Daily Market News by TradingForex
Published : 09/10/2012
The dollar fell against most major currencies on early Tuesday after investors sold the unit for profits. The greenback rose earlier amid a risk-off session sparked by World Bank and International Monetary Fund cuts to growth forecasts, though profit-taking sent the currency softening somewhat.
The World Bank earlier said it had cut its 2012 growth forecast for developing Asia-Pacific economies to 7.2% from a May forecast of 7.6%. The World Bank also said China's economy will growth 7.7% this year, down from a May forecast of 8.2%. The International Monetary Fund, meanwhile, cut its 2012 global growth forecast to 3.3% from a July estimate of 3.5%.
E.U. ministers are holding talks this week over how to firewall and extinguish the debt crisis, while German Chancellor Angela Merkel is making her first trip to Greece since 2007.
Merkel's visit takes place as representatives from Greece's Troika of international creditors — the ECB, the European Commission and the International Monetary Fund — mull whether the country is meeting terms required to receive its next shot of financial aid.
Later Tuesday, eurozone finance ministers will hold talks to discuss ways to firewall and extinguish the debt crisis.
Published on: 10/10/2012
The dollar rose against most major currencies on early Wednesday as fears grew the global economy continues to cool after the International Monetary Fund trimmed growth forecasts for the world economy.
The euro and other higher-yielding currencies fell after investors sold and jumped to the side-lines ahead of the release of French and Italian industrial production data.
Uncertainty elsewhere in Europe also kept investors in the safety of the greenback.
Protestors clashed with police in Athens to mark German Chancellor Angela Merkel's visit to Greece, as the German leader urged Greeks to stick with austerity measures, adding the country will be better off in the long run.
Uncertainty over whether Spain will seek a bailout made the liquid dollar an attractive safe haven even more.
The dollar also saw gains against the euro and elsewhere as investors sold stocks and braced for U.S. third-quarter earnings, which hit the wire beginning this week.
In the U.S. later Wednesday, the Federal Reserve is to publish its Beige Book, which outlines current economic conditions.
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GBP/USD hit 1.6034 during U.S. morning trade, the daily high; the pair subsequently consolidated at 1.6015, adding 0.07%.
Cable was likely to find support at 1.5960, the low of September 10 and resistance at 1.6083, the high of September 11.
EUR/USD hit 1.2913 during U.S. morning trade, the session high; the pair subsequently consolidated at 1.2897, inching up 0.09%.
The pair was likely to find near-term support at 1.2802, the low of October 1 and resistance at 1.2990, Tuesday’s high.
USD/CHF pulled back from 0.9431, the session high, to hit 0.9390 during European afternoon trade, slipping 0.13%.
The pair was likely to find support at 0.9321, Tuesday’s low and resistance at 0.9431, the session high and a seven-day high.
Market outlook 10/12/12
EUR/USD was trading at 1.2939, up 0.09% at time of writing.
The pair was likely to find support at 1.2932, today’s low, and resistance at 19.3300, Monday’s high.
EUR/GBPwas trading at 0.8066, up 0.09% at time of writing.
The pair was likely to find support at 0.8023, Thursday’s low, and resistance at 0.8099, Tuesday’s high.
USD/JPY was trading at 78.40, up 0.08% at time of writing.
The pair was likely to find support at 77.95, Thursday’s low, and resistance at 78.71, Monday’s high.
EUR/JPY was trading at 101.54, up 0.27% at time of writing.
The pair was likely to find support at 100.15, Thursday’s low, and resistance at 102.45, Monday’s high.
Market outlook from Tradingforex
EUR/USD was trading at 1.2957, up 0.03% at time of writing.
The pair was likely to find support at 1.2824, Thursday’s low, and resistance at 1.3015, Monday’s high.
GBP/USD hit 1.6020 on Tuesday, the pair’s lowest since September 11; the pair subsequently consolidated at 1.6064 by close of trade on Friday, down 0.41% on the week.
AUD/USD hit 1.0292 on Thursday, the pair’s highest since October 2; the pair subsequently consolidated at 1.0230 by close of trade on Friday, still up 0.74% for the week.
Market outlook from Tradingforex
GBP/USDhit 1.6022 during U.S. morning trade, the daily low, the pair subsequently consolidated at 1.6053, edging down 0.14%.
Cable was likely to find support at 1.5983, Thursday’s low and resistance at 1.6141, the high of October 8.
EUR/USD pulled back from 1.2979, the session high, to hit 1.2938 during U.S. morning trade, slipping 0.11%.
