FOREXYARD: Forex News Blog

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• Yen Slides Versus Majors Ahead of Bank of Japan Meeting
• Gold Price Boosted By Weaker U.S Dollar
• Crude Oil Climbs To 1-Week High
• Pound Drops As U.K Falls Into New Recession
• Canadian Dollar Rises to 7-Month High Versus U.S Dollar
• Yen Declines Versus Majors Ahead Of BoJ Meeting
• Euro Makes Gains as Euro Nations Sell Bonds
• Pound Strengthens On Renewed Concern Over Euro-Zone
• Gold Tumbles As U.S Dollar Strengthens
• Crude Oil Outlook This Week
• Bullion Market Outlook For This Week

Yen Slides Versus Majors Ahead of Bank of Japan Meeting Posted: 26 Apr 2012 08:32 PM PDT Despite making gains during yesterday’s trading day, the Japanese Yen has reversed its performance to trade down against the majority of its major currency counterparts. The Japanese currency weakened ahead of speculation that the Bank of Japan will expand  stimulus measures in order to fight deflation. The BoJ Meeting is scheduled for Friday. The Yen slid 0.2 percent against the U.S dollar just before 10am Tokyo time after showing a 0.4 percent increase in the previous day.The Yen also performed poorly versus the 17-nation euro as it dipped by 0.1 percent to trade at 107.14 per euro. Elsewhere, the euro slid versus the greenback as a result of Spain’s recent downgrade from A to BBB+.The decision by ratings agency Standard & Poor’s has added to concerns that the nations debt problem is worsening.

Gold Price Boosted By Weaker U.S Dollar Posted: 26 Apr 2012 02:32 AM PDT Gold prices were boosted during Thursday’s early morning trading as a result of a weakening U.S Dollar. The metal benefited from statements made by the Federal Reserve that they would carry out further monetary easing if required. Despite the fact that the Federal Reserve did not officially announce another round of easing,the intentions for further easing has a positive affect on gold prices. Silver prices were also given a slight boost as a result of the weaker U.S dollar as the metal for May delivery appreciated 39 cents to reach $30.75 per ounce.Platinum as well as Palladium also made gains thanks to the poor performing greenback, as the former climbed just over $10 whilst the latter rose $9.60 for June Delivery.

Crude Oil Climbs To 1-Week High Posted: 25 Apr 2012 12:33 PM PDT Crude oil climbed to a one-week high after policy makers at the Federal Reserve mentioned that they speculate growth to move ahead at an accelerated pace. The rise comes after the commodity dropped as supplies in the U.S gained as well as a comment made by Iran’s envoy in Moscow claiming that the nation is discussing a proposal to delay the expansion of its nuclear program. Crude for June Contract apppreciated 0.5 percent to $104.11 per barrel around approximately 2pm New York time. The commodity reached its highest level since April 17 after touching 104.57 a barrel. So far for the year, Crude Oil prices have appreciated 5.3 percent. Wednesday saw the release of the weekly Crude Oil Inventories report which produced higher figures than expected. Crude Inventories climbed 3.98 million barrels to reach 373 million in the previous week as output appreciated to a 12-year high.

Pound Drops As U.K Falls Into New Recession Posted: 25 Apr 2012 09:11 AM PDT The British Pound saw its biggest decline in two months against the Euro as statistics indicate the UK has officially gone into another recession. The sterling also slid from a seven-month high versus the U.S dollar after GBP Gross Domestic Product Figures showed 0.2 percent drop for the first three months of 2012. Despite the sharp slide of the Sterling, according to Bloomberg Correlation-Weighted Indexes,the British currency has grown 1.5 percent in the past month, which indicates the currency to be the best performer among the 10 developed nation currencies.Elsewhere the 17-nation currency fell 0.8 percent whilst the greenback showed a 0.2 percent decline in the past month. In order for a nation to fall into a recession,Gross Domestic Product figures need to be on the decline for two consecutive quarters. Prior to the 0.2 percent drop for the first quarter of the year, the previous GDP figures also indicated a 0.3  percent drop.

Canadian Dollar Rises to 7-Month High Versus U.S Dollar Posted: 25 Apr 2012 08:10 AM PDT The Canadian Dollar appreciated to a seven-month high versus its currency counterpart, the U.S dollar.The rise of the “loonie” was a result of speculation that the global growth outlook is on the mend,boosting  prospects for Canada’s exports. The Canadian currency has strengthened against 15 of its 16 major currency counterparts, except for the Japanese Yen.The CAD is heading towards a 1.6 percent climb against the ’safe haven’ U.S dollar for the month of April. The Canadian dollar reached the strongest level since September after hitting 98.23 cents per U.S dollar before climbing to 98.34 which was a 0.4 percent rise. Governor of the Bank of Canada Mark Carney is expected to deliver a speech on Friday. The Governor has the biggest influence on the nations currency value and therefore the outcome of the speech could result in a short term positive or negative trend.

Yen Declines Versus Majors Ahead Of BoJ Meeting Posted: 24 Apr 2012 08:11 PM PDT The Japanese Yen traded down versus the majority of its currency counterparts ahead of speculation that officials from the Bank of Japan will add stimulus measures at a policy meeting expected to take place this week. The Yen fell 0.1 percent versus the 17-nation euro to trade at 107.43 during the morning hours of the Asian trading session,after dropping 0.5 percent during yesterday’s trading.The Japanese currency also saw losses against the U.S Dollar and the British Pound. The Australian Dollar also made gains over the Yen after the first case of Mad Cow Disease in six years boosted speculation that the demand for Australian beef will rise. There a number of Yen-related reports due for release on Thursday which could affect the price movements of the currency. The reports include,Japanese Unemployment Rate,Tokyo Core CPI,Retail Sales as well as the Bank of Japan’s Interest Rate Decision.

