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Afternoon Forex OverviewTitle:
Dukascopy Afternoon Forex Overview: 18/02/2011
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Sterling took center stage in European trading hours Friday as fresh expectations that the U.K. will raise interest rates boosted sentiment towards the pound.
The pound rallied against the dollar to hit a high of USD1.6219, while the euro slumped by a similar degree against sterling to GBP0.8381 amid talk that Bank of England monetary policy committee member Andrew Sentance offered hints Thursday that his preference for raising interest rates was gathering support among fellow rate setters.
Sterling then received a further boost when data showed U.K. retail sales rebounded in January from the sharp drop recorded in December as weather conditions returned to normal after heavy snowfall.
The euro was under some pressure against the dollar in European trading ...
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Dukascopy Afternoon Forex Overview: 17/02/2011
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The dollar firmed Thursday after the Philadelphia Federal Reserve's latest manufacturing survey expressed confidence about an improving U.S. economy.
The euro was recently trading at USD1.3605 against the dollar, compared with USD1.3600 just ahead of the data.
The pound got a lift in European trading hours Thursday after a key Bank of England rate-setter warned that the central bank may be falling behind the curve by refusing to raise interest rates despite persistent inflationary pressures.
The Pound rose above USD1.61 against the dollar to a session high of USD1.6128 and was trading just below that level. The Pound is almost back up to where it was before BOE governor Mervyn King played down the prospect of an imminent rate increase Wednesday.
US New ...
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Dukascopy Afternoon Forex Overview: 16/02/2011
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The dollar gained against the euro and yen Wednesday after a stronger-than-expected reading of the U.S. housing market led to optimism about the U.S. recovery.
The data for January housing starts paint a brightening picture of a long-stressed sector of the economy; for January, housing starts jumped 14.6% from a month earlier. Economists had expected a rise of only 0.2%.
The reports helped the dollar knock out the euro's earlier modest gains, with the euro dropping to an intraday low of USD1.3467 in the wake of the data, from USD1.3488 late Tuesday.
The dollar also gained to a session high against the yen, at JPY83.92 from JPY83.77.
Also released was data on underlying wholesale prices, which in the U.S. climbed during January to their highest in more than ...
Title:
Dukascopy Morning Forex Overview: 16/02/2011
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The euro was higher in Asian trading Wednesday after Germany's WestLB reached a deal on a restructuring just before a crucial deadline.
Under the plan submitted by the German government to the European Commission, the state-controlled bank will shrink its balance sheet and reduce risk-weighted assets further by 2015, by roughly one-third more than under a previous restructuring plan. It also proposes separating four business units to prepare them for a later sale or partnerships.
The news came as a relief to the market, removing a potential negative if the group had faced being dismantled.
The news pushed the euro to USD1.3535 in early afternoon trade, compared with USD1.3485 in late New York. As of 0450 GMT, the common currency was at USD1.3531.
The dollar ...
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Dukascopy Afternoon Forex Overview: 14/02/2011
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The euro fell sharply across the board in London trading Monday, sinking to a fresh three-week low against the dollar as worries about German bank WestLB added to renewed euro-area sovereign concerns.
The euro climbed steadily in Asia Monday, buoyed by the weekend's events in Egypt where President Hosni Mubarak finally stood down and Chinese trade data which showed surged in imports.
However, shortly after European trade got underway, the single currency plunged some 0.4% against the greenback to trade at USD1.3453, after headlines suggested that WestLB's future was in doubt. Sources close to the situation that the troubled lender could be preparing to outline a government-supported restructuring plan before the European
The euro was also lower against the ...
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Dukascopy Afternoon Forex Overview: 11/02/2011
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The dollar ticked down slightly after the U.S. international trade data met expectations.
The U.S. deficit in international trade of goods and services increased to USD40.58 billion in December from a slightly revised USD38.32 billion the month before, which was originally reported as USD38.31 billion. Economists had estimated a USD40.5 billion shortfall for December. Still, exports continued their upward trend, setting a pace to achieve the Obama administration's goal of doubling by 2015.
The euro rose to USD1.3540 from USD1.3530 just ahead of the report.
The dollar is still broadly up on the session, as Egyptian political unrest has fed safe-haven flows toward the greenback.
The Canadian dollar rallied Friday morning, reaching a session high against the U.S. ...
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Dukascopy Afternoon Forex Overview: 10/02/2011
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The dollar rallied against the euro on Thursday as concerns about the ongoing sovereign debt crisis cropped up again.
The dollar added to its gains after U.S. jobless claims fell more than expected, hitting their lowest level since July 2008. The dollar also climbed above JPY83 for the first time since Jan. 27 after the weekly unemployment report was released.
Yields on Portuguese bonds rose, re-igniting worries about whether the country can handle its massive debt load at such expensive levels. Portugal and the bigger Spanish economy are the two primary worries in the euro zone right now, so anything that might indicate they would struggle to access or repay debt would hurt the common currency.
The European Central bank was reportedly buying Portuguese debt ...
Title:
Dukascopy Afternoon Forex Overview: 09/02/2011
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The euro dipped sharply across the board in European trading hours Wednesday after reports that Deutsche Bundesbank President Axel Weber will not be a candidate to replace Jean-Claude Trichet as president of the European Central Bank.
The reports sent the 17-country currency lower against the dollar, yen and pound, as Weber is famously tough on inflation, and was widely considered as the most likely candidate to succeed Trichet when his contract expires at the end of October.
Deciding Trichet's successor is the responsibility of euro-zone heads of government, who are currently engaged in a wholesale reform of the governance of the single currency area.
The dip in the euro breathed life into an otherwise quiet trading session in Europe, which saw the dollar ...
Title:
Dukascopy Afternoon Forex Overview: 08/02/2011
Previous session overview
Traders shrugged off a second straight disappointing report on Germany's economy and an interest-rate hike by China to send the euro higher against the dollar Tuesday.
Some risk appetite returned as market participants downplayed the larger-than-expected drop in Germany industrial production in December. Monday's disappointing report on manufacturing likely tempered expectations heading into the industrial production report, analysts said.
China's central bank said it would rise benchmark lending and deposit rates by 0.25 percentage point. The move is aimed at further blunting rapid growth and inflation.
Interest-rate differentials have been a leading driver of currency trading in recent weeks, so hints at changes to key central bank rates would likely have an ...
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