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Dukascopy Afternoon Forex Overview: 19/04/2011
Previous session overview
The U.S. dollar is set to remain under pressure over the long term because most Asian central banks are seen as being unlikely to slow the pace of greenback sales, even after Singapore signaled that it might do just that.
Asian central banks typically buy the dollar against local currencies to slow any export-denting bouts of strength, but then churn the dollars into Euros, Australian dollars, and other currencies to spread the risks, so the greenback falls. This 'recycling' of reserves has been at the heart of the dollar's weakness against a range of currencies including the euro over recent years.
EURUSD probed to an USD1.4317 high into the North American open but the price has struggled in the low-USD1.43s, with the failure above the figure always ...
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Dukascopy Morning Forex Overview: 19/04/2011
Previous session overview
The dollar and euro fell against the yen Tuesday in Asia with risk-aversion moves stemming from sovereign debt concerns the main focus of the market.
Tokyo dealers said the two currencies are likely to extend losses down the road, increasing the risk of yen-selling intervention by Japanese authorities.
During the Asian trading session, investors took their cues from weak share prices to increase their bets on the safe-haven yen, as stocks fell due to lingering European sovereign debt concerns and Standard and Poor's overnight cutting of its outlook on the long-term rating of U.S. Treasury bonds.
As of 0450 GMT, the dollar was at JPY82.46, lower than JPY82.68 in New York on Monday. The euro is at JPY117.31 from JPY113.68, and it may fall to JPY115.50 by the ...
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Dukascopy Afternoon Forex Overview: 18/04/2011
Previous session overview
The dollar dropped Monday after Standard & Poor's slashed its outlook on the U.S.'s government debt rating to negative from stable.
The dollar fell swiftly against both the euro and yen after the outlook was revised, but has since stabilized and even made up some ground against the euro. The euro was at about USD1.4285 in morning trading in New York. The dollar was at JPY82.56.
The S&P headline quickly drew attention back to the ongoing debate in the U.S. about how to reduce its debt burden. S&P cut the outlook, which is a long-term view on the government's ability to repay its debt, because of uncertainty over whether Republicans and Democrats can reach a meaningful long-term plan to reduce the country's debt burden, said David Beers, global head of sovereign ...
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Dukascopy Morning Forex Overview: 18/04/2011
Previous session overview
The euro fell against the dollar and the yen in Asian trading on Monday as fresh concerns over sovereign debt problems in the euro zone prodded participants to unwind long positions in the single currency.
But losses were limited by hopes for further interest rate hikes by the European Central Bank and a lack of compelling reasons for investors to switch their holdings to low-yielding currencies such as the U.S. dollar and the yen.
At 0450 GMT, the euro was at USD1.4376 from USD1.4432 late Friday in New York. The dollar was at JPY82.87 from JPY83.16, while the euro was at JPY119.14 from JPY119.95.
The Wall Street Journal reported over the weekend that the International Monetary Fund believes Greece's debt is unsustainable and has told European government ...
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Dukascopy Morning Forex Overview: 15/04/2011
Previous session overview
The euro tumbled against the yen in Asian trade Friday after economic data from China fueled concern of further credit tightening by the world's second-largest economy, prompting traders to unwind long positions on the euro to reduce risk.
At 0450 GMT, the dollar was at JPY83.44 from JPY83.48 in late New York trade Thursday. The euro was at JPY120.80 from JPY120.94, after rising as high as JPY121.47 earlier Friday. The euro was at USD1.4475 from USD1.4489.
China's National Bureau of Statistics on Friday said the country's consumer price index rose 5.4% in March compared with the same month a year earlier, above a 4.9% on-year increase recorded in February. The median forecast of economists was a rise of 5.3%. Hong Kong-based broadcaster Phoenix TV reported ...
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Dukascopy Afternoon Forex Overview: 14/04/2011
Previous session overview
The dollar was pressured lower against the yen and the euro in Asia Thursday, with continued position adjustments and speculative trade dominating most activity, making trade directionless.
The greenback briefly suffered a modest decline as stop-loss sales were triggered after it broke through a recent low of around JPY83.47, or the 200-day moving average. Short-term speculators were blamed for the fall, as the dollar soon came off the low of JPY82.20 amid an absence of cues to drive the decline below JPY83.
At 0450 GMT, the dollar was at JPY83.57 from JPY83.82 in late New York trade Wednesday. The euro was at USD1.4477 from USD1.4443, while the euro was at JPY121.00 from at JPY121.03.
The ICE Dollar Index, which tracks the U.S. dollar against a trade-weighted ...
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Dukascopy Afternoon Forex Overview: 13/03/2011
Previous session overview
The dollar edged up against the euro and the Japanese yen on Wednesday after data showing that U.S. retail sales rose for the ninth straight month in March.
The euro slipped slightly against the dollar to USD1.4486, though recently had pared back most of those losses. Against the yen, the dollar rose to JPY84.22 immediately after the retail sales data.
Retail sales a key gauge to consumer spending rose 0.4% on the month, though slightly less than the 0.5% gain expected.
The Swiss franc slipped both against the US Dollar and the Euro following investors cutting down their Franc holdings against major counter currencies in order to lock their profits gained from the long upwards run that has been exhibited over the recent sessions.
The Dollar had a sluggish ...
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Dukascopy Morning Forex Overview: 13/04/2011
Previous session overview
The dollar rose against the yen in Asia Wednesday as Japanese pension funds and importers bought the U.S. unit amid a lull in the flow of negative news about Japan's stricken nuclear power plant.
Japanese investors snapped up the U.S. currency after it fell in the morning session to JPY83.50, close to its 200-day moving average, said dealers.
Dealers said investors had largely digested the previous day's news that Japan's nuclear regulators had raised the severity rating of the accident at the Fukushima Daiichi nuclear plant to the same level as the Chernobyl nuclear disaster in the former Soviet Union.
The dollar was at JPY84.04 as of 0450 GMT from JPY83.59 late Tuesday in New York, while the euro was at JPY121.67 from JPY120.98. The euro was at USD1.4477 ...
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Dukascopy Afternoon Forex Overview: 12/04/2011
Previous session overview
The dollar buckled Tuesday to its lowest levels in more than a year against a basket of major currencies, undermined by expectations of loose U.S. monetary policy and political battles over the budget deficit that sapped its safe-haven appeal.
Policymakers around the world have voiced concerns about inflation and have tightened monetary policy in response. However, senior Federal Reserve officials continue to downplay price pressures. Their remarks reinforced concerns that the Fed won't be inclined to tighten monetary policy at a time when investors are eagerly chasing higher-yielding assets even in an environment where risks abound.
With investors increasingly unconcerned about the euro-zone debt crisis, the euro poked above USD1.45 in early U.S. trading, its ...
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