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Dukascopy Morning Forex Overview: 26/01/2011
Previous session overview
The dollar continued its fall against the yen and the euro Wednesday in Asia on lower Treasury yields as expectations grew that the U.S. may cut its spending in coming years following President Barack Obama's call for a freeze in federal non-defense, discretionary expenditures.
The expectations have increased on speculation that Obama would use his State of the Union address to push for a spending freeze.
Obama said the plan would reduce the deficit by USD400 billion and bring discretionary spending to the lowest share of the U.S. economy since Dwight Eisenhower was president in the 1950s.
Market reaction to the address was limited, since almost all of the key points were known in advance, dealers said. Trading was also subdued as investors awaited the outcome ...
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Dukascopy Morning Forex Overview: 25/01/2011
Previous session overview
The euro gained against the dollar in Asia Tuesday as firm share prices in most Asian markets buoyed risk sentiment, while expectations grew that the European Central Bank may raise interest rates ahead of the U.S. and Japan, benefiting the common currency.
Also helping the euro are growing expectations the euro-zone may raise key interest rates to combat rising inflation in the coming months, while the U.S. and Japan likely continue on the easing path, dealers said.
The Bank of Japan's policy board decided Tuesday to keep its easy monetary policy unchanged, as stable financial markets and growing optimism toward the economic outlook give it room to gauge the effects of "comprehensive monetary easing" announced in October.
Dealers said no immediate reaction ...
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Dukascopy Morning Forex Overview: 24/01/2011
Previous session overview
The dollar gained moderately against the yen and euro in Asia Monday due to buying from Japanese importers and regional hedge funds following a fall in the U.S. currency late last week.
Dealers said trade was quiet and that investors are focused on surveys of euro-zone business conditions due later in the global day, with any strength likely limiting further dollar rises.
The single currency got a boost Monday after European Central Bank President Jean-Claude Trichet said in an interview with The Wall Street Journal that inflation pressures in the euro zone must be watched closely. He signaled that he won't let the economic weakness in Europe's troubled fringe delay ECB interest-rate increases if he sees threats to price stability.
Dealers said that the FOMC's ...
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Dukascopy Morning Forex Overview: 21/01/2011
Previous session overview
The euro rose against other major currencies Friday as a rally in Chinese share prices prodded short-term investors to buy the risk-sensitive common currency, although dealers said sharper gains will likely be limited by speculation that China may tighten monetary policy in the coming weeks.
The focus on China, an engine of global growth, comes a day after Beijing released data showing the economy grew at a faster-than-expected 9.8% on year in the fourth quarter. That topped economists' expectations for a 9.2% rise, likely increasing pressure on the Chinese authorities to raise interest rates to keep the economy from overheating, analysts said.
Concerns over such tightening weighed on Chinese equities Thursday, although they bounced back Friday in part on ...
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Dukascopy Afternoon Forex Overview: 20/01/2011
Previous session overview
The euro's climb resumed in European trading hours Thursday as speculation that the European Financial Stability Facility could be expanded continued to boost sentiment towards the single currency.
The euro slipped in Asian trading hours and the dollar broadly gained after stronger-than-expected growth data from China stoked concerns that the country's economy may be overheating. Asian equities also tumbled.
But the 17-country currency resumed it's upwards trend in European hours, with gains against the dollar, pound, yen and regional currencies, such as those of Sweden and Norway.
Indeed, euro-zone debt concerns have abated somewhat with the market largely ignoring any negative news of late, market participants say.
Elsewhere, the dollar was mixed in ...
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Dukascopy Morning Forex Overview: 20/01/2011
Previous session overview
The euro fell against the dollar Thursday in Asia due to lingering European debt concerns, but some dealers think China's strong gross strong domestic product data and lower-than-expected price data will give the common currency a lift later in the day.
Asian hedge funds were major sellers of the euro, and were especially active when the euro was around USD1.3450, dealers said. These funds think Europe's sovereign debt problems will likely continue to be a major market mover for some time.
As of 0450 GMT, the euro was at USD1.3460 from USD1.3474 in New York Wednesday and JPY110.52 from JPY110.49. The dollar was at JPY82.11 from JPY82.02. The ICE Dollar Index, which tracks the U.S. dollar against a trade-weighted basket of currencies, was at 78.663 from 78.566.
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Dukascopy Afternoon Forex Overview: 19/01/2011
Previous session overview
The dollar was mostly lower across the board in European trading Wednesday, as sentiment towards the greenback appears to be souring ahead of Chinese President Hu Jintao's visit to the U.S.
The dollar was lower against the euro, yen and commodity-linked currencies of Canada, New Zealand and Australia amid expectations that the U.S.-Chinese talks would touch on Washington's demands that Beijing let its currency rise faster.
China set the dollar's central parity rate against the yuan at a record low Wednesday, stirring speculation that it may continue to let the yuan rise gradually, dragging on the U.S. currency broadly.
Elsewhere, sterling was another focal point, with the pound falling against the euro and dollar after official data showed little improvement ...
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Dukascopy Morning Forex Overview: 19/01/2011
Previous session overview
The dollar fell broadly in Asia Wednesday after being set at a record low against the yuan ahead of talks between the U.S. and Chinese presidents widely expected to touch on U.S. demands that Beijing let its currency rise faster.
Chinese President Hu Jintao, who is scheduled to meet U.S. President Barack Obama in Washington later in the global day, has repeatedly resisted such demands. But China's setting of the dollar's central parity rate against the yuan at a fresh record low Wednesday stirred speculation that Beijing may continue to let the greenback fall gradually against the yuan, dragging on the U.S. unit broadly.
The dollar dropped to a two-week low against the yen and traded near a one-month low against the euro.
At 0450 GMT, the dollar was down at ...
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Dukascopy Morning Forex Overview: 18/01/2011
Previous session overview
The euro fell against the yen Tuesday in Asia due to doubts that a meeting of European finance ministers will produce anything to ease investor worries about the region's sovereign debt problems.
Investors don't expect much from the meeting because the participants lack agreement about possible additional support for fiscally strapped euro-zone members.
As of 0450 GMT, the euro was at JPY109.91, lower than JPY109.96 in Toronto on Monday, while it was at USD1.3319 from USD1.3296. New York was closed for a holiday.
The greenback was at JPY82.53, lower than JPY82.67 in Toronto on Monday. Dealers noted there had been heavy selling by Japanese exporters.
The ICE Dollar Index, which tracks the greenback against a trade-weighted basket of currencies, was at 79.177.
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