Forex News from InstaForex

[Defariak]

Happy new years to all you ladies!

[dollar]

good. good.good

[IFX Svetlana]

Happy new years to all you ladies!

Thanks. Same to you.

[IFX Svetlana]

Euro Mixed Against Majors Amid German PPI.

The German PPI for December was released at 2:00 am ET. Amid the report, the euro showed mixed trading against other major currencies. While the euro gained against the franc, it fell against the dollar and the yen. Against the pound, the euro was little changed.

As of now, the euro is worth 1.4203 against the greenback, 129.43 versus the yen, 1.4744 versus the Swiss franc and 0.8709 versus the pound.

News are provided by InstaForex.

[dollar]

Euro Mixed Against Majors Amid German PPI.

The German PPI for December was released at 2:00 am ET. Amid the report, the euro showed mixed trading against other major currencies. While the euro gained against the franc, it fell against the dollar and the yen. Against the pound, the euro was little changed.

As of now, the euro is worth 1.4203 against the greenback, 129.43 versus the yen, 1.4744 versus the Swiss franc and 0.8709 versus the pound.

News are provided by InstaForex.

New statistical computer program! Trade forecast.

[IFX Darika]

The United Kingdom is scheduled to release public sector finance and money supply data on Thursday. The Flash Purchasing Managers' Index reports for major Eurozone economies are also due.

At 3:00 am ET, the Swiss central bank is scheduled to release money supply data for December. M3 money supply had increased 7.6% annually in November.

The release of the Flash Purchasing Managers' Index reports for major Eurozone economies is set to start at 3.00 am ET. The first one expected to hit the wires is the Flash French PMI for both manufacturing and service sectors. The manufacturing PMI is forecast to remain unchanged at 54.7 in January, while the services PMI is expected to rise to 59 from 58.7.

Thereafter, Flash German PMI data is due at 3.30am ET. Economists expect manufacturing PMI to climb to 52.9 from 52.7, while the services PMI is seen at 53, up from 52.7.

In the meantime, the Statistics Denmark is expected to release consumer sentiment data for January. The index is seen at minus 0.8, up from minus 3.6 in the preceding month.

Consumer sentiment data is also due from the Dutch statistical office, along with unemployment figures. Economists expect the jobless rate to edge up to 5.4% in the October to December period.

At 4:00 am ET, Eurozone's PMI report is also due. The manufacturing PMI is expected to stand at 51.9 compared to 51.6 in December, while the services PMI is forecast to rise to 53.8 from 53.7.

The U.K.'s money supply data is due from the Bank of England at 4:30 am ET. M4 money supply is forecast to rise by 8.9% on a yearly basis and by 0.9% on a monthly basis. The U.K.'s public finance report is also due at the same time. Public sector net cash requirement is seen at GBP 25.5 billion compared to GBP 14.7 billion in November.

Afterwards at 6:00 am ET, the Confederation of British Industry is set to release January's Distributive Trade Survey results.

News are provided by InstaForex.

[IFX Svetlana]

The policy board of the Bank of Japan on Tuesday unanimously decided to retain the overnight call rate at 0.10%, in line with market expectations. The last change in the rate was a 0.10% cut in interest rates at the December 2008 meeting.

In an accompanying statement, the central bank said, "Japan's economy is picking up mainly due to various policy measures taken at home and abroad, although there is not yet sufficient momentum to support a self-sustaining recovery in domestic private demand. In the conduct of monetary policy, the bank will aim to maintain the extremely accommodative financial environment.

"The bank recognizes that it is a critical challenge for Japan's economy to overcome deflation and return to a sustainable growth path with price stability. To this end, the bank will continue to consistently make contributions as central bank."

The Bank of Japan's baseline scenario projects the pace of improvement in the economy to remain moderate until around the middle of fiscal 2010. Thereafter, the bank expects export-driven growth in the corporate sector to spill over to the household sector, and predicts the economic growth rate to gradually rise.

