The European Central Bank has confirmed that ECB's President, Jean-Claude Trichet will leave a series of meetings and events in Sydney hosted by the Australian Central Bank earlier than planned in order to attend an informal meeting of European Union leaders in Brussels on Thursday. This month the EUR continues to fall as debt concerns surface in Greece. Last week, the EUR fell to an eight-month low below $1.37 versus the USD as worries rose over the possibility of a default by Greece as… Continue
Added by Forex Daily Digest on February 9, 2010 at 10:37am —
Concern over a potential economic default in southern Europe relaxed a little today, which allowed the EUR to gain some lost ground against the USD. Economists have warned that monetary concerns will likely continue to affect the EUR but there are expectations that a European Union rescue effort is building. Economists believe that the EUR’s slight gain today is simply a rally following a lack of any fresh weekend news on the credit front. Uncertainty over the financial situation of Greece,… Continue
Added by Forex Daily Digest on February 8, 2010 at 10:56am —
The USD traded higher against the EUR after European Central Bank President Jean-Claude Trichet said the economic outlook is subject to “uncertainty.” The EUR fell most against the JPY after Trichet said some governments in the region have “sharply rising” deficits and should have a “strong focus” on reforms. The pound fell against the dollar after the Bank of England kept its option open to extend its bond-purchase program.
ECB President Trichet reiterated his message that a strong… Continue
Added by Forex Daily Digest on February 4, 2010 at 9:30am —
The USD continued to extend its gains against the JPY after data showed the U.S. private sector shed fewer jobs than expected in January. Copper declined in New York as the dollar erased losses against a basket of six major currencies, easing demand for the metal as an alternative investment. The ADP Employment report showed the private sector eliminating 22,000 jobs in January, the 24th decline in a row but it was the fewest number of jobs lost since 22,000 jobs were added in January… Continue
Added by Forex Daily Digest on February 3, 2010 at 10:22am —
The USD fell against the EUR and other major currencies after a report portrayed pending home sales in the U.S. increasing 1% in December. Analysts anticipated a slight gain after November's fall, when the federal homebuyer tax credit was extended.
The EUR fell to a seven-month low against the USD last week as Greek bond yields increased in response to concerns about Athens' ability to meet its financing needs and to put its budget in order. The European Commission is scheduled to… Continue
Added by Forex Daily Digest on February 2, 2010 at 10:30am —
The USD fell against the EUR this morning after a report showed U.S. consumer spending increased less than economists expected in December. The EUR posted a modest rebound from last week's steep plunge after data showed stronger-than-expected activity in the euro-zone manufacturing sector. The EUR dropped last week as worried grew over Greece's ability to cut its deficit from more than 12% of gross domestic product last year to less than 3% in 2012.
The GBP fell versus the USD and… Continue
Added by Forex Daily Digest on February 1, 2010 at 10:00am —
The USD increased to a fresh six-month high, pushed forward by data that showed the U.S. economy grew at a faster-than-expected pace in the final quarter of the year and consumer confidence rose this month. The gains came after the Commerce Department reported that real gross domestic product grew at a 5.7% seasonally-adjusted annual rate in the final three months of the year, posting the best quarterly growth since late 2003.
The CAD traded near the lowest level since December… Continue
Added by Forex Daily Digest on January 29, 2010 at 2:06pm —
The USD increased to the highest since July against the EUR, as investors around the globe signaled approval of the Federal Reserve's more upbeat outlook for the U.S. economy. The dollar rose against the euro yesterday after the Federal Reserve upgraded its economic outlook and reaffirmed it will end a $1.25 trillion program to buy mortgage-backed securities.
Kansas City Fed President Thomas Hoenig dissented from a reiteration of a pledge to keep borrowing costs at record lows for an… Continue
Added by Forex Daily Digest on January 28, 2010 at 2:13pm —
The GBP rose against the USD after an official from the Bank of England suggested that the British economy may have grown more in the fourth quarter than was initially estimated. Andrew Sentance, a member of the Bank of England's monetary-policy committee, said it will be difficult to keep inflation on target given the GBP’s depreciation against other major currencies. The USD stabilized against major currency pairs, touching its highest level in more than a month, on reports that China wanted… Continue
Added by Forex Daily Digest on January 27, 2010 at 10:04am —
The USD increased to its highest in more than a month on news that China wanted to limit bank lending and that Japan's debt rating is in jeopardy, drawing investors to the relative safe-haven of the USD. The USD also experienced gains after the U.S. Case-Shiller home price index fell 0.2% in November compared with October on a not seasonally adjusted basis, underlining risks to the U.S. recovery. The USD also increased following news reports that President Obama will propose a spending freeze… Continue
Added by Forex Daily Digest on January 26, 2010 at 2:00pm —
The USD fell against the EUR, ending six days of advances, over concern that a U.S. proposal to restrain trading by financial institutions will discourage investors from buying assets in the world’s largest economy. The USD dropped from the strongest level since July against the EUR. The JPY headed for a second weekly gain against its 16 major counterparts as stocks fell around the world, boosting demand for the currency as a refuge.
