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.

FOREXYARD: Forex News Blog

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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.

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FOREXYARD: Forex News Blog

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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.

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• 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

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.

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