News are provided by InstaForex.

[IFX Svetlana]

European Central Bank President Jean-Claude Trichet on Tuesday voiced his backing to U.S. President Barack Obama's banking reforms but stressed the need for international coordination in tackling the issue.

In an interview with The Wall Street Journal, Trichet said the reform proposals were "relevant and interesting" and that the ECB was examining them with great care.

"They go in the same direction of our own position, namely ensuring that the banking sector focuses on financing the real economy, which is its key role," said Trichet.

Obama unveiled plans last week to limit the size of banks, saying they would "never again" get so big that taxpayers have to bail them out in the event of their failure.

The central bank chief also called on U.S. authorities to confirm Ben Bernanke for another term as Federal Reserve Chairman, saying that he held the American in "very great esteem".

Turning attention to Greece's fiscal problems, Trichet expressed confidence in Athens' ability to manage the crisis to bring its budget deficit below 3% of gross domestic product in 2012.


News are provided by InstaForex.

[LCW-FX]

Euro climbs to 16-day high against British pound

Wednesday, the European currency climbed to a 16-day high against the British pound. On the other hand, the euro slipped to a 6-day low versus the Swiss franc, while gained slightly from an early Asian session's new multi-month low against the yen and a new multi-week low versus the dollar.

The German Federal Statistical Office announced today that the producer price index or PPI rose 4.3% year-over-year in December, slower than the 5.3% recorded in the previous month. Economists had predicted an increase of 4.2%. On a monthly basis, the PPI dropped 1% in December, after falling 1.5% in November. Economists were looking for a decline of 1.2%.

The European currency gained ground against the US dollar after hitting a new multi-week low of 1.2848 during early Asian deals on Wednesday. The euro-dollar pair thus climbed to 1.3019 at 10:15 pm ET, compared to 1.2907 hit late New York Tuesday. Thereafter, the pair reversed its direction and is now worth 1.2935.

Against the British pound, the euro traded higher during Wednesday's early deals. At 4:30 am ET, the euro-pound pair reached a 16-day high of 0.9414, compared to Tuesday's closing value of 0.9269. If the pair gains further, 0.963 is seen as the next target level.

Bank of England policymakers stood divided while deciding to reduce the bank rate by 50 basis points to a record low in January, the minutes of the session revealed today. The minutes showed that the Monetary Policy Committee voted 8-1 on the 50 basis point reduction on January 8. The well-known dove of the rate setting body, David Blanchflower sought a 100 basis point reduction. Economists were expecting a unanimous vote.

In January's session, the MPC decided to reduce Bank Rate to 1.5% from 2%. This is the lowest rate since the central bank was established in 1694.

The Office for National Statistics or ONS reported today that the UK claimant count rate rose to 3.6% of the workforce in December from 3.3% in November. Economists were expecting the rate to rise to 3.5%.

UK's Office for National Statistics said today that the public sector net borrowing was GBP 14.9 billion in December 2008. This was GBP 7.5 billion higher net borrowing than in the previous year. Economists had expected the public sector to borrow GBP 10.5 billion.

The single currency that closed Tuesday's North American session at 1.4798 against the Swiss franc touched a 6-day low of 1.4742 at 5:00 am ET Wednesday. The next downside target level for the pair is seen around 1.472.

Against the Japanese yen, the euro declined to a new multi-month low of 115.32 during today's early Asian deals. Thereafter, the euro-yen pair reversed its direction and reached 117.22 before pulling back again. The pair is currently quoted at 116.16.

Japan's Cabinet office revealed today in a final report that the leading index declined to 81.3 in November from 85.2 in October. The November reading was revised down from the initial 81.5. A year ago, the leading index was at 94.2. Economists were looking a reading of 81.4 for November.

Across the Atlantic, the Energy Information Administration is scheduled to release its weekly petroleum inventory report at 10:30 AM ET today. The oil inventory report for the week ended January 9th showed that crude oil stockpiles rose by 1.2 million barrels to 326.6 million barrels. Crude oil inventories continued to be the above the upper limit of the average range.

