May 2012 | Archive | News | FX Trading

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May 2012 News Archive

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Interest rate cut rumours put pressure on euro29 May at 9 AM

Threats that the European Central Bank could be about to introduce a cut in interest rates saw the euro drop 0.8 per cent on Tuesday to $1.2860. The ECB has also suggested that quantitative easing will remain in place for the time being. Meanwhile the US dollar is attracting investor interest as economic data indicates that the country is...

Shares up ahead of Fed policy announcement22 May at 9 AM

Shares on stock markets around the globe were up on Tuesday on signs of positive growth. The S&P 500 and Dow Jones ended at record highs and encouraging data from the US helped to keep the dollar up. The euro was also up as sterling came under pressure to hit a seven-week low and the yen continued to come under pressure after the Japanese...

Yen under pressure as dollar remains strong15 May at 9 AM

Aggressive monetary easing by the Bank of Japan continues to put pressure on the yen. The dollar is currently hovering around its highest level against its Japanese rival since the end of 2008. The greenback is worth 102.24 yen and many analysts expect it to rise further over the coming weeks. The euro is holding steady at $1.2935 although...

New Zealand dollar down against the greenback8 May at 9 AM

The New Zealand dollar has dropped against its US counterpart ahead of an announcement due to be made by the Reserve Bank of New Zealand later. Although nobody expects the central bank to declare an interest rate cut, concerns have already been voiced about the current strength of the Kiwi dollar. The currency is currently trading at...

Euro dips slightly against the dollar1 May at 9 AM

A meeting this week at the European Central Bank could result in a cut in interest rates in order to boost the economy. The International Monetary Fund is asking the central bank to drop the rate from its current level of 0.75 per cent as many countries in the bloc continue to struggle. The euro has dipped slightly against the US dollar as...

Euro in line for biggest fall in eight months31 May at 4 PM

The euro looked set to suffer its biggest fall in eight months as the rising likelihood that Spain will require outside assistance to amend its banking and public finance system resulted in a heightening of the crisis in the eurozone. Spanish government bond yields rose to a six-month high and German bond yields dropped to record lows,...

Euro falls to two year low30 May at 3 PM

The euro dropped to a two-year low today, hit by concerns about Spain’s mounting borrowing costs and the possibility that more spending could be required to support its struggling banks. Spain’s 10-year government bond yield reached a six-month high yesterday, and the Spanish bond sell-off has pushed their risk premium up above German...

Euro hovers near two year low29 May at 9 AM

The euro wobbled close to a two-year low versus the dollar in early Tuesday trading as concerns over the cost of supporting the Spanish banking system drove Spanish debt yields up, offsetting a slight calming in concerns over Greece. There was an increase to around 6.5 per cent in the 10-year Spanish bond yield, pushing the risk premium on...

Greek polls lead to euro squeeze28 May at 6 PM

The euro rebounded from two-year lows today after Greek conservatives came out top on opinion polls before another general election, leading to covering of huge short positions on hopes that the country could agree to austerity measures and stay in the euro. Should the conservatives be victorious on 17 June, it would increase the chances...

Euro rises from near two year lows25 May at 12 PM

The euro edged up from its near two-year lows versus the dollar today as bearish investors refrained from a sharp sell-off during the week, but concerns about Greece’s possible exit from the eurozone as well as the risk of contagion means gains will be fleeting. The single currency traded at 0.3 per cent higher at $1.2575, rising from...

Euro drops to close to two year low24 May at 6 PM

The euro fell to nearly two-year lows versus the dollar on Thursday, losing ground for a third consecutive session as weak economic data from Germany reminded investors that no euro member states were immune from the financial crisis, reports Reuters. The manufacturing report from Germany unnerved investors already concerned about the...

Euro hits 21 month low against dollar 23 May at 2 PM

The euro fell to a 21-month low versus the dollar today ahead of an EU summit, with investors of the opinion that leaders would fail to come up with ways of stemming the debt crisis in the eurozone. An informal EU meeting is likely to see growth-boosting measures discussed, although it is not expected to come up with a plan which would...

USD/INR climbs to record high22 May at 9 AM

The USD/INR pair rallied above the key 55.00 level on Monday to hit 55.05 before closing at a record high of 54.97 versus the dollar amid high demand for the greenback. The Indian rupee sank to a record low for the third day in a row, while the Reserve Bank of India (RBI) remained noticeably absent. But it is expected that the central bank...

AUD/USD continues to falter21 May at 4 PM

The AUD/USD continued to spiral towards lower ground before beginning of Tokyo trading on Monday. After starting at around 0.9840, there has been quite a steady slide in the sport rate, which last stood at around 0.9800, hitting day lows and nearing the year-low of 0.9794. Falling demand from Chinese consumers for coal and iron ore...