Euro Makes Gains as Euro Nations Sell Bonds Posted: 24 Apr 2012 10:25 AM PDT The 17-nation euro appreciated against the majority of its currency counterparts during Tuesday’s trading as trio Spain, Italy and Holland managed to sell bonds. The fact that these euro nations sold bonds is extremely positive as no sooner then yesterday, investors believed the debt crisis in the Euro-zone was worsening. The shared currency rose 0.4 percent against the U.S Dollar during the New York trading session as while as showing a 0.4 percent rise against the Japanese Yen. The euro saw further gains versus the greenback after figures indicated that Home Sales fell at a slower rate for the year ended February. The Home Sales report included 20 cities from the United States. There are still a number of key financial reports expected for release on Wednesday and Thursday which could affect the movements of the Euro, the U.S Dollar and  other major currencies. The reports include  speech from the ECB President Mario Draghi,GBP Gross Domestic Product, US Interest Rate Decision,FOMC Statement as well as New Zealand Interest Rate Decision.

Pound Strengthens On Renewed Concern Over Euro-Zone Posted: 23 Apr 2012 07:51 PM PDT The Pound appreciated against the 17 nation euro during Monday’s trading ahead of fresh concerns over Europe’s debt crisis. UK 10-Year Gilts climbed for the first time in 5 days as investors took to the sterling as a safety precaution as the French Presidential Elections and turmoil in the Dutch Government have made the British pound the more appealing “safe haven” currency. The Sterling appreciated to its strongest level in 20 months against the Euro after French President Nicholas Sarkozy has fallen behind Socialist Francois Hollande going going into the final round of the French Presidential Elections.The Pound was given a further boost from news out of the Dutch Government where early elections are due to take place as a party from the minority ruling coalition withdrew. The Sterling rose 0.5 percent versus the 17-nation currency and reached 0.8149, its strongest level since back in August 2010. There are a number of financial reports expected for the next few days which could affect the movements of the currency markets. Tomorrow,Canada will release its Retail Sales Figures as well U.S New Home Sales while European Central Bank President Mario Draghi will deliver a speech on Wednesday. Other important news items on this week’s Agenda include GBP Gross Domestic Product,FOMC Statement,U.S Interest Rate Decision, a speech from Federal Reserve Chairman Ben Bernanke,New Zealand’s Interest Rate Decision as well as the Bank of New Zealand’s Rate Statement.

Gold Tumbles As U.S Dollar Strengthens Posted: 23 Apr 2012 09:14 AM PDT The price of gold has weakened to a two-week low after a boost in the U.S dollar had made the metal less appealing as an alternative investment during Monday’s trading. Silver experienced even greater losses than that of gold after falling to a three-month low. The greenback made gains of 0.5 percent versus a number of its currency counterparts due to concerns over the French presidential elections. There is fresh concern that the result of the presidential elections in France will interfere with efforts to aid the nation’s debt crisis. Gold prices for June Contract dropped 0.8 percent to $1,629.60 an ounce during the early New York session. Prior to hitting that level, the yellow metal fell to $1,623.60, the lowest level since April 5. Before  today’s drop in gold prices, the metal has fallen 1.7 percent for the month of April so far. Elsewhere, Silver prices sharply dipped to trade below the $30.74 level, after previously declining to $30.63, the lowest silver price since January 20.

Crude Oil Outlook This Week Posted: 22 Apr 2012 08:18 PM PDT Despite Crude Oil’s gains towards the end of last week, the commodity during last weeks trading, saw no clear trend or any major movements. At the end of last week,crude oil appreciated almost 0.8 percent to trade above the $103.00 level,although overall gains for the whole week were minimal. There a number of news events on the economic calendar this week which could possibly affect the price movements of crude oil. Such events include the FOMC Meeting,U.S Home Sales and the U.S Jobless Claims Weekly Update. News or figures from Canada will also play a role in price movements as the nation is strongly linked to crude oil. Canada’s Retail Sales report will be released this week which could affect the Canadian Dollar and as a result, affect oil prices. Last week saw both the Euro and The Australian dollar strengthen against the U.S dollar, which had a positive affect on commodity prices. If these two major currencies continue to make gains over the greenback this week,it could have a positive affect on commodities, including the price of crude oil.

Bullion Market Outlook For This Week Posted: 22 Apr 2012 07:10 PM PDT Both gold and silver during last weeks trading did not show any major movements or solid directions, with the yellow metal weakening for the majority of the week whilst silver prices traded slightly up. During last week, gold prices fell 1.05 percent whilst its fellow metal silver slightly appreciated just over 1 percent. Despite gold’s weak performance in the previous week, silver managed to make some gains. Its possible that that the metal’s prices were boosted by a strong Euro and Australian Dollar , which both strengthened against the U.S Dollar. There are a number of financial reports due for release this week which could affect precious metal price movements. In particular, there are a number of U.S-related reports including New Home Sales report,Core Durable Goods Orders,Interest Rate Decision,FOMC Statement as well as a Speech from Federal Reserve Chairman Ben Bernanke. If the results of the U.S-related reports turn out to be positive, it could boost the greenback and consequently push gold and silver prices down.On the other hand,bullion prices could be boosted if the reports display negative or unexpected results, which would put downward pressure on the U.S currency.

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