FOREXYARD: Forex News Blog

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• U.S Dollar Weakens Over Jobless Claims
• Crude Oil Gains After Modest Inventories Report
• Sterling Up After Positive Retail Sales
• Bullion Market Update
• JPY Makes Biggest Gains Of The Majors
• Yen Makes Gains Versus U.S Dollar
• Dollar Weakens After NFP Data
• Gold & Silver Outlook For The Week
• Crude Oil Drops On Economic Worries In U.S
• Key Economic Events Taking Place Next Week
• Euro Hits 3-Week low Due to Turmoil With Spanish Bonds

U.S Dollar Weakens Over Jobless Claims Posted: 12 Apr 2012 07:48 AM PDT The U.S dollar experienced further declines after a report regarding jobless claims produced figures of 380,000. the Jobless claims report is one that involves individuals who filed for unemployment insurance for the first time during the previous week. The 17-nation Euro took advantage of the dollar set back and made gains to $1,3161 from the lower rate of approximately $1,3100 which it was trading during Wednesday’s late session. The Bullion market has also taken advantage of the weakening U.S dollar as both gold and silver have strengthened today. Elsewhere, the Canadian Dollar appreciated over its U.S counterpart today due to positive news out of Australia after releasing an improved employment report. The Canadian currency also know as the “loonie”  will benefit from positive movements from commodity currencies such as the Australian Dollar.

Crude Oil Gains After Modest Inventories Report Posted: 11 Apr 2012 06:09 PM PDT The price of crude oil was boosted during Wednesday’s trading after  a slightly positive crude oil inventories report.The moderate gains come after several days of losses which saw the commodity finish Tuesday’s trading at its lowest price since February. Crude’s gains were also largely due to better then expected earnings from Alcoa Inc. Crude appreciated 1.7 percent to reach the $102.70 mark after the latest inventories report which showed improved results in comparison to previous figures . Wednesday’s performance saw the first gains made by the commodity in three days after slipping from last week. There are still a  number of financial reports due for release during Thursday and Friday which could have an impact on both the commodity and currency markets.

Sterling Up After Positive Retail Sales Posted: 11 Apr 2012 03:13 PM PDT The British Pound made gains over the U.S dollar after seeing good results in retail sales for the month of March. The pound also made gains versus the Yen for the first time in six days as Spanish bonds and European stocks advanced today. The current upward movements shown could ease concern over the current and future state of the European economy. Heading into the evening London time, the GBP showed gains of 0.2 percent to $1,5981 versus the greenback after showing previous gains of 0.5 percent, the biggest gains versus the U.S dollar since the end of March.The GBP also showed gains of 0.5 percent versus the Japanese Yen whilst showing little movements against the Euro. A number of important financial reports are due for release tomorrow including Canadian and American Trade Balance, U.S Initial Jobless Claims and China’s GDP

Bullion Market Update Posted: 11 Apr 2012 04:06 AM PDT Both gold and silver have recently enjoyed some gains whilst other markets including U.S Stocks and energy commodities moved in the opposite direction.The energy markets as well as U.S Stocks are closely connected to precious metals, and therefore it is not likely that we will continue to see a drop in these markets for much longer. The price of the yellow metal climbed 1.02 percent to reach the $1,660 level whilst silver made similar gains of approximately 0.5% to $31.68. Gold price rose on Tuesday by 1.02% to $1,660; silver also increased by 0.49% to $31.68. During April, gold declined by 0.67% and silver by 2.48%. A number of financial reports are scheduled for release on Thursday and Friday which could stir up the markets and cause some movement. The European Central Bank monthly bulletin and the Australian rate of Unemployment are two significant reports that are due to come out today. The ECB Monthly Bulletin examines the economic situation of the Euro Area including interest rate decisions,government's debt as well as price stability. There is a possibility that the outcome of this report will indicate expectations of the economic growth in the Euro-Zone. Australia’s Rate of Unemployment is a report which has the potential to affect the Australian Dollar which has a correlation with both gold and silver. The rate of unemployment appreciated to 5.2 percent in the previous report, and the unemployed figure showed slight gains to 16,400 for the month of February. To conclude, both metals continued their general direction that we have seen over the last few trading weeks after experiencing downfall at the start of the week due to the FOMC meeting minutes. There are still a number of reports and economic events due to come out this week which could have an impact on both the currency and commodity markets.

