FOREXYARD: Forex News Blog | |
| Posted: 22 Mar 2012 09:11 AM PDT
Crude oil made a sharp downward movement on Thursday as an array of news affected currencies and commodities across the board. The biggest factor in crude oil’s drop on Thursday was the poor PMI numbers from China. This follows after weeks of indications that China’s manufacturing sector had been shrinking in recent months. Additionally, overall demand from Europe continues to drop, further influencing Thursday’s drop for crude oil. While the U.S. released actual numbers on its crude oil inventories that were far below market predictions, the price of oil still dropped considerably and hovered close to 104.64 for most of Thursday afternoon. Heading into Friday, investors will want to keep an eye on whether or not domestic data from the U.S., including the recent drop in unemployment claims, has any influence on crude oil. |
| Euro Takes A Hit whilst Dollar & JPY Strengthen Posted: 22 Mar 2012 08:23 AM PDT
More negative news for the Euro-zone as the Euro weakens against the Yen and the Dollar. The Euro took a slide due to an index of the euro -area manufacturing and services which contracted for March,more than then expected.The Euro-zone takes another hit, as such a result can only add to concerns of a slowing European economy. Over the last few months we have seen the Euro-zone economy show signs of improvement and some surprisingly positive outcomes, however this latest setback will cast even more shadows over the future of the Euro. This morning saw the greenback appreciate over most rival currencies with the exception of the Yen.The Dollar rose against its Australian and New Zealand counterparts after the news that Chinas’ purchasing managers’ index fell to a weaker then expected 48.1 in March. We head to the Yen as the major currency strengthened against 16 currency rivals after Japan reported an unexpected trade surplus for the month of February, another indicator of the Japanese economy showing good signs for the future. More positive news for the Yen as the currency moved towards its first five-day advance in 7 weeks against the Greenback as a result of Japans’ finance ministry reporting the amount of exports exceeding imports by 32.9 billion Yen. This latest data suggests that Japans economy is showing signs of improvements. |
| Posted: 22 Mar 2012 04:16 AM PDT
The direction of both Gold and Silver continues to sway as the two metals go from gains to losses. Reports claim that Chinas’ Manufacturing is set to contract for the fifth consecutive month, according to the recent HSBC Manufacturing PMI, the index slipped to 48.1 which shows that the nations’ manufacturing is on the decline. This news will be among the major factors negatively affecting the price of the two metals throughout the day. There are a number of important news events released today, as both ECB President Mario Draghi and the Federal Reserve Chairman Ben Bernanke will speak. U.S Jobless Claims update as well as Canada’s Retail Sales complete the reports for today. Chinas’ manufacturing crisis is the leading indicator of Gold and silvers moderate decline. Chinas’ progress is the main event for the bullion market, as we could see the two metals trading in the red throughout the day. |
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