digest – October 20, 2009

The USD began the week under pressure, falling after the Fed Bank of New York released a statement clarifying some recent activity that market participants interpreted as preparation for removing some liquidity from the financial system and boost interest rates. And according to currency analysts, the USD will extend losses as the global economy’s recovery prompts investors to shift away from U.S. assets. The Dow reached 10,092 and gold finished the day higher to close at $1,058.

The… Continue

Added by James Dicks on October 20, 2009 at 8:03am — No Comments

The Forex Daily Digest – October 19, 2009

The USD advanced against the EUR and JPY at the end of last week as data showed gains in foreign funds coming to the U.S. and frailty in consumer confidence encouraged selling of stocks. The USD and GBP rebounded from recent lows scored the previous day as traders reversed bets that the USD will fall even more, and U.S. stocks declined, easing pressure to continue selling the dollar.

The GBP was stronger against the EUR, poised for its biggest weekly gain in more than four months; on… Continue

Added by Forex Daily Digest on October 19, 2009 at 8:09am — No Comments

The Forex Daily Digest – October 16, 2009

The dollar headed lower against the EUR and the GBP but remained up against the JPY in volatile trading after a mixed bag of U.S. economic data. Currency markets also watched the U.S. equities market, which remained above the 10,000 level for a second straight day. After a weak regional manufacturing report, stocks remained lower and U.S. Treasuries briefly turned positive, pushing yields down, indicating a demand for safer assets that briefly supported the U.S. dollar.

The dollar… Continue

Added by Forex Daily Digest on October 16, 2009 at 8:06am — No Comments

The Forex Daily Digest – October 15, 2009

The USD traded near a 14-month low against the EUR as improving corporate earnings helped global stocks rally beyond the 10,000 mark, encouraging investors to look for higher- yielding assets. The USD may fall for a third day against the yen as JPMorgan Chase & Co.’s earnings beat analysts’ estimates. The NZD gained against all of its major counterparts as the nation’s consumer prices rose more than expected.

Heightened public concern over the USD’s drop -- from finance officials… Continue

Added by Forex Daily Digest on October 14, 2009 at 9:46pm — No Comments

The Forex Daily Digest – October 14, 2009

The USD fell to a new 14-month low versus major counterparts as investors favored gold, often viewed as the most stable currency, with the dollar's losses softened by a drop in U.S. stocks amid concerns about the strength of the economy's recovery. The dollar cut some earlier losses that pushed the commodity-oriented AUD and CAD to levels not seen since in a year.

The shift out of dollar into euro- denominated assets by central banks around the world will help extend the rally in… Continue

Added by Forex Daily Digest on October 13, 2009 at 9:30pm — No Comments

The Forex Daily Digest – October 13, 2009

The dollar lost ground against major rivals as U.S. equities extended a rally ahead of a heavy flow of corporate earnings this week. Earlier in the day, the USD hit a two-week high against the JPY with traders covering short positions in the U.S. currency as they debated the timing of tightening in U.S. monetary policy. Despite its gains against the JPY, dollar sentiment remained bearish, and it gave up early gains against the EUR, after a 1 percent increase in European shares. The dollar… Continue

Added by Forex Daily Digest on October 12, 2009 at 10:13pm — No Comments

The Forex Daily Digest – October 12, 2009

The USD moved higher in Asian trading at the end of the week, after some currency investors took remarks from Federal Reserve Chairman Bernanke as hints that U.S. interest rates could be headed higher. The USD's advance followed remarks from Bernanke, who said the Fed will reverse course and tighten monetary policy "when the economic outlook improves sufficiently." The USD has been hit hard as investors have run toward equities and other riskier investments since the spring after investing in… Continue

Added by Forex Daily Digest on October 11, 2009 at 9:45am — No Comments

The Forex Daily Digest – October 9, 2009

The USD briefly cut its losses against the JPY after data showed the number of Americans filing new claims for unemployment benefits fell more than expected to a nine-month low last week. The USD fell to a two-week low against the EUR amid signs the global economy is recovering, increasing demand for higher-yielding assets. The Dollar Index saw its weakest level in 14 months after Alcoa Inc. (AA) reported third-quarter earnings that beat analysts’ estimates, motivating gains for… Continue

Added by Forex Daily Digest on October 9, 2009 at 8:09am — No Comments

The Forex Daily Digest – October 8, 2009

The dollar traded near the lowest level in almost two weeks versus the euro as speculation that the Federal Reserve will follow other central banks in raising interest rates made the dollar less attractive. The AUD was the biggest gainer against the dollar this week, hitting a 14-month high, as the Reserve Bank unexpectedly increased the cash target to 3.25 percent and signaled further increases on the horizon. Gold futures climbed to a record high and crude oil gained as the dollar’s decline… Continue

Added by Forex Daily Digest on October 8, 2009 at 7:58am — No Comments

The Forex Daily Digest – October 7, 2009

The USD remained lower against most major rivals, weighed down in part by a British newspaper report that Gulf oil producers, in concert with China, Russia, Japan and France are planning to eventually end dollar-based oil pricing. The report in the Independent newspaper was denied by top finance officials, giving the dollar a small, but temporary, lift in early European trading hours.

Oil futures rose above $71 a barrel early yesterday, as the USD fell against major currencies,… Continue

Added by Forex Daily Digest on October 7, 2009 at 7:40am — No Comments