The National Association of Homebuilders' is scheduled to release the results of their survey on homebuilders' confidence. Builder confidence remained at a record low in December, with the housing market index holding at its November lows of 9, as buyers feared to move forward and builders found it impossible to compete with the cut-rate product that is continually flooding the market from mounting foreclosures.

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Published: 2009-01-20 21:46:00

News are provided by InstaForex in partnership with RTT.

EURGBP is a slow moving pair but lost 60 pips just today alone. Very uncharacteristic of this pair if you ask me.

[Defariak]

Hey there ladies!

[IFX Darika]

The dollar remained mixed versus other major currencies Thursday morning in New York, holding yesterday's gains versus the euro and yen while ceded a bit of ground against the sterling and loonie.

Traders were looking ahead to key data on the jobs situation and manufacturing sector, following Wednesday's decision by the Federal Reserve to maintain its key lending rate near zero.

The Labor Department is due to release its customary jobless claims report for the week ended January 23rd at 8:30 AM ET. Economists expect a decline in claims to 450,000. Lingering weakness in the jobs market compelled the Fed to reiterate it will keep rates at record low levels for an extended period yesterday.

The Commerce Department is set to release its durable goods orders report, which gives the value of orders placed for goods designed to last for more than 3 years, at 8:30 AM ET. Economists look forward to a 2% increase in durable goods orders for December.

The dollar leveled off versus the euro after hitting a fresh 5-month high of 1.3935 last night. Against the yen, the buck was steady at Y90.25, an improvement from a monthly low near Y89 set earlier in the week.

The number of unemployed in Germany rose in January, ending declines in past six consecutive months, as heavy snowfall and freezing temperatures hurt the country's labor market.

The seasonally adjusted number of unemployed increased by 6,000 month-on-month to 3.43 million in January. But, the increase was less than the expected 15,000. The rise in January follows a drop of 3,000 in the previous month.

Eurozone economic sentiment rose for the tenth successive month, a survey conducted by the European Commission showed Thursday. The economic confidence index stood at 95.7 in January, up from a revised reading of 94.1 in the previous month. The expected reading was 92.3.

Meanwhile, retail sales in Japan fell 0.3 percent on year in December, the Ministry of Economy, Trade and Industry said on Thursday. That missed forecasts for a 0.3 percent annual gain after the revised 1.1 percent contraction in November.

The dollar continued to show a lack of direction versus the sterling, easing to 1.6265. The pair has bounced back and forth between 1.6100 and 1.6300 for the past week.

With commodity prices stabilizing this morning, the dollar gave back some of its recent gains versus its Canadian counterpart, slipping a Canadian penny from yesterday's monthly high near C$1.0680.

News are provided by InstaForex.

[IFX Svetlana]

EURGBP is a slow moving pair but lost 60 pips just today alone. Very uncharacteristic of this pair if you ask me.

Yes, quite surprising fall.
<-------------------------------------------------------------------->

Hey there ladies!

Is that you?

[Defariak]

Yes, quite surprising fall.
<-------------------------------------------------------------------->

Is that you?

hahaha!
I wish that was me!
He is definately a ladies man huh?
I would woo you all if I were him!
lol

[IFX Svetlana]

I'm afraid, he's not my type.

[IFX Svetlana]

Greek Prime Minister George Papandreou announced on Tuesday, tough measures to cut the country's soaring budget deficit. His austerity measures include a freeze on salaries and an increase in tax on fuel. He also hinted a rise in the retirement age.

In a televised address Papandreou said, "We must act swiftly and decisively." He urged various political parties to support the national effort. It is the time to take bold decisions here in Greece, as other European Union members have done, he said.

