FOREX TIPS: October 2012

Wednesday, October 31, 2012

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Market Review 29.10.12

Posted: 29 Oct 2012 03:05 AM PDT

The Japanese yen reversed some of its recent losses against the US dollar during Asian trading last night, as investors eagerly await tomorrow's Bank of Japan meeting, in which it is widely expected that a new round of monetary easing will be announced.

Ongoing concerns regarding the Spanish and Greek economies caused the euro to drop more than 40 pips against the USD last night. In addition, the EUR/JPY fell more than 50 pips during early morning trading.

The price of crude oil reversed some of last Friday's gains during the overnight session to trade as low as $85.39 during early morning trading. That being said, investor concerns regarding Hurricane Sandy's potential impact on US refining capabilities continue to threaten to drive prices higher today.

Main News for Today

Today, a lack of significant international news means that any market volatility will likely come as a result of announcements out of the euro-zone with regards to the debt situations in Greece and Spain. Furthermore, traders will want to note that the US stock and options markets will be closed today due to the threat posed by Hurricane Sandy. Any damage the hurricane does to US oil refining capabilities has the potential to drive the price of crude higher.

Tuesday, October 30, 2012

FOREXYARD: Forex News Blog

Market Review 26.10.12

Posted: 26 Oct 2012 01:59 AM PDT

Uncertainty regarding the Spanish debt crisis led to risk aversion among investors during the overnight session, causing higher-yielding assets to take losses. The euro fell close to 40 pips against the US dollar, eventually trading as low as 1.2915 before bouncing back to its current level of 1.2930.

After hitting a four-month high at 80.37 during evening trading yesterday, the USD/JPY dropped more than 50 pips during the Asian session to trade as low as 79.83. The pair currently stands at 79.90.

Gold also resumed its downward trend during Asian trading. The precious metal fell by close to $14 an ounce throughout the night, and is currently trading just above the psychologically significant $1700 level.

Main News for Today

US Advance GDP- 12:30 GMT
• The US economy is forecasted to have grown 1.9% in the third quarter of this year
• Should today's news come in above 1.9%, the dollar may be able to recover last night's losses against the JPY before markets close for the weekend

Read more forex news on our forex blog

Saturday, October 27, 2012

FOREXYARD: Forex News Blog

Market Review 25.10.12

Posted: 25 Oct 2012 02:24 AM PDT

The US dollar hit a four-month high against the JPY during the overnight session, as investors remained convinced that the Bank of Japan will soon announce a new round of monetary easing to help the Japanese export industry.

The euro was able to recover some of its recent losses against the dollar last night, as expectations that the Greece will be given more time to implement economic reforms boosted risk appetite. The EUR/USD, which is once again trading above the psychologically significant 1.3000 level, gained more than 50 pips during Asian trading.

After falling by close to $2 a barrel yesterday due to a significantly higher than expected US inventories report, crude oil was able to gain close to $0.70 during the Asian session and is currently trading at $86.50.

Main News for Today

US Core Durable Goods Orders- 12:30 GMT
• Core durable goods orders are forecasted to come in at 0.8%, significantly higher than last month's -1.6%
• Any better than expected news could boost the USD/JPY during mid-day trading

US Unemployment Claims- 12:30 GMT
• Figure is expected to come in at 371K, which would represent an improvement over last week's 388K
• Should the figure come in below 371K, risk appetite may increase which could boost higher yielding commodities like gold and crude oil

US Pending Home Sales- 14:00 GMT
• Pending home sales are expected to have increased to 2.3% last month
• If true, it would represent a substantial improvement in the US housing market, which could boost the USD in afternoon trading

Read more forex news on our forex blog

Friday, October 26, 2012

FOREXYARD: Forex News Blog

Market Review 24.10.12

Posted: 24 Oct 2012 02:17 AM PDT

The euro took significant losses during early morning trading today, after worse than expected German and French economic data raised concerns among investors that the euro-zone debt crisis is affecting the region's two biggest economies. The EUR/USD, currently trading around the 1.2930 level, has fallen more than 60 pips since this morning. The AUD was able to gain against several of its main currency rivals last night, after a better than expected CPI figure boosted faith in the Australian economy.

