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New Zealand DollarTitle:
Dollar firmer as commodity currencies come under fire
(Reuters) - The U.S. dollar started with a spring in its step on Wednesday as renewed worries about Chinese growth saw investors dump commodity currencies including the Australian dollar.
The dollar index .DXY bounced off a 1-1/2 week trough of 79.354 to last trade at 79.610. Against the yen, the greenback climbed to 83.68, nearing an 11-month high of 84.17 seen just a few days ago.
"We maintain a view of being long USD/JPY on dips as well as CAD/JPY and MXN/JPY. The market continues to want to sell JPY, keeping USD/JPY well bid. Some of it has to do with rising yields in the US," said Sebastien Galy, strategist at Societe Generale.
U.S. Treasury yields have risen on the back of growing optimism about the U.S. economic recovery, making the dollar less attractive as a funding currency ...
Title:
Dollar rises as China fears boost safe-haven allure
(Reuters) - The dollar gained across the board on Tuesday, lifted by safe-haven demand that was driven by worries about a potential slowdown in China, which hurt both European and U.S. stocks.
Global miner BHP Billiton said it saw signs that growth in iron-ore demand was flattening in China, Australia's single biggest export market. That pushed the Australian dollar down more than 1 percent.
In addition, China's National Development and Reform Commission raised domestic retail energy prices, effective Tuesday, the second time in less than two months. Even though that still leaves a wide gap between international and domestic prices, investors were concerned that higher energy costs could further undermine an already slowing Chinese economy.
"The dollar is gaining because of its safe- ...
Title:
Dollar rises as growth-linked currencies slip
(Reuters) - The dollar gained against the euro and yen in quiet trade on Tuesday, while the Australian dollar tumbled on central bank hints of more room to ease and fears about China's growth.
Global miner BHP Billiton said it saw signs that growth in iron ore demand was flattening in China, Australia's single biggest export market, pushing the Australian dollar down more than 1 percent.
The Aussie was also undermined by minutes from Australia's central bank, which were deemed as dovish as they suggested that the bank has ample room to ease policy should conditions worsen.
Against the U.S. dollar, the Australian dollar slid to $1.0492, down 1.1 percent for the day, while the New Zealand dollar slumped 1.3 percent to 0.8158.
Key technical support for the Australian dollar lies at the ...
Title:
Dollar makes broad gains as growth currencies slip
(Reuters) - The dollar gained against major currencies on Tuesday while growth-linked currencies slumped as concerns about China's growth sent investors scurrying to the safety of the greenback.
Global miner BHP Billiton said it saw signs growth in iron ore demand was flattening in China, Australia's single biggest export market, pushing the Australian dollar down more than 1 percent.
"Investors are snapping up U.S. dollars this morning and the rally has all the characteristics of a safe haven bid," said Kathy Lien, director of currency research at GFT Forex in Jersey City, New Jersey.
Renewed concerns about China, the world's second largest economy after the United States, had investors favoring the dollar.
"Throughout the global financial crisis, China did the heavy lifting for Asia ...
Title:
Dollar rises as risk sours; Aussie hit
(Reuters) - The dollar edged up against a basket of currencies on Tuesday, supported on safe-haven demand as risk sentiment soured, and making strong gains against the Australian dollar amid concerns that China's appetite for raw materials could be slowing.
The Aussie fell 0.8 percent on the day to $1.0528, coming under pressure after global miner BHP Billiton said it saw signs that growth in iron ore demand was flattening in China, Australia's single biggest export market.
Concerns that a slowdown in China could hit global growth pushed the dollar index up 0.2 percent at 79.659 .DXY, moving towards its March high of 80.738, a break above which would take the greenback to its highest levels since January 18.
"There's a stronger (U.S.) dollar move generally today with any hint that ...
Title:
Dukascopy Morning Forex Overview : 20/03/2012
Fundamental Analysis
EUR
"The improvement is largely due to ongoing exports gain"
- Dominique Barbet, an economist at BNP Paribas
The euro zone's current account surplus rose to 4.5 billion euros in January, the highest level in almost five years, from 3.4 billion euros in December, said the European Central Bank on Monday.
USD
"While builders are still very cautious at this time, there is a sense that many local housing markets have started to move in the right direction"
- Barry Rutenberg, chairman of the NAHB
Homebuilder sentiment remained unchanged in March from February, said the National Association of Home Builders on Monday. The NAHB/Wells Fargo Housing Market index stayed at 28, the highest level since June 2007.
GBP
"Early indicators suggest that property market activity in ...
Title:
Dukascopy Afternnon Forex Overview : 20/03/2012
Fundamental Analysis
EUR
Greek CDS sellers might have to pay 78.25 cents on each euro of the bonds to cover the insurance claims caused by Greek credit restructuring. According to Cedex Group and Markit Group, the dealers have set an initial 21.75% price at a Greek-bond auction today.
USD
United Parcel Service expanded its bid for TNT Express by 5.6% to EUR 5.16 billion to shelter the largest deal in UPS history and beat the offer from Deutsche Post AG. Atlanta-based UPS raised its offer price from EUR 9.0 a share to EUR 9.5 a share. TNT shares added 1.8% on the announcement in Amsterdam trading session.
GBP
British FTSE 100 index declined on Monday as dropping commodity prices negatively affected the value of resource shares. Financials also provided substantial downward contribution. ...
Title:
Dukascopy Morning Forex Overview : 19/03/2012
Fundamental Analysis
EUR
"We expect euro-zone gross domestic product to contract further in the first quarter of 2012 and very possibly in the second quarter as well"
- Howard Archer, chief European economist at IHS Global Insight
European exports rose for a third straight month in January, adding to signs the region is recovering after contraction in the fourth quarter. The 17-nation currency bloc posted a trade deficit of 7.6 billion euros in January, said the European Union's statistics agency Eurostat on Friday.
USD
"Consumers are pretty stretched at this point"
- Scott Brown, chief economist at Raymond James & Associates Inc
U.S. industrial production was little changed in February, compared to the previous month, said the Federal Reserve on Wednesday.
GBP
"Both the systemic risk ...
Title:
Dukascopy Afternnon Forex Overview : 16/03/2012
Fundamental Analysis
EUR
Greek unemployment rate hit a new record in Q4, approaching 20.7%. The figure indicates that country economy experiences crisis while tight austerity measures are likely to push the county into even deeper recession. The jobless rate is expected to rise further in the following months, said Platon Monokroussos, EFG Eurobank economist. Young individuals were the most severally affected by the slowdown. Almost 40% of people aged between 15 and 24 are without job as compared to 28% in Q4 of 2010.
USD
February CPI remained in laine with the 0.4% forecast after a 0.2% in January. Manufacuting sales lost 0.9% in January despite a positive 0.4% forecast and a significant 0.6% growth in December.
GBP
British FTSE 100 index climbed on Friday supported by bank stocks. ...
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