FOREXYARD: Forex News Blog

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• Market Review 22.8.12
• Market Review 21.8.12
• Market Review 20.8.12
• Market Review 17.8.12
• Pound Rallies Following Strong Retail Sales Data
• Market Review 16.8.12
• Market Review 15.8.12
• Market Review 14.8.12
• Market Review 13.8.12
• Market Review 10.8.12
• Nokia Forecasted to Turn Bearish

Market Review 22.8.12 Posted: 22 Aug 2012 05:54 AM PDT The euro was able to hold on to its recent gains in overnight trading, as speculations that the ECB will soon move in with steps to lower borrowing costs in Spain and Italy generated risk taking in the marketplace. The EUR/USD is currently trading at 1.2455, slightly lower than the seven-week high it hit yesterday at 1.2486. Crude oil took modest losses last night, but remains bullish overall due to the combination of risk taking in the marketplace and tensions in the Middle East. Crude is currently trading at $96.55 a barrel. Main News for Today US Existing Home Sales- 14:00 GMT • Analysts are forecasting the home sales figure to come in at 4.52M, which would signal an improvement over last month's 4.37M • If today's news comes in as expected, the dollar could see gains against the yen in afternoon trading US Crude Oil Inventories- 14:30 GMT • The inventories figure is expected to come in at 0.1M, which may signal to investors that demand in the US has decreased • If today's news comes in at or above 0.1M, crude oil could turn bearish later in the day US FOMC Meeting Minutes- 18:00 GMT • If the Fed signals in the meeting minutes a new round of quantitative easing, the dollar could see significant losses as a result

Market Review 21.8.12 Posted: 21 Aug 2012 02:08 AM PDT Risk taking in the marketplace sent higher-yielding assets, like the euro and Australian dollar, higher during overnight trading. The EUR/USD has increased close to 70 pips since the beginning of the Asian session, and is currently trading around the 1.2415 level. The AUD/USD saw similar gains and is currently at 1.0515. Middle East tensions continued to drive the price of crude oil higher last night. The commodity has gained close to $1 a barrel and is currently trading just below the $97 level. Main News for Today UK Public Sector Net Borrowing- 08:30 GMT • The figures is expected to come in well below last month's, which if true would signal a budget surplus in the UK • If today's news comes in at or below the expected -2.7B, the pound could extend its recent gains against the US dollar and Japanese yen Read more forex news on our forex blog

Market Review 20.8.12 Posted: 20 Aug 2012 02:54 AM PDT The US dollar hit a fresh five-week high against the JPY in overnight trading, as positive American news from last week continues to boost optimism in the US economic recovery. After peaking at 79.65, the USD/JPY experienced a slight downward correction, and is currently trading around the 79.50 level. Crude oil extended its recent gains last night, as tensions in the Middle East combined with increased demand in the US caused investors to open long positions. Oil gained more than $0.70 to peak at $96.80 a barrel. The commodity is currently trading around the $96.60 level. Main News for Today With no major news events scheduled for today, traders will want to monitor any announcements out of the euro-zone with regards to any plans to lower borrowing rates in Spain and Italy. Positive news out of the EU could turn the euro bullish today.

Market Review 17.8.12 Posted: 17 Aug 2012 01:45 AM PDT The euro extended yesterday's gains against the US dollar last night, following comments by German Chancellor Angela Merkel that she will actively work to preserve the euro-zone and the common-currency. The EUR/USD traded as high as 1.2373 before moving slightly downward to its current level of 1.2360. Crude oil was able to maintain yesterday's gains during Asian trading, as tensions in the Middle East continue to fuel supply side fears among investors. Main News for Today US Prelim UoM Consumer Sentiment-13:55 GMT • Analysts are forecasting today's news to come in at 72.5, slightly higher than last month's figure • If true, confidence in the global economic recovery could receive a boost, which may lead to risk taking and additional gains for currencies like the euro and Australian dollar Read more forex news on our forex blog

Pound Rallies Following Strong Retail Sales Data Posted: 16 Aug 2012 03:37 AM PDT The British pound saw gains against several of its main currency rivals during morning trading, after the UK Retail Sales figure came in above its expected level. Retail sale increased by 0.3% last month, significantly higher than the 0% analysts had been predicting. Immediately following the release of the news, the GBP/USD shot up close to 70 pips, while the EUR/GBP fell 30 pips. Going into the rest of the day, traders will want to pay particular attention to the US Philly Fed Manufacturing Index. Analysts are predicting that if the news comes in above the forecasted -4.7, expectations that the Fed will initiate a new round of quantitative easing may ease and the dollar could stage a recovery against sterling. Read more forex news on our forex blog