Main News for Today

ECB President Draghi Speaks- 11:45, 14:00 GMT
• The ECB President is scheduled to give two speeches today regarding the current state of the euro-zone economic recovery
• A pessimistic outlook from the ECB president about troubled euro-zone economies could send the euro lower against its main currency rivals

US New Home Sales- 14:00 GMT
• New home sales are expected to have risen to 386K from 373K last month
• Any better than expected data could lead to gains for the dollar against the Japanese yen during afternoon trading

US FOMC Statement- 18:15 GMT
• The FOMC Statement is typically used by investors to gauge the current state of the US economy
• Any indications that the US economic recovery is speeding up could boost the dollar during evening trading

Read more forex news on our forex blog

Thursday, October 25, 2012

FOREXYARD: Forex News Blog

Market Review 23.10.12
Market Review 10.10.12
Market Review 09.10.12
Market Review 8.10.12
US Non-Farm Payrolls Set to Create Heavy Market Volatility
Market Review 05.10.12
Market Review 4.10.12
Market Review 3.10.12
Market Review 02.10.12
Market Review 1.10.12
Market Review 28.9.12

Market Review 23.10.12

Posted: 23 Oct 2012 02:43 AM PDT

The US dollar remained within reach of a three-month high vs. the JPY during overnight trading, as expectations that the Bank of Japan will soon institute a new round of monetary easing weighed down on the yen. The EUR/USD fell close to 50 pips during the Asian session as concerns regarding when Spain will formally request a bailout package kept the common currency below its recent one-month high. Meanwhile, the price of crude oil continued to fall last night as concerns regarding a slowdown in the global economy generated supply side fears. The commodity, which is currently trading at the $88.30 level, has fallen close to $3 a barrel in the last 24 hours.

Main News for Today

Canadian Overnight Rate- 13:00 GMT
• The Canadian dollar has taken significant losses against the USD in recent days
• While the Bank of Canada is expected to keep interest rates at 1.00% today, any surprise moves could result in heavy volatility for the USD/CAD

Read more forex news on our forex blog

Market Review 10.10.12

Posted: 10 Oct 2012 02:23 AM PDT

The EUR/USD fell to a 10-day low during overnight trading, as investor concerns regarding Spanish and Greek debt led to an increase in risk aversion. After hitting the 1.2834 level, the pair was able to stage a slight upward correction to reach its current level of 1.2865. Commodities and precious metals also took minor losses during Asian trading. The price of gold fell close to $5 an ounce to trade as low as $1760 before bouncing back to its current level of $1763. Meanwhile, crude oil lost about $0.55 a barrel to reach $91.68 before reversing to its current level of $92.20.

Main News for Today

US Beige Book- 18:00 GMT
• The Beige Book is an analysis the FOMC uses to make a decision regarding interest rates
• Should the Beige Book signal any improvements in the US economy, investors may shift their funds to riskier assets, which could help the euro recover some of its recent losses

Read more forex news on our forex blog

Market Review 09.10.12

Posted: 09 Oct 2012 01:41 AM PDT

After making slight gains during Asian trading against the US dollar, the euro once again turned bearish during the early morning session today as concerns regarding Spanish debt continue to weigh down on the common currency. The EUR/USD advanced more than 20 pips to reach as high as 1.2989 before falling to its current level of 1.2940. Gold also advanced slightly last night, gaining more than $5 to trade as high as $1779.45 an ounce, before dropping back to its current level of $1774.