Today, the European Commission is expected to adopt its Opinion on the Stability Programme of Greece and also the decisions and recommendations to ensure that the budget deficit of the country is corrected. The nation is under immense pressure to bring its budget deficit below 3%, the threshold set by the Maastricht Treaty. The government is now targeting to bring its deficit, estimated at 12.7% of gross domestic product, with the EU's 3% limit by the end of 2012.

European Commission President Jose Manuel Barroso said a successful correction of the huge deficit is not only important for Greece but for the euro area and the EU as a whole. He said the adjustment "looks feasible but subject to risks." According to economists at Capital Economics, while the immediate pressure on the public finances may not be as intense as it seems, Greece still faces an enormous task in meeting its short-term financing requirements. A less than favorable judgement in European Commission's assessment of Greece's Stability Plan would intensify the pressure on the nation to announce much more decisive measures to improve its fiscal position.

Following the downgrade action taken by Fitch Ratings on December 8, the Standard & Poor's lowered Greece's long-term sovereign credit rating to 'BBB+' from 'A-' on December 17. On December 22, Moody's cut the government bond ratings to A2 from A1, reflecting the government's very limited short-term liquidity risks on the one hand, and its medium- to long-term solvency risks on the other.


News are provided by InstaForex.

[Defariak]

I'm afraid, he's not my type.

Dang! what about this guy?
lol!

[IFX Darika]

Friday, the Department of Statistics Malaysia announced that the trade surplus stood at MYR 12.1 billion in December, up from MYR 8.88 billion in November. This was the 146th consecutive month of trade surplus since November 1997. Economists expected a trade surplus of MYR 9.35 billion for December.

Exports increased 9.2% month-on-month to MYR 54.67 billion in December from MYR 50.07 billion in November. This was the highest monthly exports for 2009. At the same time, imports climbed 3.4% to MYR 42.58 billion.

On an annual basis, exports increased 18.7% in December, compared to the 3.3% fall in the previous month. Economists were looking for an increase of 12.5%. Meanwhile, imports grew 23.3% in December, faster than the 2.3% increase in November. Economists expected an increase of 21.5%.

In the fourth quarter, exports grew 10.6% sequentially to MYR 159 billion, while imports rose 8% to MYR126.55 billion. Year-on-year, exports and imports increased by 5.1% and 6.7%, respectively.

News are provided by InstaForex.

[IFX Svetlana]

German exports rose on an annual basis for the first time in fourteen months in December, data released by the Federal Statistical Office showed Tuesday. However, the year 2009 saw exports falling the most since 1950.

As global demand started picking up amid the economic recovery, German exports rose 3.4% year-on-year in December. That was the first rise since October 2008 and followed a 3.6% decline in November.

"Today's numbers highlight once again that the German economy can almost always rely on a helping hand from the export sector," said Carsten Brzeski, senior economist at ING Bank. "The road might be bumpy but it is the road to recovery and not a dead-end street."

On a monthly basis, exports continued to rise for a fourth month, with 3% rise in December. That was in contrast to a 0.1% drop economists had expected. In November, overseas sales grew 1.1%.

According to Commerzbank analyst Simon Junker, the trend in foreign trade is still clearly upwards and contributed positively to economic growth in the fourth quarter. In the coming months, the analyst expects exports to climb again, although the dynamics should slow down.

Suggesting that domestic demand is likely to recover in the near future, the pace of decline in imports slowed to 6.5% annually from 15.1% in November. Moreover, imports rose 4.5% month-on-month, the first rise in three months.

Colin Ellis, an economist at Daiwa Capital Markets Europe, said today's data could reflect some normalization in imports. The economist sees the German economic recovery to be disproportionately dependent on exports during 2010 amid subdued consumer spending.

The trade surplus in December was EUR 13.5 billion, down from EUR 17.2 billion excess in November. Provisional results of the Deutsche Bundesbank showed a current account surplus of EUR 20.6 billion for December, up from EUR 17.8 billion surplus in the previous month.

