U.K. Pound Struggles to Stay on Top of U.S. Dollar
August 29, 2011
Sterling in forex trading
The U.K. pound is putting up a fight in currency trading, determined to stay on top of the U.S. dollar. News in Europe, about an attempt to stem the Greek banking crisis by merging Alpha Bank SA and EFG Eurobank Ergasias SA, is helping.
However, the sterling isn’t getting much support in forex trading from its own stocks. The FTSE 100 continues to struggle toward the black as it trails European markets. Instead, the U.K. pound is benefitting mainly from dollar weakness.
With speculation that more stimulus could be in the cards for the U.S. economy, especially after the damage from hurricane Irene is tallied, the U.S. dollar is down in general. The euro and yen are also up against the greenback in currency trading as the dollar index drops on surging gold prices.
See Also
- Economic News and Forex Trading
Currency trading on the FX market
London Session – August 29, 2011 6:33 AM
August 29, 2011
London Session: Stocks rally but Eurozone fears remain Full text »
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Euro Gives Up Gains in Forex Trading
August 26, 2011
Currency trading with the euro
The euro was seeing gains in forex trading on the currency market earlier in the session, but has since given up most of the gains and is down against the U.S. dollar.
The change came after Ben Bernanke made a speech in Jackson Hole. He indicated that any changes in monetary policy would likely wait until at least next month. However, he did indicate that he was thinking about more stimulus in the future.
Focus might now shift to the euro zone, and what’s happening with the euro in forex trading.
See Also
- Euro in Forex Trading
Currency trading on the FX market
Bernanke Speech Prompts Higher U.S. Dollar in Currency Trading
August 26, 2011
Greenback gains in forex trading
Ben Bernanke‘s speech this morning in Jackson Hole, Wyoming, was pretty much a "we’re waiting" speech. While he did acknowledge that he is still consider possible stimulus measures, the Federal Reserve chairman indicated that QE3 was at least a month off.
As a result, forex traders began unwinding the trades they had entered, based on the idea that QE3 was imminent. Now, the U.S. dollar is heading higher in currency trading as high beta currencies take a hit.
It will be interesting to see what happens next. Now that Bernanke’s speech is done with, will focus return to the situation in the euro zone? What effects will hurricane Irene and the Libyan revolution have? There are a number of interesting possibilities for what could happen next.
See Also
- U.S. Dollar and Forex Trading
Greenback in currency trading
New York Session – August 25, 2011 10:00 PM
August 25, 2011
NY Session/Mid-Tokyo Update Full text »
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London Session – August 25, 2011 10:43 AM
August 25, 2011
The big story of the past few days has been gold. After falling a stunning $100 yesterday, it fell to as low as $1,710 today before recovering above $1,730 by mid-afternoon in the London session. Gold has also fallen against all of the major currencies, and priced in euro it is currently down nearly 7 per cent. However, the sentiment in the stocks market has soured since the New York open, and stocks are being led lower in Europe by Germany. Full text »
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U.K. Pound Down in Currency Trading
August 25, 2011
Sterling forex trading forecast
The U.K. pound is selling off in currency trading on the FX market today. Sterling has lost quite a bit of momentum lately, and is falling — even as other high beta currencies get a bit of a boost.
Euro is higher in forex trading today, gaining as traders decide that they don’t need safe haven. However, sterling is not following suit. Instead, the U.S. pound is dropping as consumer sentiment weighs on hopes of economic improvement.
For now, the sterling forex trading forecast is fairly negative. But, we will see what happens as more data is released later, and after the upcoming Jackson Hole summit.
See Also
- Sterling Forex Trading Forecast
Currency trading on the FX market
Euro Gaining in Forex Trading Against the U.S. Dollar
August 25, 2011
Euro gains on general risk appetite
Even though gold prices are dropping, the euro is heading higher against the U.S. dollar. For now, gold prices and U.S. dollar prices are moving in tandem, as both have been recently used as safe havens. With the need for safe haven diminishing — at least for now — both are lower as the euro gains in forex trading.
The resignation of Steve Jobs, though affecting AAPL, hasn’t done much to upset global stock markets, and the euro is taking advantage some general cautious optimism.
However, what happens next is anyone’s guess. Everyone’s waiting to see whether Ben Bernanke announces QE3 tomorrow in Jackson Hole. So, what remains truth today may not be the truth tomorrow. Things could get a lot bumpier quite soon for the euro and every other currency.
See Also
- Euro in Forex Trading
Currency market news
New York Session – August 24, 2011 4:05 PM
August 24, 2011
The greenback was stronger across the board with the strongest daily FX performance coming against the New Zealand dollar. NZD/USD was lower by around -1.01% at the time of writing as the buck firmed. Precious metals saw extraordinary movement to the downside as investors unwound long gold positions. Gold continued its correction and declined sharply today as the yellow metal is currently down about -3.64%. Silver also experienced significant downside with a drop of nearly -4.87%. Full text »
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Japan’s Credit Rating Downgraded, Yen Rises Anyway
August 24, 2011
Yen in forex trading
Japan saw a downgrade in its credit rating, but the forex market barely registered it. Indeed, the yen is gaining in forex trading on the currency market. (Likely to the chagrin of Japanese leaders.)
U.S. dollar index is down today as the currency struggles against the euro in forex trading, and as forex traders keep things rangebound ahead of Friday’s central banker symposium in Jackson Hole.
While some are hoping for some marvelous announcement from Ben Bernanke regarding QE3, others are fairly sure that such an announcement won’t come. At any rate, the yen and the euro are both higher in forex trading, despite disappointing news coming out of both areas.
See Also
- Yen in Forex Trading
Currency News for Forex Traders