Main News for Today

UK Manufacturing Production- 08:30 GMT
• The manufacturing indicator is forecasted to come in at -0.6%, well below last month's 3.2%
• Any worse than expected news could result in the British pound extending its current bearish trend against the US dollar and Japanese yen

Read more forex news on our forex blog

Market Review 8.10.12

Posted: 08 Oct 2012 02:13 AM PDT

The US dollar retreated from a two-week high against the Japanese yen during overnight trading, as analysts began warning that the US labor sector's recovery is still progressing slowly despite a surprise drop in the unemployment rate on Friday. The USD/JPY, which is currently trading at 78.30 fell close to 40 pips last night. The EUR/USD fell close to 60 pips during Asian trading, and is once again trading below the psychologically significant 1.3000 level.

Main News for Today

With bank holidays in the US, Japan and Canada today, traders will want to pay attention to any announcements out of the euro-zone. In particular, news regarding a possible Spanish bailout request has the potential to generate market volatility.

Read more forex news on our forex blog

US Non-Farm Payrolls Set to Create Heavy Market Volatility

Posted: 05 Oct 2012 02:49 AM PDT

At FOREXYARD, we believe in keeping our clients prepared for potentially significant news events. As such, traders will want to pay careful attention to the US Non-Farm Employment Change, set to be released today, October 5th at 12:30 GMT. The Non-Farm indicator is widely considered to be the most significant event on the forex calendar and consistently leads to market volatility. As can be seen in the chart below, last month's worse than expected figure resulted in the US dollar tumbling against the Japanese yen.

USDJPY 0410

Don't miss out on another opportunity to capitalize on market volatility!

Today’s news is forecasted to come in at 115K, significantly higher than last month's 96K. If the indicator comes in above expectations, optimism in the US economic recovery could lead to risk taking, which may help higher-yielding currencies like the EUR and AUD. This is an excellent opportunity for forex traders to take advantage of potentially significant news, so don't miss out!

Read more forex news on our forex blog

Market Review 05.10.12

Posted: 05 Oct 2012 02:47 AM PDT

The markets saw relatively little movement during Asian trading last night, as investors were hesitant to open new positions ahead of today's all-important US Non-Farm Payrolls figure. The EUR/USD remained close to a 2-week high for most of the night, and the pair is currently trading just above the 1.3000 level. Gold hit a fresh 11-month high at $1795.72 before staging a slight downward correction and dropping to its current price of $1791.40.

Main News for Today

US Non-Farm Employment Change- 12:30 GMT
• Analysts are forecasting that the US added 114K jobs in September, which if true, would represent a slight increase over last month's figure of 96K
• Should today's indicator come in above expectations, investors may shift their funds to riskier assets, which could boost currencies like the EUR and AUD, as well as commodities like crude oil, gold, silver and platinum

Read more forex news on our forex blog

Market Review 4.10.12

Posted: 04 Oct 2012 01:55 AM PDT

The US dollar remained close to a two-week high against the Japanese yen during the overnight session, as confidence in the US economic recovery remained high following better than expected American economic indicators released yesterday. The euro saw mild gains against the USD last night, as risk appetite remained high among investors. The EUR/USD advanced close to 40 pips to trade as high as 1.2953. After tumbling close to $4 a barrel yesterday, the price of crude oil remained relatively stable at around $88.20 for most of Asian trading.

Main News for Today

EU Minimum Bid Rate/ECB Press Conference- 11:45 and 12:30 GMT
• Most analysts expect the ECB to leave euro-zone interest rates unchanged at 0.75%
• Investors will be closely watching the press conference for clues as to the current state of the EU economic recovery
• If the ECB voices any kind of negative sentiment regarding the EU's current economic situation, the EUR/USD could move downward

US Unemployment Claims- 12:30 GMT
• This week's unemployment claims figure is expected to come in at 371K, slightly higher than last week's figure
• If the indicator comes in above the forecasted level, the dollar could turn bearish against the JPY

US FOMC Meeting Minutes- 18:00 GMT
• Investors will be closely watching the meeting minutes to get a better sense of the current state of the US economic recovery
• Any negative outlook from the FOMC may weigh down on the USD during evening trading