Euro hovers close to four month low18 May at 3 PM

The euro rose from a four-month low versus the dollar today. as investors made bearish bets after earlier drops but worries about Greece remaining in the euro and the Spanish banking system’s instability were likely to ensure it remains under pressure, reports Reuters. Investors opted for the relative safe havens of the Japanese yen and...

Euro rises from four month low17 May at 12 PM

The euro crept on Thursday after hitting a four-month low on Wednesday, but the move was viewed as temporary as a number of Greek banks are in need of emergency funding, reports Reuters. The single currency was at $1.2738, but it remained close to the four-month low of 1.2681 hit the day before. The common currency has already lost 3.7 per...

Latin American currencies decline on Greece news16 May at 6 PM

Latin American currencies weakened during Tuesday’s trading with Brazil’s real ending the day at an almost three-year low, triggering speculation the region’s biggest economy’s bank could soon intervene, reports Reuters. Concerns that Greece’s expected new elections would strengthen domestic opposition for an international...

Sterling drops following UK trade balance data15 May at 6 PM

The UK trade deficit remained almost unchanged during March, with an overall deficit of £8.6bn, the same as the revised £8.6bn in April, revealed the Office for National Statistics. However, as reported in Trading Point, expectations were for the gap to narrow to £8.4bn. The data outlined the effect the debt crisis in the eurozone is...

Euro falls to four-month low14 May at 2 PM

The euro fell to its lowest level in almost four months today after Greek political leaders were unable to resolve issues concerning putting a ruling coalition government in place, leaving investors on edge regarding the nation’s eurozone future, reports Reuters. Coalition talks in Greece came to a stalemate on Sunday as the country’s...

NZD/USD continues to drop11 May at 11 AM

The New Zealand dollar continued to fall against its US counterpart, with daily losses totalling 0.30 per cent during the European session’s early trading, reports nasdaq.com. The pair has lost more than three cents since the beginning of May, falling from 0.8184 to 0.7830. Analysts and investors will be closely monitoring the results of...

Euro rebounds from multi-month lows10 May at 6 PM

The euro gained ground on the dollar on Thursday, the first time it has done so in nine sessions, rebounding from the three-and-a-half-month low seen recently as Spanish debt markets’ stress eased slightly and Greece secured funds required for bonds repayments, reports Reuters. The tempering of the risk of a Greek insolvency as well as...

US dollar gains on Swiss franc9 May at 11 AM

The US dollar gained momentum on the Swiss franc in Tuesday’s risk-off trade, after concerns over Greece’s ongoing politically uncertainty following the weekend elections boosted safe-haven demand, reports Forexpros. USD/CHF reached a session high of 0.9238 in European morning trade; the pair later consolidated at 0.9237, up by 0.35...

Aussie dollar loses ground on US dollar8 May at 6 PM

The Australian dollar has seen its losses extended against its US counterpart after the greenback opened the day with the AUD/USD dropping from 1.0155 in European trading to break down the support of 1.0120 and test the key level of 1.0100, reports nasdaq.com. The AUD/USD is currently trading at lows for 2012 and at its lowest price since...

Euro falls on anti-austerity votes7 May at 6 PM

The euro dropped broadly today after elections in France and Greece cast doubt on the commitment of politicians to austerity measures aimed at tackling the debt crisis within the eurozone, reports Reuters. Renewed concerns about the region’s stability made the euro fall through the $1.30 level on the way to spiralling to a three-month...

Euro recovers after ECB chief dampens easing hopes4 May at 9 AM

The euro rose against the yen on Thursday and recovered from two-week lows, trading almost flat against the US dollar after Mario Draghi, the European Central Bank chief, gave a more positive assessment of the economy in the eurozone than anticipated, reducing expectations for another wave of monetary easing, reports Reuters. However, the...

New Zealand dollar trading vulnerably3 May at 2 PM

The New Zealand dollar is still trading vulnerably to additional losses after the country’s unemployment rate unexpectedly climbed to 6.7 per cent for the first quarter, from a revised 6.4 per cent, reports Nasdaq.com. The New Zealand dollar is trading at 0.8050 to the US dollar, nearing session lows of 0.8039. Falling below 0.8080 risks...

Sterling retreats on dollar2 May at 4 PM

The British pound has fallen 0.26 per cent on the US dollar after to reacting to the news of a series of American and British economic indicators, reports Nasdaq.com. MBA mortgage applications in the US went up by 0.1 per cent against a previous fall of 3.8 per cent. Meanwhile, investors will be eagerly awaiting an announcement which will...

Euro posts worst month against dollar since December1 May at 6 PM

The euro fell against the dollar on Monday and recorded its weakest monthly performance since December, hindered by the news of Spain falling back into recession and indications of weaker US economic momentum, reports Reuters. Investors were also concerned about purchasing euros before this weekend’s elections in Greece and France as...