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Dukascopy Afternoon ForexTitle:
Dukascopy Afternoon Forex Overview: 23/02/2011
Previous session overview
The euro set a new three week high against the dollar Wednesday after the report of stronger-than-expected U.S. existing home sales.
The euro lifted as high as USD1.3775, its highest level since Feb. 3, from roughly a USD1.3740 level just before the data.
The common currency has rallied against the greenback after hawkish comments Tuesday from European Central Bank council member Yves Mersch shifted the market's attention back to interest rates. Mersch is the third ECB member in less than a week to essentially say the central bank stands ready to act, quickly if necessary, to combat rising prices.
A rate rise would make the single currency more attractive than the dollar or yen because central banks in those countries aren't expected to raise rates any time ...
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Dukascopy Morning Forex Overview: 23/02/2011
Previous session overview
The euro rose against the dollar Wednesday in Asia on firm expectations the European Central Bank will hike rates this year, but a further rise is far from assured, given the unrest in the Middle East.
It is difficult to predict how the common currency will perform even for the rest of the week, dealers said.
They are divided over which of two factors higher crude prices stemming from Libyan unrest, or the likelihood of ECB tightening as suggested by hawkish comments from its board members they should pay more attention to when trading currencies.
As of 0450 GMT, the euro was at USD1.3691 from USD1.3650 Tuesday in New York. The single unit was buoyed by U.S. hedge funds that are somewhat optimistic about the outlook for the troubled region.
Against the yen, ...
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Dukascopy Afternoon Forex Overview: 22/02/2011
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A session of two halves leaves EUR higher in places and USD mixed while core government bonds hold a safe-haven bid that eluded equities, which suffer risk aversion. Asia trade dominated by escalating violence in Libya, an earthquake in New Zealand and Moody's downgrading Japan's debt outlook to negative.
The euro was at USD1.3677 from about USD1.3679. The euro was at JPY113.71 from about JPY113.65.
The dollar traded in a tight range to the yen after Moody's Investors Service changed its outlook on Japan's credit rating to negative from stable. Standard & Poor's recently slashed its rating on Japan's sovereign debt.
The dollar was at JPY83.16 from about JPY83.14.
The Swiss franc rose sharply against the dollar and euro Tuesday as traders sought safety amid ...
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Dukascopy Afternoon Forex Overview: 21/02/2010
Previous session overview
The euro is finding good support at levels just under USD1.37 against the dollar Monday, buoyed by strong economic data, which in turn underscores the case for higher interest rates in the currency bloc.
The single currency had come into the European trading session on a strong footing after hawkish comments from European Central Bank chief Jean-Claude Trichet and fellow rate setter Lorenzo Bini Smaghi. For those bidding the euro higher, today's economic data was further reason for cheer.
The Ifo business climate index, which measures sentiment in the euro zone's biggest economy, Germany, rose to 111.2 in February, its highest level since 1969. Backing that up, the purchasing managers' index for Germany's private sector also proved strong, hitting a record high ...
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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
Previous session overview
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
Previous session overview
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 ...
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Dukascopy Morning Forex Overview: 16/02/2011
Previous session overview
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
Previous session overview
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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