Read more forex news on our forex blog

Market Review 3.10.12

Posted: 03 Oct 2012 03:01 AM PDT

After the EUR/USD took moderate losses in overnight trading, eventually reaching as low as 1.2876, the pair was able to bounce back during the early morning session and is currently at 1.2925. Crude oil extended yesterday's downward trend last night, as investor fears about the global economic recovery continue to generate fears that global demand could continue moving down. The commodity has fallen well over $1 a barrel since yesterday afternoon and is currently trading around the $91.50 level. The price of gold has remained relatively unchanged for the last 24 hours, and is currently trading around the $1776 level.

Main News for Today

US ADP Non-Farm Employment Change- 12:15 GDP
• The indicator is considered a valid predictor of Friday's all-important Non-Farm Payrolls report
• Today's news is forecasted to come in at 145K, well below last month's figure of 201K
• Any worse than expected news could weigh down on the USD/JPY

US ISM Non-Manufacturing PMI- 14:00 GMT
• Forecasted to come in slightly below last month's figure
• Should the indicator come in above the expected 53.2, risk taking among investors could boost the euro

US Crude Oil Inventories- 14:30 GMT
• Forecasted to come in at 1.6M, significantly higher than last week's -2.4M
• If the news comes in above expectations, it may be taken as a sign that demand in the US is weakening which could result in the price of oil dropping

Read more forex news on our forex blog

Market Review 02.10.12

Posted: 02 Oct 2012 02:04 AM PDT

The euro saw moderate gains against the US dollar in overnight trading, as a positive US manufacturing report from yesterday continued to boost risk appetite. That being said, the common currency remains close to a recent three-week low, and analysts are warning that bearish movement may continue occurring until Spain makes a formal request for a bailout package. The Australian dollar fell to a one-month low against the greenback last night after RBA unexpectedly decided to cut Australian interest rates.

Main News for Today

UK Construction PMI- 08:30 GMT
• The British pound has seen significant bearish movement against the US dollar in recent days
• Any better than expected data today could help sterling recover some of its recent losses

Read more forex news on our forex blog

Market Review 1.10.12

Posted: 01 Oct 2012 02:26 AM PDT

The euro fell to a three-week low against the US dollar in overnight trading, as concerns about Spanish debt continued to draw investors to safe-haven assets. The common-currency fell as low as 1.2802 last night, before rebounding to its current level of 1.2867. After dropping close to $0.70 a barrel during the Asian session, crude oil was able to recoup most of its losses and currently stands at $91.86, virtually the same price as when markets opened for the week.

Main News for Today

US ISM Manufacturing PMI- 14:00 GMT
• The PMI is forecasted to come in at 49.8, slightly higher than last month's figure
• Any better than expected news will likely boost investor confidence in the US economic recovery and could help the dollar extend its recent bullish trend

Fed Chairman Bernanke Speaks- 16:30 GMT
• Investors will be watching today's speech for clues as to the current state of the US economic recovery
• Any positive comments from the Fed Chairman could help the dollar during afternoon trading

Read more forex news on our forex blog

Market Review 28.9.12

Posted: 28 Sep 2012 01:55 AM PDT

The euro bounced back from a two-week low against the US dollar yesterday, after Spain unveiled a new budget which some viewed as the next step before officially requesting a bailout from the European Central Bank. The EUR/USD advanced more than 30 pips during Asian trading to reach as high as 1.2941 before staging a downward correction and dropping to its current level of 1.2925. Both crude oil and gold saw gains from the news as well. In the last 24 hours, crude has gained more than $2 a barrel while gold has advanced over $25 an ounce.

Main News for Today

Canadian GDP- 12:30 GMT
• The Canadian dollar has steadily gained on the USD for the last several days
• Should today's news come in above the forecasted 0.1%, the USD/CAD could see additional downward movement before markets close for the week

Read more forex news on our forex blog