The GBP fell against the EUR after a report showed… Continue
Added by Forex Daily Digest on January 22, 2010 at 10:07am —
The USD reached a five-month high against the EUR and gained on other currencies amid continuing sovereign-debt worries in the euro zone and additional signs that the region's recovery seems to be losing momentum. Gold rallied, setting the pace of gains in other precious metals including platinum, after its biggest drop in a month lured buyers and the dollar’s rally paused. Palladium reached a 19-month high.
One analyst said that the USD is currently up sharply on risk aversion due… Continue
Added by Forex Daily Digest on January 21, 2010 at 10:23am —
The USD gained after data showed mild inflation and an increase in future housing permits. The EUR dropped to a five-month low against the USD as fears that Chinese efforts to restrain lending led investors to avoid risky assets and concerns about Greece's budget problems sent kept pressure on the EUR.
International Monetary Fund Managing Director Dominique Strauss-Kahn said the euro region will survive the turmoil caused by Greece’s credit downgrade, a day after finance chiefs… Continue
Added by Forex Daily Digest on January 20, 2010 at 10:43am —
The EUR lost ground as German investor sentiment deteriorated while relentless concern over Greece’s finances kept the pressure on the currency. Against the USD, the EUR dropped below its 200-day moving average around $1.4285. It also fell to a one-month low against the JPY and a four-month low against sterling after Kraft Foods agreed to buy Britain's Cadbury Plc, increasing demand for GBPs.
The CAD fell as the nation’s central bank promised to leave the benchmark interest rate at a… Continue
Added by Forex Daily Digest on January 19, 2010 at 10:19am —
Financial markets in the U.S. are closed today for the observance of the Martin Luther King day holiday. Investors will closely watch U.S. earnings this week, with financial services heavyweights Bank of America and Morgan Stanley expected to report on Wednesday, and results from Goldman Sachs due on Thursday. The USD and JPY fell in subdued Asian trading today, giving up earlier gains as investors delayed trading actively with the New York stock market closed for the… Continue
Added by Forex Daily Digest on January 18, 2010 at 9:19am —
The USD headed for a second weekly decline on speculation the Federal Reserve will keep interest rates near zero to aid the U.S. economic recovery. The USD gained against the EUR amid worries about Greece's fiscal situation and refuted rumors that German Chancellor Angela Merkel was preparing to resign. The dollar held onto those gains and others against major currencies as reports showed inflation was tame and an index on regional manufacturing improved.
Meantime, German Chancellor… Continue
Added by Forex Daily Digest on January 15, 2010 at 10:24am —
The dollar gained a little ground on the euro and other major currencies in volatile trading Thursday after U.S. economic reports let some of the air out of hopes the largest global economy would continue to recover smoothly. Analysts noted news reports that William Dudley, president of the Federal Reserve Bank of New York, said the target interest rate as set by the Federal Open Market Committee could remain unchanged for up to two years.
The European Central Bank left official… Continue
Added by Forex Daily Digest on January 14, 2010 at 10:15am —
The U.S. dollar held to minor losses against a basket of its rivals after the Federal Reserve's report on regional economic conditions said conditions were improving modestly, and the U.S. Treasury said the government ran a budget deficit of $91.8 billion in December. The dollar index traded at 77 versus 76.84 just ahead of the release, for a loss of about 0.2% for the day. The USD fell against the EUR, GBP and the CAD but gained against the JPY.
The Fed's Beige Book was released… Continue
Added by Forex Daily Digest on January 13, 2010 at 10:00am —
The USD rose against higher- yielding currencies on speculation the global economy recovery may be slowing, spurring demand for the safety of the dollar. The USD gained the most against South Africa’s rand, the Norwegian krone and the South Korean won after an official at China’s sovereign wealth fund said he saw an end to the dollar’s recent decline. The AUD weakened for the first time in three days after a government report showed home- loan approvals declined more than economists… Continue
Added by Forex Daily Digest on January 12, 2010 at 10:08am —
The USD dropped to a three-week low versus the EUR and fell to its weakest point since October versus the CAD, as signs the global recovery is gaining pace boosted demand for higher-yielding and commodity currencies. The AUD rose to the highest in a month versus the USD after a Chinese government report showed exports climbed for the first time in 14 months and imports reached record highs. South Korea’s won rose for a seventh day, its longest winning streak in three months, on speculation… Continue
Added by Forex Daily Digest on January 11, 2010 at 10:20am —