The pair was likely to find support at 1.2824, Thursday’s low and resistance at 1.2990, Friday’s high.
USD/CHF hit 0.9372 during European late morning trade, the daily high; the pair subsequently consolidated at 0.9333, easing up 0.01%.
The pair was likely to find support at 0.9307, the low of October 12 and resistance at 0.9384, the high of October 4.
Market outlook from Tradingforex
EUR/USD was trading at 1.3074, up 0.05% at time of writing.
The pair was likely to find support at 1.2890, Monday’s low, and resistance at 1.3139, Wednesday’s high.
GBP/USD was trading at 1.6058, up 0.08% at time of writing.
The pair was likely to find support at 1.6022, Monday’s low, and resistance at 1.6178, Wednesday’s high.
USD/JPY was trading at 79.30, up 0.04% at time of writing.
The pair was likely to find support at 78.33, Monday’s low, and resistance at 79.45, Thursday’s high.
Market Outlook
EUR/USD was trading down 0.02% at 1.3020, up from a session low of 1.3016, and off from a high of 1.3029.
The pair is likely to find support at 1.2952, the low of October 16 and resistance at 1.3077, Friday’s high.
USD/JPY was trading at 79.24, down 0.11% at time of writing.
The pair was likely to find support at 78.62, Wednesday’s low, and resistance at 79.45, Thursday’s high.
Meanwhile, the U.S. Dollar was up against the Euro and the British Pound, with EUR/USDshedding 0.03% to hit 1.3019 and GBP/USD falling 0.06% to hit 1.5996.
GBP/USDhit 1.6177 on Wednesday, the pair’s highest since October 5; the pair subsequently consolidated at 1.6001 by close of trade on Friday, down 0.41% for the week.
Cable is likely to find near-term support at 1.5975, the low of October 10 and resistance at 1.6065, Friday’s high.
Market outlook from Tradingforex
EUR/USD was trading up 0.11% at 1.3073, up from a session low of 1.3020, and off from a high of 1.3083.
The pair is likely to find support at 1.3016, Monday's low, and resistance at 1.3129, Thursday’s high.
USD/JPY was trading at 79.88, down 0.08%, up from a session low of 79.84 and off a high of 79.99.
The pair was likely to find support at 79.22, Monday's low, and resistance at 80.01, Monday's high.
GBP/USDpulled away from 1.6051, the session high, to hit 1.6027 during U.S. morning trade, still up 0.16% for the day.
Cable was likely to find support at 1.5989, the session low and a seven-day low and near-term resistance at 1.6065, Friday’s high.
Market outlook from Tradingforex
EUR/USD The dollar gained 0.1 percent to $1.2974 per euro at 5 p.m. New York time and touched $1.2921, the strongest level since Oct. 15. It was little changed at 79.81 yen. Europe s shared currency fell 0.1 percent to 103.54 yen.
USD/JPY Japan ’s currency fell 0.2 percent to 79.98 per dollar as of 1:44 p.m. in Tokyo from the close in New York, nearing the three-month low of 80.01 reached on Oct. 23. It dropped 0.3 percent to 103.81 per euro. The 17-nation euro fetched $1.2980 from $1.2974 yesterday, when it reached $1.2921, the weakest level since Oct. 15.
GBP/USD Pound Sterling gained 0.7 percent to 80.89 pence per euro at 4:23 p.m. London time, posting the steepest intraday advance since July 5, after reaching 81.65 pence on Oct. 22, the weakest since June 11. Sterling rose 0.4 percent to $1.6023.
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Published on : 08/10/2012
The dollar rose against most major currencies on early Monday after investors spent the weekend digesting a stronger-than-expected U.S. September jobs report, concluding the numbers did not indicate significant recovery was taking shape in the U.S. economy.
The U.S. unemployment rate fell to 7.8% percent in September from 8.1% in August, the Bureau of Labour Statistics reported Friday.
Employers added a net 114,000 jobs in September, while households reported that total employment rose by 873,000 in September following three months of little change.
Meanwhile, the creation of just 114,000 new nonfarm payrolls reflected no major improvement from previous monthly jobs reports, investors concluded, which prompted many to take up long dollar positions early in Asian trading.
Elsewhere, demand for safe-haven currencies like the dollar rose ahead of the release of output data out of Germany, Europe's largest economy.
Germany will release month-on-month industrial output figures later in the day and until the numbers hit the wire, investors opted for safe-haven currencies such as the yen and the dollar.
A group of eurozone finance ministers are due to meet on Monday in Brussels, and investors sold the euro to await any policy announcements that may come from the talks.