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Thread: Forex news from InstaForex

  1. #21
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    Dollar Advances Against Majors

    In the Asian session on Tuesday, the U.S. dollar rose against other major currencies as risk appetite reduced on speculation of an interest rate hike by China.
    The People's Bank of China on Monday said inflationary pressure still remains at a high level and vowed to maintain prudent monetary policy.
    In the Monetary Policy Committee meeting, policy makers stressed the need for paying close attention to the current international and domestic economic and financial situation and also the importance of 'stability' in implementing prudent monetary policy.
    The PBOC's statement increased speculation that an interest rate hike could be imminent.
    Adding to worries, Moody's Investor Service warned today that the scale of problem loans at Chinese banks may be larger than estimated by the National Audit Office (NAO).
    The Chinese audit agency could be understating banks' exposures to the local governments borrowers and the local government debt may be CNY 3.5 trillion higher than estimated, the rating agency said.
    It also warned that the absence of a clear master plan to deal with this issue may potentially turn the outlook for the Chinese banking system to negative.
    The dollar rose to a 4-day high of 81.13 against the yen. The next upside target level for the dollar is seen at 81.3. At yesterday's close, the dollar-yen pair was quoted at 80.80.
    Against the euro, the dollar strengthened to a 4-day high of 1.4467, compared to yesterday's close of 1.4539. On the upside, 1.445 is seen as the next target level for the U.S. currency.
    The dollar climbed to a 4-day high of 1.6032 against the pound and if the dollar advances further, it may likely target the 1.600 level. The pound-dollar pair closed yesterday's trading at 1.6089.
    The US dollar edged up to a 6-day high of 1.0667 against the Australian dollar, compared to yesterday's close of 1.0736. On the upside, 1.055 is seen as the next target level for the greenback.
    As expected, the Reserve Bank of Australia decided to maintain its cash rate unchanged at 4.75 percent.
    At today's meeting, the Monetary Policy Board judged that the current "mildly restrictive" stance of monetary policy remained appropriate. In future meetings, the board will continue to assess carefully the evolving outlook for growth and inflation, the bank said in a statement.
    Against the New Zealand dollar, the US dollar rose to a 4-day high of 0.8268. The next upside target level for the greenback is seen at 0.824. The kiwi-greenback pair was worth 0.8297 at yesterday's close.
    The U.S. dollar is trading at a 4-day high of 0.9622 against the Canadian dollar. If the US dollar rises further, it may likely target the 0.965 level. At yesterday's close, the greenback-loonie pair was quoted at 0.9612.
    Traders are now likely to focus on the European session, in which final readings of services PMI for June from the major European economies and the Eurozone May retail sales are expected to influence trading.
    The U.S. factory goods orders report for May is due at 10:00 am ET.

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  2. #22
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    European Economics Preview: German Factory Orders Due

    Factory orders from Germany and revised estimates of first quarter gross domestic product from Eurozone are the major highlights of the European economics news on Wednesday.
    Spain is slated to release the industrial output data at 3 am ET. Economists expects production to remain unchanged in May.
    At 5 am ET, Eurostat is expected to publish the third estimate of the first quarter Eurozone GDP. The economy expanded 0.8 percent sequentially in the first quarter, taking the annual rate to 2.5 percent.
    At 6 am ET, the Federal Ministry of Economy and Technology is expected to release German factory orders data for May. Economists expect orders to rise 9.5 percent year-on-year after 10.5 percent growth in April. On a monthly basis, orders are forecast to fall 0.5 percent.


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  3. #23
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    Euro Strengthens Against Most Majors

    Ahead of the European session on Thursday, the euro has been gaining against the currencies of Japan, U.K. and Switzerland. At present, the euro is worth 1.2056 against the franc, 116.07 against the yen and 0.8982 against the pound.


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    German Exports Recover In May

    German exports grew more than expected in May after easing in April, data from the Federal Statistical Office showed Friday.

    Exports advanced 4.3 percent month-on-month, compared to April's 5.6 percent drop. Economists had expected it to grow only 1.5 percent in May. At the same time, imports climbed 3.7 percent, reversing a 2.5 percent fall in April. That was also bigger-than-expected 1.5 percent growth.

    The trade surplus increased to EUR 14.8 billion from EUR 10.8 billion in April. The surplus stayed well above the consensus forecast of EUR 12.2 billion.

