London Session – February 25, 2011 6:53 AM
February 25, 2011
A little bit of calm descends on the markets: Full text »
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Asia Session – February 25, 2011 1:57 AM
February 25, 2011
The Euro tapped a fresh three week high against the US dollar as inflationary pressures continued to elicit hawkish tones from the ECB, trumping any news that was flowing from the powder keg in North Africa. The EUR/USD topped 1.3830 in Asian trade but looked to face some stiff resistance above at the 1.3850 level which was loaded with options related interest. Full text »
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Sterling Drops in Currency Trading
February 24, 2011
U.K. pound loses ground to dollar, euro
The sterling is dropping in currency trading on the FX market as concerns about the British economy resurface. The latest retail numbers are not very encouraging, and rising oil prices aren’t helping, either.
U.K. pound has been hit in forex trading. Tensions in the Middle East are driving oil prices higher, and at home consumers don’t seem ready to spend. There are worries that the sterling is ready to fall below 1.60.
With a signs of a slow economy, it appears that there will be difficulty getting the BoE to raise rates, even though inflation has been something of a problem. Everything about the situation is difficult, and all the uncertainty doesn’t bode well for the U.K. pound in forex trading.
See Also
- Looking for Indicators in Forex Trading
Currency trading on the FX market
Oil Fears Continue to Pound U.S. Dollar in Currency Trading
February 24, 2011
Greenback lower in forex trading
Oil worries are continuing to weigh on the U.S. dollar. Even though stocks have pared some of their losses today, the greenback is still struggling in forex trading. Slightly lower oil prices have not been able to help the U.S. dollar.
Gold prices have retreated to the $1,400 mark, and that isn’t helping the U.S. dollar, either. Generally strong commodities are weighing on the greenback, and helping the euro in forex trading.
The only major currency losing out to the dollar is the U.K. pound. Sterling is lower on currency trading, thanks to renewed fears about the British economy.
See Also
- U.S. Dollar in Currency Trading
Forex trading on the currency market
New York Session – February 24, 2011 4:02 PM
February 24, 2011
Risk sentiment experienced large swings as commodities reversed gains and equities climbed higher from deep losses earlier in the session on unconfirmed rumors circling that Gaddafi has been shot. The dollar remained on the back foot on perceptions that the Fed will lag other major central banks in hiking rates. Inflation concerns resulting in hawkish rhetoric out of the ECB have ratcheted interest rate expectations in support of the euro. EUR/USD advanced above 1.3800 to current levels of around 1.3805. Safe havens such as the Japanese yen and Swiss franc were strong performers today amid the turmoil in Libya with USD/CHF reaching record lows on CHF strength. USD/CHF plunged to lows of nearly 0.9235 and has recovered slightly to current levels of around 0.9260. Full text »
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New Zealand Dollar in ‘Big Trouble’
February 24, 2011
As investors speculate a rate cut by New Zealand’s central bank, Kathy Lien, director of currency research at GFT, expects further downside in the Kiwi dollar.
London Session – February 24, 2011 6:39 AM
February 24, 2011
Oil price activity tells us what fear looks like Full text »
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Asia Session – February 24, 2011 1:56 AM
February 24, 2011
With a lull in violence out of Libya as well as a lack of any formidable data today, traders once again focused on interest rates, and bid up currencies with the greatest possibility of hiking those rates in the coming months. While there is a lack of any fresh news out of Libya, the potential for contagion in the region seems to be a certainty. This has been reflected in the recent spike in oil prices which have led many to believe that those higher prices will lead to a wave of inflation in the near future which will need to be combated with higher interest rates. Even though this theme dominated the market today in Asia, the wheels of the move were greased by safe haven flows into the Swiss Franc, which saw record highs against the dollar. Full text »
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New York Session – February 23, 2011 4:41 PM
February 23, 2011
Inflation concerns and Middle East turmoil were the main drivers of FX action today as inflation concerns led to speculation that the European Central Bank and the Bank of England will raise rates before the Fed. The BOE’s MPC minutes showed Spencer Dale joining Andrew Sentance and Martin Weale in voting for a rate increase while hawkish rhetoric continued to flow out of ECB members. This put pressure on the U.S. dollar and supported the euro and pound as EUR/USD rallied to current levels of around 1.3750 and GBP/USD advanced to current levels or about 1.6200. Oil prices continued higher amid turmoil in Libya and unrest in the Middle East which also weighed on the dollar. Full text »
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U.S. Dollar Sinks in Forex Trading
February 23, 2011
Greenback in currency trading
The U.S. dollar is sinking in forex trading on the currency market as traders focus on a variety of factors for the future. The possibility of inflation, with more BoE board members asking for interest rate hikes in Britain, along with other issues, are resulting in a lower greenback in currency trading.
Greenback is also struggling as the situation in Libya boosts gold prices and oil prices. The pressure put on the dollar by rising commodity prices cannot be overcome by issues regarding Greece.
The Aussie was also higher against the dollar earlier. Speculation of a mining boom, plus the rising cost of gold, was helping the Aussie. However, the currency has since pared its gains in forex trading.
See Also
- Economic News and the U.S. Dollar
Forex trading on the currency market
