FOREXYARD: Forex News Blog

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• Crude Oil Drops on Thursday
• Euro Takes A Hit whilst Dollar & JPY Strengthen
• Bullion Market Update
• JPY Back and Forth Against USD
• Crude Oil Makes Modest Gains
• Crude Oil Down on Tuesday
• Australian Dollar Making Gains
• USD Drops Against Yen
• NOK Turns Bullish, But For How Long?
• Crude Oil Remains Steady—For Now
• Greenback up against Euro

Crude Oil Drops on Thursday 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.

Bullion Market Update 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. Wednesdays’ trading saw Gold show a moderate rise of 0.2% to $1,650, whilst silver showed a gain of 1.23% to $32.23. 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. The news out of Europe today could affect the Euro and the Greenback, and consequently affect the prices of Gold and Silver.

JPY Back and Forth Against USD Posted: 21 Mar 2012 09:04 AM PDT The Japanese yen was up and down on Wednesday against the USD. The beginning of Wednesday saw the yen making gains against the greenback but as the day moved on the dollar eventually came out on top. Towards the end of the afternoon, the yen was trading at 83.83 against the dollar. A combination of mixed news from the U.S. as well as continued uncertainty regarding where the yen will move is contributing to the back and forth behavior of the USD/JPY. The U.S. has recently released various reports indicating strength in the economic recovery underway but yesterday’s home sales figures were a disappointment to many. Meanwhile, the yen continues to trade well above the 80.00 mark as investors express their uncertainty as to which way the Japanese economy and, subsequently, the currency will move.

Crude Oil Makes Modest Gains Posted: 21 Mar 2012 09:03 AM PDT Crude oil made modest gains on Wednesday as a combination of various events around the market put things in a stand still for oil. For most of Wednesday crude oil didn’t make many moves one way or the other but seemed to take advantage of possible nervous sentiment regarding U.S. home sales numbers being released later in the day. Towards the end of the afternoon crude oil stayed close to the 106.22 mark, indicating a mild jump from Tuesday’s high point. Following the release of the U.S. home sales figures investors turned bearish on the dollar due to the lackluster numbers. In other news, the U.S. Department of Energy indicated the level of crude oil reserves has increased by 2 million barrels as of last week. The combination of these developments could lead to the possibility that crude oil will continue to hover around its current position.

Crude Oil Down on Tuesday Posted: 20 Mar 2012 08:24 AM PDT Crude oil declined steeply on Tuesday, despite the USD not gaining as much strength as some analysts predicted. For most of Tuesday afternoon, oil sat at the 106.23 mark which marks a significant drop from Monday. The U.S. did indicate that as of last week its crude oil inventories had risen by close to two and a half million barrels. With demand down from the EU and China, this has led crude oil’s most recent drop. Heading into Wednesday, the U.S. will release existing home sales and we can expect to hear from Fed Reserve chair Bernanke. Both should be a good indicator of overall economic health in the U.S. Naturally, with any good news from the U.S. investors may very well react positively and further invest in the greenback.

Australian Dollar Making Gains Posted: 19 Mar 2012 06:06 AM PDT The Australian dollar has seen growth against the JPY this afternoon. At the moment, the aussie is hovering around 88.37. Following last month’s decision by the Bank of Japan to inject millions of yen into the economy, the yen has been consistently dropping against several currencies. Many analysts predicted that we would see some resurgence from the yen but so far predictions have turned up incorrect. Heading towards the end of March, we will see the business year-end for Japan. Traditionally, this time of the year sees an increase in foreign investment in the Japanese economy. If the past repeats itself in this regard, we may well see the yen bounce back from its recent slump. Read more forex news on our forex blog.

USD Drops Against Yen Posted: 16 Mar 2012 04:46 AM PDT The U.S. dollar dropped off its recent rally Friday morning. Analysts are suggesting the greenback is at last hitting resistance against the Japanese yen. As of early Friday afternoon, the USD/JPY had fallen from a very strong showing on Thursday and hovered close to 83.47. The recent rally against the yen surprised some traders as the Japanese currency was showing signs of life earlier in the week. The current position of the USD/JPY also remains well above the psychologically significant mark of 80.00. This could be an indication of overall confidence in the American economic recovery as well as the BoJ’s actions not quite having the effect that many were expecting. Read more forex news on our forex blog.

NOK Turns Bullish, But For How Long? Posted: 15 Mar 2012 04:01 AM PDT After tumbling against its main currency rivals during yesterday's trading session, the Norwegian krone began to correct itself during the overnight session. Following the surprise decision from Governor Oeystein Olsen to cut the overnight deposit rate in Norway, the EUR/NOK shot up over 1200 pips reaching as high as 7.5919. Against the US dollar, the krone went up over 1100 pips, reaching as high as 5.8368. That being said, in a sign that the effect of the interest rate cut would be short lived, both currency pairs began showing signs of bearish momentum during the Asian trading session. The decision to cut the interest rate was made after the krone rose to a 9-year high vs. the euro. While the Norwegian central bank said that it would not tolerate the continued strengthening of the krone, analysts were quick to warn that the cutting of interest rates may not be a viable way to depreciate the currency. Historically, the krone's value is much more dependent on the global price of oil rather than any decision made by Norway's central bank. The combination of increased demand in the US for crude oil and recent tensions in the Middle East, have kept the price of oil well above $100 a barrel in recent weeks. It would appear that before any viable depreciation in the krone is to take place, the price of oil may need to fall.

Crude Oil Remains Steady—For Now Posted: 13 Mar 2012 05:14 AM PDT Crude oil is staying steady today following last week’s gains. As of this morning, Brent crude oil is trading at $106.88. Investors are keeping an eye on crude oil given the recent gains made by the USD seem to be retracting thus far this morning. Despite the recent slump by the USD, some analysts believe that we me have already witnessed the peak of crude oil’s recent surge. Various factors around the market are contributing to the notion that we may possibly be seeing a surge before a steep drop. For example, the recent news out of China regarding its shrinking manufacturing sector and overall weakened growth rate has pushed down demand for crude oil. Countries across Europe have also been reporting a shrinking demand for oil, which could inhibit any further rise. Read more forex news on our forex blog.

Greenback up against Euro Posted: 12 Mar 2012 06:44 AM PDT Towards the close of trading last week wwe saw positive news come out of the U.S. with the announcement from American financial authorities regarding the third straight month of positive job growth. U.S. companies added another 200,000 new jobs to their payrolls as the economic recovery continues to gain steam. As of this morning the greenback was trading at $1.3087 against the euro. Read more forex news on our forex blog.

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