March 2012 | Archive | News | FX Trading

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March 2012 News Archive

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Euro under pressure following Cyprus deal27 Mar at 9 AM

The US dollar appears to be holding its own against most other major currencies as the euro remains under pressure following a bailout deal with Cyprus. Traders became worried after Jeroen Dijsselbloem, head of the group of finance ministers known as Eurogroup, said the model that had been applied to Cyprus could be transferred to other...

Euro drops as Cyprus bailout terms refused20 Mar at 9 AM

The euro is continuing to suffer after Cyprus rejected bailout terms offered by the European Union. If a deal cannot be struck then there is the strong possibility that the Cyprus would be required to exit the eurozone, something that many analysts believe will not be allowed to happen because of the far reaching implications. As has...

Euro steady ahead of bond sales in Spain and Italy13 Mar at 9 AM

The recent sell-off of the yen appears to have been put on pause, but it is likely that a further weakening of the Japanese currency will come as the Bank of Japan implements additional policy easing. Following a peak of 96.71 yen yesterday, the dollar has retreated 0.2 per cent to 95.85 yen. Publication of minutes from a meeting at the...

Wall Street closes at a record high6 Mar at 9 AM

The current appetite for risky assets saw the Dow Jones close at a record high as the euro remains broadly static ahead of a European Central Bank meeting on Thursday. The big winners of the move away from safer havens were the commodity currencies. The Aussie dollar pulled away from Monday’s low of $1.0116 to rise 0.25 per cent to $1.0254....

Yen momentum fading30 Mar at 6 PM

The yen eased from peaks against many other currencies as investors opted to book profits as demand related to the end of the financial year in Japan was fading. This week was dictated by yen repatriation and situation squaring which penetrated a number of key stop-loss levels, reports Reuters. The US dollar equalled 82.33 yen, having...

Burma to float kyat to attract investment29 Mar at 6 PM

Burma claims it will begin a managed float of its currency on 1 April to entice foreign investors. The Central Bank of Myanmar (Burma) said the money, the kyat, will be determined by supply and demand from now on, reports the BBC. The measure is aimed at amalgamating the country's different exchange rates. Burma has been instigating...

Yen moves up thanks to Japanese exporters28 Mar at 6 PM

The yen moved higher compared to the dollar, helped by seasonal movements of Japanese exporters who purchased the yen as the end of their financial year approaches. The dollar dropped 0.3 per cent to 82.97 yen, while the euro gained 0.1 per cent to 110.63 yen, moving away from an 18-week high of 111.43 yen, reports Reuters. Yen...

Dollar hurt by dovish Fed27 Mar at 6 PM

The dollar stayed near a near one-month low compared to a basket of major currencies following Federal Reserve Chairman Ben Bernanke indicated supportive monetary policy would stay and kept hopes alive of increased stimulus for the US economy. The dollar index stood at 78.925, not far from the 78.870 low hit overnight when Bernanke...

China signs currency exchange deal with Australia26 Mar at 6 PM

China and Australia have signed an agreement on a currency swap to promote bilateral investment and trade. This will allow the exchange of local currencies with their central banks, worth up to a maximum of 30bn Australian dollars ($31bn) over the next three years, reports the BBC. It is hoped the deal will reduce cost for businesses as...

Yen bolstered as risk currencies drop23 Mar at 4 PM

The yen kept overnight gains on Friday, having risen unilaterally as investors avoided risk currencies like the Australian dollar on worries about the global economy. Surveys showed manufacturing shrank for a fifth consecutive month in China, while factory work in Germany and France suffered big falls, reports Reuters. This led...

Euro drops22 Mar at 6 PM

The euro suffered losses on Thursday, dropping from almost a five-month high compared to the yen and two-week highs compared to the greenback following concerns over Spain's finances added new pressure on euro zone bonds. The euro hit $1.3212, having dropped from a high of $1.3286. Italian and Spanish debt prices dropped on concerns about...

Dollar rises for second day21 Mar at 6 PM

The dollar gained on Tuesday, helped by safe-haven demand driven by concerns about a slowdown in China, which damaged European and US stocks. Global miner BHP Billiton claims it saw indications that a rise in iron-ore demand was smoothing in China, the single biggest export market for Australia. That forced the Australian dollar down over...

Dollar hits one-week low20 Mar at 6 PM

The dollar drifted near a one-week low against other currencies, but recent indications of improvement in the economy of the US and rises in its Treasury yields are seen as likely to give the greenback some support. The dollar index stayed at 79.449, after dipping to 79.354, its lowest since March 9, reports Reuters. Head of global...