Further, Destatis reported that Germany exported commodities to the value of EUR 803.2 billion in 2009, down 18.4% over 2008. Similarly, imports dropped 17.2% to EUR 667.1 billion. The statistical office said it was the biggest decline recorded in foreign trade in relation to both imports and exports since 1950.

The foreign trade balance showed a surplus of EUR 136.1 billion in 2009, narrower than the EUR 178.3 billion in the previous year. The current account surplus during the period was EUR 119.4 billion, smaller than EUR 165.2 billion surplus logged in 2008.

"As regards the world's top exporting nations, Germany as the largest exporter was overtaken by China in 2009," Destatis said. Citing information from the Chinese Ministry of Commerce, Destatis said Chinese exports amounted to US$1,201.7 billion, while German exports totaled US$1,121.3 billion in 2009.

Also on Tuesday, the statistical office confirmed January's consumer price inflation at 0.8%, slightly down from 0.9% recorded in December.

News are provided by InstaForex.

[IFX Svetlana]

The euro lost ground against most of its major counterparts during European session on Thursday.

Against the British currency, the euro slipped to 0.8759 at 9:00 am ET, down from a new multi-week high of 0.8844 hit at 4:15 am ET. The current quote for the euro-pound pair is 0.8761, compared to yesterday's close of 0.8811.

The euro traded in a tight range against the Swiss franc. As of now, the euro-franc pair is trading near yesterday's close of 1.4666.

The euro lost ground against the U.S. dollar. At 9:00 am ET, the euro fell to 1.3653 against the U.S. currency. As of now, the euro is worth 1.3669 against the U.S. dollar. The euro-greenback pair closed yesterday's trading at 1.3734.

The euro showed a downtrend against the Japanese currency as well. At 9:10 am ET, the euro declined to 122.49 versus the yen. At present, the euro is trading at 122.72 versus the yen, compared to yesterday's close of 123.61.


News are provided by InstaForex.

[IFX Darika]

Risk averse traders continued to flock to the relative safety of the dollar on Friday, with the world's de facto reserve currency enjoying a solid bid amid growing speculation the steam has run out of the global recovery.

The buck hit a fresh 9-month high again the euro, which has been hammered amid concerns that Greek debt problems will spread to other fragile economies without meaningful intervention on the part of more stable euro area nations.

However, with the eurozone struggling with anemic economic growth, major economies may be hesitant to drastically boost spending in order to prevent the Greek contagion.

European officials offered vague promises to support Greece on Thursday, and are expected to detail an aid package sometime next week.

Meanwhile, encouraging US retails sales data was overshadowed by news that China is engineering a soft slowdown of its economy.

A report from the Commerce Department on Friday showed that retail sales increased by 0.5 percent in January following a revised 0.1 percent decrease in December.

Adding to worries about the sustainability of the global recovery, China, now the engine of global growth, hiked its reserve requirement on banks in order to stem lending.

Even with the Dow taking back most of a 160 point drop in early dealing, the dollar sustained most of its gains against the euro.

The dollar rose to 1.3531 versus the euro, its highest level since last May, then backed off a penny to 1.3650.

At the same time, the buck extended this week's run of choppy trading versus the sterling, bouncing back and forth near 1.5600. The buck touched an 8-month high of 1.5533 a week ago, but has since risen no further.

The dollar also remained directionless against the yen, hanging around the Y90 mark.

The eurozone continued to lag behind the global economic recovery in the fourth quarter of 2009. Gross domestic product across the eurozone grew by only 0.1% in the fourth quarter compared to the previous three-month period.

The German economy, Europe's largest, unexpectedly stagnated in the fourth quarter as final consumption expenditure and investment failed to support growth.

Better-than-forecast French growth figures may have prevented the eurozone economy from sliding back into contraction mode.

Greece, saw its output shrink by 0.8% in the fourth quarter, casting doubts about the Greek public's willingness to accept cost cutting measures aimed at getting the nation's debt under control.

News are provided by InstaForex.