    According to provisional results of the Deutsche Bundesbank, the current account of the balance of payments showed a surplus of EUR 6.9 billion in May. That was larger than the EUR 3.1 billion surplus seen in May 2010 and slightly below EUR 7 billion surplus expected by economists.

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  5. #25
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    Euro Extends Decline Against Majors

    The European currency continued its previous sessions' declining trend against its major counterparts in early European deals on Tuesday.
    The common currency is presently trading at a fresh record low of 1.1633 against the Swiss franc, fresh multi-month lows of 110.76 against the yen and 1.3874 versus the US dollar and nearly a 4-week low of 0.8765 versus the pound.
    On the downside, the single currency may break below the psychological mark of 1.16 against the franc in near-term. Also, the euro may test support levels at 110.50 against the yen, 0.8720 against the pound and 1.3850 against the greenback.

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  6. #26
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    U.S. Dollar Drops Against Pound

    During early European deals on Wednesday, the U.S. dollar extended its previous session's fall against the pound and touched a 2-day low of 1.5971 at 3:10 am ET. The pair is presently trading at 1.5967, compared to Tuesday's close of 1.5915. If the greenback slides further, it may target 1.615 level.


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  7. #27
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    Pound Declines Against Majors

    U.K.'s sterling edged lower against its major counterparts in early European trading on Wednesday.
    The pound fell to 126.95 against the yen and 1.6098 against the US dollar around 3:05 am ET, down from yesterday's closing values of 127.68 and 1.6126, respectively.
    If the British currency weakens further, it may find target levels at 1.6040 against the greenback and 125.50 versus the yen.
    The UK currency also reached as low as 1.3250 against the Swiss franc and 0.8807 against the euro before holding steady around 3:05 am ET.
    The pound that closed yesterday's deals at 1.3292 against the Swiss franc and 0.8781 against the euro is presently quoted at 1.3252 and 0.8801, respectively.
    On the downside, the British unit may test support levels at 1.3150 against the Swiss franc and 0.8850 against the euro.


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    Euro Rises Against the Chf As Investors Cheer the Greek Deal


    News:

    The Swiss franc fell against the euro after an emergency summit of leaders of the 17-nation currency area pledged to conduct a second bailout of Greece.

    The franc slipped 0.4 pct against the euro compared with the New York close, trading at 1.1815 at 0644 GMT.

    Analysts at Credit Suisse said the franc was likely to fall against the euro in coming months, if risk aversion abated.

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  9. #29
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    Yen Jumps To Multi-day Highs Against Most Majors

    Monday, the Japanese yen traded higher across the board, barring the Swiss franc, as worries about the U. S. debt ceiling and Moody's downgrade of Greece debt ratings increased bets on safe-haven currencies.

    The yen is presently trading at a 1-week high of 82.20 against the Canadian dollar with 81.30 seen as the next likely target level. The loonie-yen pair settled Friday's deals at 82.76.

    The Japanese currency also climbed to a 4-day high of 112.14 against the euro, 127.33 versus the pound, 84.48 against the Australian dollar and 67.44 against the NZ dollar around 3:45 am ET.

    On the upside, the domestic unit may find target levels at 111.60 against the euro, 126.70 versus the pound, 67.30 against the NZ dollar and 84.20 versus the Australian dollar.

    The Japanese currency also reached as high as 78.23 against the US dollar before holding steady around 3:20 am ET. The dollar-yen pair, which closed Friday's deals at 78.50, is presently worth 78.23 with 76.20 seen as the next likely target level.

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  10. #30
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    U.K. GDP Growth Slows In Q2

    The British economy expanded at a slower pace as estimated for the second quarter, the Office for National Statistics said Tuesday.
    Gross Domestic Product (GDP) grew 0.2 percent sequentially in the second quarter, following an increase of 0.5 percent in the first quarter. The rate of growth matched economists' expectations.
    On the production front, output of the production industries fell 1.4 percent, following a decline of 0.1 percent in the prior quarter. Manufacturing dropped 0.3 percent and mining and quarrying slipped 6.6 percent. The decrease in electricity, gas and water supply was 3.2 percent.
    Meanwhile, construction output grew 0.5 percent, reversing last quarter's 3.4 percent quarterly drop.
    On a yearly basis, the economy expanded 0.7 percent in the second quarter, slightly smaller than the 0.8 percent growth expected by economists.
    The statistical office said there were a number of special events associated with the second quarter including the additional April bank holiday, the royal wedding and the after effects of the Japanese tsunami.


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