Yen hits five month low compared to the euro19 Mar at 6 PM

The yen continued to be on the defensive with the euro touching a new five-month high compared to the Japanese currency. Meanwhile the dollar dropped due to a setback last week. The euro rose to a 110.15 yen peak, its highest rating since late October, settling at 109.91 yen, reports Reuters. Another sign of the yen's current weakness...

Dollar falls against the yen16 Mar at 6 PM

The dollar slumped on Thursday, with investors preferring to book profits, mainly against the yen, which hit a high of 11-months after nearly six weeks of gains in a row. The greenback dropped from a one-month high against the euro due to front-end US Treasury yields moving lower, they move inversely to price, and decreasing its appeal,...

China will allow the yuan to float more freely15 Mar at 6 PM

China will allow the yuan to float with less restrictions to reform currency policy. The move follows pressure on China from its trading partners to allow the yuan to appreciate, who have accused Beijing of keeping the value of the yuan artificially low to aid its exporters, reports the BBC. Premier Wen Jiabao revealed that Beijing will...

Dollar helped by data14 Mar at 6 PM

The dollar firmed on Wednesday, after hitting a seven-week high compared to a other major currencies due to prospects of more easing by the Federal Reserve dropped as a result of better US data. Giving comfort to risk-takers, the Fed's yearly stress test revealed most of the largest US banks passed, reports Reuters. The dollar index rose...

Dollar gains due to brighter economic outlook13 Mar at 6 PM

The dollar lingered just under a seven-week high compared to a basket of currencies, helped by anticipations that a number of positive economic data reports could dissuade the Federal Reserve from employing new stimulus, at least for the present. The yen dropped to almost a 11-month low compared to the greenback, with some traders...

Dollar hits three week high against the euro 12 Mar at 6 PM

The dollar reached a three-week high against the euro following upbeat jobs data last week suggested the economy in the US may not need more monetary stimulus from the Federal Reserve. The euro struggled after a “buy-the-rumour-sell-the-fact” drop on Greece’s bond swap deal. The single currency dropped 0.2 per cent to $1.3095,...

Euro up due to Greek relief9 Mar at 6 PM

The euro kept overnight gains on Friday as Greece moved nearer to securing new funds that it needs dodge a debt default. But more gains depends on the consumer inflation data of China, which is due around 0130 GMT, as well as industrial output at 0530 GMT. These could either help or undermine risk sentiment, reports Reuters. The...

Yen drops due to Japan current account8 Mar at 6 PM

The yen dropped against the dollar in a reaction to data that showed Japan's current account changed to a record deficit earlier this year, while the Australian dollar also dropped due to a report that predicted jobs are likely to be cut. Short-term players traded the Yen after Tokyo announced its first current account deficit in the last...

Euro drops again7 Mar at 6 PM

The euro dropped to its lowest level in two-and-a-half weeks compared to the dollar as concerns about global economic growth and Greece's bailout made investors decide to shun risk. Doubts about slowing growth also effected commodity currencies, with Australian and New Zealand dollars falling to their lowest levels in more than a month...

Euro moves from two week low6 Mar at 6 PM

The euro moved from a two-week low as traders taking profit in the dollar balanced data that highlighted the departing paths of the European and US economies. However fears over the progress of Greece in implementing the debt-restructuring deal are expected to preserve pressure on the single currency this week. Chinese Premier Wen...

Expats sending money back to the UK5 Mar at 9 AM

Expats and pensioners are returning home in droves – or sending foreign money to the UK at least. UK foreign-currency brokers have reported huge amounts of cash being changed back into sterling from different countries. Overseas property companies also claim buyers from the UK are shunning Mediterranean countries including Spain, Italy...

Euro drops following ECB cash injection 2 Mar at 6 PM

The euro was retreating on Friday, having dropped to a one-week low against the dollar in a move that is likely to continue following the huge cash injection by the ECB. The single currency stayed at $1.3314, having dropped below $1.3300 overnight. It moved past 108.00 yen and hit a one and a half week low of A$1.2310, reports Reuters....

Euro hit by profit taking post ECB1 Mar at 6 PM

The euro suffered heavy losses on Thursday due to investors cutting bullish positions following key incidents including the ECB’s cash injection happening without any surprises. In the usual “buy-the-rumour-sell-the-fact” action, the euro dropped from almost a three-month high following European banks borrowing 530 billion euros of...