JPY Makes Biggest Gains Of The Majors Posted: 10 Apr 2012 05:33 PM PDT Tuesday’s trading saw big moves for the Japanese currency as it appreciated more than any other Major counterpart. Fresh turmoil in both Italian and Spanish Bond markets assisted the Yen with its climb as well as aiding the U.S dollar.The greenback and the JPY are seen as safe-haven currencies as well as alternative options against riskier assets. The Yen pushed for higher gains after the Bank of Japan kept its rate on the same level as previous whilst also moving ahead with no further action regarding policy easing. The Euro as well as the Australian and New Zealand Dollar all experienced losses versus the Asian currency. The 17-nation currency dropped 1.3 percent against the Yen whilst the Aussie dollar dropped 1.6 percent and the Kiwi dollar also experiencing losses of 2 percent. Despite the Yen’s dominance today, the greenback has shown gains of 4.9 percent over the JPY so far this year, assisted by Japan’s unexpected inflation target as well as a new asset-buying plan from the Bank of Japan.Gradual improvement in the U.S economy is also a key factor in the dollars gains this year. Another factor which is partly responsible for the Yen’s rise is Germany’s 2- year yields which recently dropped below Japan’s for the first time. Tomorrow, the Bank of Japan’s monthly report will be published as well as other economic reports including Germany’s 10-year Bund auction,Canadian housing starts, crude oil inventories and the Federal Budget Balance.

Yen Makes Gains Versus U.S Dollar Posted: 10 Apr 2012 03:10 AM PDT The Japanese Yen made gains over the greenback early Tuesday as the Bank of Japan decided to keep its rate on hold between zero to 0.1% and withstood to mention anything regarding further policy easing. The dollar bought 81.28 Yen this morning whilst Monday’s trading saw the greenback buy at 81.65, clear indication of the Yen’s upward move. Japanese Prime Minister Yoshihiko Noda stated yesterday that the government will hold specific meetings to come up with plans to overcome deflation as policy makers discuss ways to put an abrupt end to price declines.There is a possibility that the meetings could start this month.

Dollar Weakens After NFP Data Posted: 09 Apr 2012 12:51 PM PDT During Monday’s trading, the U.S dollar dropped points against the Euro as a result of a poor labor report from the U.S regarding employment in the nation. The highly anticipated Non-Farm Payroll report which is released on the first Friday of ever month reported surprisingly low figures on Friday last week. The NFP report released figures of 120,000 which came as a surprise due to the fact that that 210,000 was the expected figure. The report put some downward pressure on the greenback as the figures show fewer jobs were created, leading to concerns over the health of the economy’s recovery. This week will see a number of economic events  that could possibly affect the movements of the currency and commodity markets as we look ahead to data such as the American Trade Balance, U.S Initial Jobless Claims and the Bank of Japans Press Conference to name a few.

Gold & Silver Outlook For The Week Posted: 09 Apr 2012 08:25 AM PDT Before the outcome of the FOMC Meeting Minutes, both gold and silver were showing some strength and trading up. The reason for the drop in bullion prices was due to the fact that the Fed decided there was no need for a further stimulus plan until the US Economy slows down. This had a negative affect on the two metals as they tend to drop when there is positive news for the U.S Dollar. Overall for last week’s trading, gold prices sharply fell by 2.5 percent whilst silver also saw a drop for the week of just under 2.4 percent. Even though there was no commodity trading on Friday due to “Good Friday”, the Labor department released disappointing figures for the month of March. The result was well below what was expected, as a result, gold and silver prices could show a slight correction to the recent falls. A strong Non-Farm Payroll report would have a positive affect on the U.S Dollar, potentially causing bullion prices to fall as a result. The Euro also experienced sharp falls against the Greenback last week falling 1.8 percent whilst the Canadian dollar and the Australian dollar showed some resistance but in the end also showed slight drops versus the U.S dollar. The weakening of the “Aussie”,”Loonie” and the 17-nation currency could have assisted in the decline of both gold and silver prices last week. If the precious metals continue to fall, it could have a negative impact on the bullion market and could put downward pressure on bullion prices for the week ahead. There are a number of reports due for release this week which could have an impact on commodity prices. Coming up on the economic calendar this week is the U.S Consumer Price Index,American and Canadian Trade Balance,Bank of Japan’s rate decision and monetary policy,U.S PPI and U.S jobless claims weekly.

