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Dukascopy Morning Forex Overview: 29/11/2010
Previous session overview
The euro dropped to a two-month low against the dollar in Asia on Monday as a weekend rescue package for fiscally troubled Ireland failed to soothe investor concerns over European sovereign debt.
The common unit was at USD1.3224 as of 0450 GMT after briefly touching USD1.3182, its lowest level since Sept. 21.
European Union finance ministers agreed Sunday to a EUR85 billion loan package for Ireland, but the development failed to give the single currency a long-lasting boost as investors speculate that debt worries in the region are likely to persist.
Against the yen, the euro was at JPY111.24 from JPY111.42 as of 0450 GMT, and investors said the European single currency will likely keep falling on this front as well.
Meanwhile, the greenback rose to JPY84.20 ...
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Dukascopy Afternoon Forex Overview: 26/11/2010
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The dollar rose sharply against most of its rivals Friday as investors reacted to fresh signs of trouble in the euro zone and on the Korean peninsula.
The euro sold off more than 1% on news from Friday's Financial Times Deutschland claiming euro-zone countries and the European Central Bank are applying pressure on Portugal to accept aid akin to Ireland's discussed rescue package.
So far, Portugal, Spain and the European Commission have denied the report. But growing market speculation that Portugal may be the next country to ask for support from its euro-zone neighbors has rocked confidence in the common currency, several analysts said.
The dollar, which is still considered a safe harbor in times of stress, benefited from anxiety about Europe and from fear of ...
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Dukascopy Morning Forex Overview: 26/11/2010
Previous session overview
The dollar rose to a near eight-week high against the yen in Asia Friday as growing expectations for further climbs in the U.S. currency prodded Japanese importers and short-term investors to pick up the unit.
The dollar's recent rebound owes partially to rising U.S. Treasury yields. Recent economic indicators have suggested that the U.S. recovery may be more stable than previously thought. That has cut into demand for safe-haven government debt, pushing yields on such bonds up and making the dollar more attractive to hold.
Dealers said the greenback's continued firmness against the yen on Friday was also due in part to investors preferring to hold the U.S. currency against the Japanese unit amid regional tensions on the Korean Peninsula.
At 0450 GMT, the ...
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Dukascopy Afternoon Forex Overview: 25/11/2010
Previous session overview
The dollar is higher against the Swiss franc and the British pound but little changed against other major rivals Thursday as the Thanksgiving Day holiday in the U.S. results in reduced trading flows.
Light trading and a slightly healthier investor appetite for risk in overnight trading enabled the euro to stabilize after sharp selling in earlier sessions. The respite for the common currency is expected to be brief as the fiscal crisis in Ireland and concerns about other peripheral economies in the euro zone continue to fester.
Higher U.S. Treasury yields helped the dollar hold its ground broadly despite the improved sentiment toward risk.
The ICE Dollar Index, which tracks the dollar against a trade-weighted basket of currencies, was at 79.860 from 79.800.
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Dukascopy Morning Forex Overview: 25/11/2010
Previous session overview
The euro retained its weakening tone against the dollar and the yen Thursday in Asia as lingering debt concerns and ongoing Korean tensions prompted investors to dump the high-yielding, but riskier European common currency.
Also weighing on the euro are tensions in Asia after North Korea shelled a South Korean island Tuesday. Dealers said the dollar and the yen are benefiting from the incident, despite Japan's proximity to the peninsula and the U.S. military presence there.
At 0450 GMT, it was at USD1.3324 from USD1.3327 overnight in New York, and at JPY111.29 from JPY111.43.
Against the yen, the dollar was at JPY83.50 from JPY83.62 Wednesday in New York. The ICE Dollar Index, which tracks the dollar against a trade-weighted basket of currencies, was at 79.827 ...
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Dukascopy Afternoon Forex Overview: 24/11/2010
Previous session overview
The euro recovered from two-month lows against the dollar Wednesday following mixed U.S. economic data, in a brief reprieve from the concerns about the euro zone's debt problems that have been weighing on the European currency.
The euro rebounded from USD1.3284 earlier in the global session a level last seen Sept. 22 on news that Standard & Poor's cut its long-term and short-term sovereign ratings for Ireland.
The rating agency's move reflected deepening concerns about heavily indebted euro-zone nations, which some investors worry could threaten the long-term viability of the euro zone.
The dollar gained against the yen as continued geopolitical fears in the Korean peninsula caused market participants to choose the safety of the greenback over the Japanese ...
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Dukascopy Morning Forex Overview: 24/11/2010
Previous session overview
The euro has posted a small rebound Wednesday after falling to a fresh two-month low against the dollar in Asia after Standard & Poor's cut its ratings on Ireland. At 0720 GMT, the euro was trading at USD1.3388, from USD1.3369 late Tuesday in New York, after falling to USD1.3359, its lowest level since Sept. 24.
Trade was relatively quiet, as some market participants refrained from major bets a day after North Korea fired artillery at a South Korean island, fueling concerns that regional conflict could escalate, dealers said.
During morning trade in Tokyo, the ratings agency S&P cut its long-term sovereign rating on Ireland by two notches to A from AA- and dropped its short-term rating one notch to A-1.
The common currency was up against the yen, trading at ...
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Dukascopy Afternoon Forex Overview: 23/11/2010
Previous session overview
The dollar soared broadly early Tuesday, with investors huddling into traditional safe-harbor currencies after an exchange of fire between North and South Korea.
Investors already were on edge, amid increasing turmoil brought by Ireland's debt troubles. A slightly-better-than-expected third-quarter U.S. GDP reading pushed the dollar's rally slightly.
Volumes were thin, with the U.S. heading into Thursday's Thanksgiving holiday, and markets closed Tuesday in Japan. Thin markets lead to greater volatility as smaller moves can have an exaggerated effect.
The ICE Dollar Index, which tracks the greenback against a trade-weighted basket of currencies, was at 79.089, up from 78.645.
The U.S. economy expanded at a slightly faster pace than previously thought in the ...
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Dukascopy Morning Forex Overview: 23/11/2010
Previous session overview
The euro remained weaker in holiday-thinned Asian trade Tuesday as fresh concern about Ireland and the rest of the euro-zone periphery zapped risk appetite.
Carrying over from the New York session, perceived risky assets like the euro and Asian currencies were sold as euphoria on Ireland's request for bailout assistance gave way to political turmoil, with the prime minister saying he will call elections.
The dollar received a safe-haven bid on the uncertainty, as attention returned to the fiscal problems of Spain and Portugal, but trade was sparse with Japanese markets closed for a national holiday and the U.S. headed into the Thanksgiving lull.
Around 0455 GMT, the euro was at USD1.3584, down from USD1.3624 in late New York trade. The dollar was at JPY83.36, ...
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