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Against A TradeTitle:
Euro in an attempt to trim the losses as the dollar weakens
Pessimism fell to some extent in financial markets, but we can’t say that optimism spread, but what we see is some reduction in the severity of pessimism in the financial markets and traders tended cautiously towards high-yielding assets.
Chinese GDP expanded 9.5% down from 9.7%, although it noted a slight decline in growth, but it is still better than forecasts, as it gives the impression that China’s performance didn’t fall much despite the monetary tightening steps.
Although the Federal Reserve is still taking a neutral position in terms of monetary policies, and committed to its stance on low interest rates, but some traders felt that the tendency of some members of the Feds for a third round of quantitative easing if the economy continued to show weakness, which caused this wave of ...
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Pound Falls vs. Euro on Jobless Claims
The Great Britain pound dropped against the euro today as the government report showed that the unemployment claims increased in June, instead of decreasing as was predicted by analysts. The currency gained versus the dollar.
The number of people seeking unemployment benefits rose by 24,500 in June from May, while market forecast change by only 15,100. The change from April to May was revised upwardly from 19,600 to 21,500. The unemployment rate was at 7.7 percent.
EUR/GBP climbed from 0.8780 to 0.8815 as of 11:12 GMT today. GBP/USD traded at 1.5947 after it advanced from 1.5910 to 1.5987.
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Yen Declines as Chinese Economy Grows
The Japanese yen erased gains versus the US dollar and fell against the euro today after the Chinese economy grew more than expected in the second quarter of this year.
The National Bureau of Statistics reported that China’s gross domestic product grew 9.5 percent in the second quarter of 2011, compared to the median forecast of 9.3 percent. The MSCI Asia Pacific Index of equities gained 0.9 percent. The Standard & Poor’s 500 Index added 0.7 percent.
USD/JPY traded near its opening level of 79.32 today as of 10:46 GMT after falling to the intraday low of 78.47. EUR/JPY climbed from 110.74 to 111.64.
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Dukascopy Afternoon Forex Overview : 13/07/2011
Previous session overview
The dollar added to its losses Tuesday after Federal Reserve Chairman Ben Bernanke's prepared testimony in front of Congress was released.
Bernanke's statement reiterated recent comments that U.S. growth remains modest so far in 2011. He said the central bank expects the economy to improve during the second half of the year, but it remains at the ready to ease monetary policy if growth remains slow.
The euro rose to USD1.4074 from about USD1.4047 just before the testimony was released. The dollar was at JPY79.17 from about JPY79.26.
Stronger demand for riskier assets undermined the dollar's safe-haven appeal Wednesday, which fell to a new record low against the Swiss franc.
The dollar fell as low as CHF0.8265. The euro continued its recovery from Tuesday's ...
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The reversal in the CHF is working perfectly
The reversal in the Swiss, which I analyzed here, last week, is working perfectly. In ...
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YouTradeFX Daily Market Analysis : 13/07/2011
www.youtradefx.com
USD/JPY
Yesterday, the financial markets experienced a day of trading with many fluctuations when, at the start of trading, it was heard that Italy had succeeded in floating a bonds issue for 6.75 billion euro which contributed to the mood of the investors. Later on, it became known that Moody's, the credit rating agency, had reduced Ireland's debenture rating by one stage to "trash". This announcement shook the markets which, as a result, began a series of exchange rate drops.
The United States dollar – Japanese yen pair also experienced its own steep price fall over the past few days and yesterday it set a new record low after it reached the strong support level of 79.00. Now, since the markets have calmed down somewhat, the expectation is that the pair could very ...
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Euro Recovers on US Trade Balance, Threatened By Ireland
The euro rose today against the US dollar after yesterday’s decline as the US trade balance posted bigger deficit than was anticipated and the minutes of the Federal Open Market Committee showed that the US policymakers are divide on their opinion about necessity of the quantitative easing.
The euro rose today, following yesterday’s decline, as the deficit of the US trade balance widened from $43.6 billion in April to $50.2 billion in May, while a reading of $44.1 billion was expected. The FOMC minutes showed that its members have different approach to the futures of the US monetary policy:
On the one hand, a few members noted that, depending on how economic conditions evolve, the Committee might have to consider providing additional monetary policy stimulus, especially if economic ...
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Euro finds reprieve, Aussie gains on soothing China data
(Reuters) - The euro found some reprieve on Wednesday from a plunge since the start of the week and commodity currencies rose after upbeat Chinese data comforted market players gripped by fears that the euro zone debt crisis could spiral out of control.
The euro has managed to stay more than one percent above a four-month low against the dollar and kept some distance against the Swiss franc in Asia, as falls in Italian and Spanish bond yields after their surge to 14-year highs on Tuesday have put the brakes on selling of the single currency.
The Japanese yen, which has benefited from the euro's woes, hit a four-month peak against the dollar and many other currencies in thin, early Asian trade, but it then stepped back from highs in line with an easing in overall risk aversion trade.
The ...
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China growth optimism lifts stocks, commodities
(Reuters) - Asian equities, metals and commodity currencies rallied on Wednesday as investors piled into risky assets after China's economic growth data reassured markets that the world's second-largest economy was maintaining its growth momentum.
The euro found some reprieve from a plunge since the start of the week and Australian dollar gained 0.3 percent to $1.0630 as the data comforted market participants fretting that the euro zone debt crisis could spiral out of control.
European stock markets opened weaker with the FTSEurofirst 300 .FTEU3 index of top European shares down 0.3 percent, its fourth straight day of falls.
China's annual gross domestic product grew 9.5 percent in the second quarter of 2011, above 9.4 percent forecast by a Reuters poll, as a spate of monetary ...
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