Crude Oil Drops On Economic Worries In U.S Posted: 09 Apr 2012 07:49 AM PDT Monday’s trading saw crude oil prices significantly drop during the European trading session. The commodity took a big hit from the Non-farm Payroll figures on Friday as well as escalating news from Iran regarding their nuclear Program. The Commodity Markets were shut on Friday due to the “Good Friday Holiday” but we did see crude prices slightly increase the previous trading day during Thursday as it rose 1.8% before sliding today. Once again doubts over the U.S Economy created a stir in the oil market after figures from the Labor Department on Friday were disappointing to say the least. The data from the report showed that 120,000 jobs were created in March,falling well short of the 210,000 figure that was expected. Positive news coming out of the U.S, in particular data or reports that indicate strength in the U.S Economy tends to boost Crude Oil Prices.On the other hand,  negative data as well as poor results will have a downward affect on the commodity as it loses demand. Crude oil also came under strong pressure ahead of talks between Iran and global powers including China and the U.S.The talks are set to take place this week and will discuss Iran’s nuclear program.

Key Economic Events Taking Place Next Week Posted: 06 Apr 2012 05:40 AM PDT There will be a number of economic events expected to stir up the financial markets in the second week of April. The reports include the U.S and Canadian Trade Balance,U.S consumer price index,Bank of Japans Rate Decision and monetary policy,Federal Budget Balance and U.S Jobless claims. Monday :U.S. Federal Budget Balance: This report will show the changes in the U.S federal balance for March 2012. It also indicates the government debt growth and could therefore affect the U.S dollar. The previous report in February resulted in the deficit sharply rising by $231 billion. Tuesday: Bank of Japan’s Rate Decision and Monetary Policy Statement will be published. The BoJ will decide on its interest rate and monetary policy. Up until no, the Bank of Japan has left the interest rate unchanged at 0 to 0.1 percent. If the BOJ decide to introduce monetary stimulus plans, it could potentially affect the Yen as well as commodities prices due to the fact that Japan is among the leading countries in importing commodities including crude oil. Thursday:Canadian Trade Balance- Figures from the January 2012 report showed a decrease in exports of 2.3 percent whilst imports fell 0.6 percent. The report could possibly affect the movements of the Canadian dollar which has a strong correlation to crude oil. Thursday: U.S. Producer Price Index: This report will present the progress in the PPI during March 2012. In the February report the index for finished goods rose slightly by 0.4 percent compared to January's rate and showed an overall increase of 3.3 percent for the past 12 months.This report from the U.S could have an impact on precious metal prices. There is a strong possibility that the key economic reports scheduled for release next week will have an impact on the currency and commodity markets.

Euro Hits 3-Week low Due to Turmoil With Spanish Bonds Posted: 05 Apr 2012 12:50 PM PDT The 17-nation currency continues its downward spiral as the U.S Dollar made further gains versus the Euro and other Major counterparts. Turmoil in the Spanish Bond’s Market was heavily responsible for adding extra pressure on the euro as it traded down to a three -week low. The euro dropped to the $1,3063 level from $1,3139, the rate it reached during Wednesday’s trading. The latest rise in Spanish and Italian bond yields has put heavy pressure on the single currency,after the euro had rallied on and off since the start of the year after the European Central Bank proposed huge long-term re-financing which eased concern of the debt crisis. Yields on Spain’s 10-year government bonds was at the highest rate since December after appreciating to 5.78 percent. whilst Italy’s 10-year yields climbed as high as 5.54 percent, reaching its highest point since February. Elsewhere the Greenback made further gains during Thursday’s trading as a result of the U.S Initial Jobless Claims showed a dip to 357,000, positive news for dollar. The Non-farm Payrolls report to be published tomorrow could stir up the currency and commodity markets if the report will show surprising results.

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