Market Review 16.8.12 Posted: 16 Aug 2012 01:47 AM PDT The dollar hit a fresh one-month high against the JPY last night, as investor confidence in the US economic recovery remained high following strong US retail sales reports earlier in the week. Crude oil also came within reach of a three-month high last night, after a US inventory report yesterday came in below expectations, signaling to investors that demand in the world's largest oil consuming country is increasing. After peaking at $94.58 a barrel during Asian trading, oil fell slightly and is now trading just above the $94 level. Main News for Today US Building Permits- 12:30 GMT • Analysts are forecasting a slight increase over last month's figure • If true, the dollar could extend yesterday's gains against the yen US Unemployment Claims- 12:30 GMT • The Unemployment Claims figure is forecasted to come in at 365K, slightly higher than last week • If the figure comes in above 365K, investors may revert to safe-haven assets which could cause the USD/JPY to reverse its current bullish trend US Philly Fed Manufacturing Index- 14:00 GMT • Analysts are predicting today's figure to come in at -4.7, which would signal worsening conditions in the US manufacturing sector • If the figure comes in above -4.7, investor confidence in the US economy could go up, which may lead to dollar gains during the afternoon session Read more forex news on our forex blog

Market Review 15.8.12 Posted: 15 Aug 2012 01:02 AM PDT Following slight losses during the overnight session, the USD/JPY bounced back to a one-month high at 78.93 during early morning today. The dollar saw gains across the board yesterday, after the release of better than expected US Retail Sales and Core Retail Sales reports. Crude oil and gold saw little movement during Asian trading, while the euro saw very modest gains against the dollar after dropping close to 60 pips yesterday. The EUR/USD is currently trading at 1.2332, up 15 pips from the beginning of last night. Main News for Today UK Claimant Count Change- 08:30 GMT • The Claimant Count Change measures the change in the number of people claiming unemployment benefits in the UK • Today's news is forecasted to come in at 6.2K, slightly higher than last month's figure • If true, sterling could extend its recent downward trend against the dollar US Core CPI- 12:30 GMT • The CPI measures the change in price of goods and services • Today's news is forecasted to come in at 0.2%, which is the same as last month's figure • Any better than expected news could help the USD extend yesterday's gains Read more forex news on our forex blog

Market Review 14.8.12 Posted: 14 Aug 2012 01:38 AM PDT The euro saw modest gains against the US dollar in overnight trading ahead of euro-zone GDP data and a German Economic Sentiment figure set to be released today. After falling close to $2 a barrel during afternoon trading yesterday, crude oil was able to bounce back during the overnight session due to increased tensions in the Middle East which has led to supply side fears among investors. The commodity is currently trading just below $93.50. Main News for Today German ZEW Economic Sentiment- 09:00 GMT • The economic sentiment figure is expected to come in at -19.4, which would indicate significant pessimism in the German economy • If the figure comes in below the forecasted level, the euro could see some losses during the European session Euro-zone Flash GDP- 09:00 GMT • The euro-zone GDP figure is forecasted to come in at -0.2% • If true, it would signal a contraction in the euro-zone economies and could result in the euro giving up some of its recent gains US Retail Sales/Core Retail Sales- 12:30 GMT • Both the Retail Sales and Core Retail Sales are forecasted to come in well above last month's figures • If true, it may signal to investors that the US economy is expanding and could result in dollar gains during afternoon trading Read more forex news on our forex blog

Market Review 13.8.12 Posted: 13 Aug 2012 01:49 AM PDT The euro saw mild gains against the US dollar in overnight trading, as investors remain hesitant to go overly bearish against the common currency ahead of possible ECB action next month to lower borrowing costs in Spain and Italy. Gold advanced more than $4 an ounce last night, reaching as high as $1624.91 before staging a slight downward correction. The precious metal is currently trading just above the $1623 level. Main News for Today With no major news releases scheduled to be released today, traders will want to continue monitoring developments in the euro-zone with regards to possible action by the ECB to lower Spanish and Italian borrowing costs. Any positive developments could result in significant euro gains. Read more forex news on our forex blog

Market Review 10.8.12 Posted: 10 Aug 2012 01:51 AM PDT The euro took extended yesterday's losses against the US dollar and Japanese yen in overnight trading, following disappointing German economic data yesterday and the ECB's continued inaction to lower borrowing costs in Italy and Spain. Weak euro-zone growth prospects also continued to weigh down on the price of gold, which has fallen close to $10 an ounce since last night and is currently trading just below the $1608 level. Main News for Today UK PPI Input- 08:30 GMT • Figure is expected to come in at 1.4%, well above last month's -2.2% • If true, risk taking could help sterling recover some of its recent losses against the dollar before markets close for the weekend Canadian Employment Change- 12:30 GMT • The Canadian dollar has taken losses against both the USD and JPY recently • Should today's news come in above the forecasted 9.6K, the loonie could see gains against its safe-haven currency rivals

Nokia Forecasted to Turn Bearish Posted: 09 Aug 2012 03:15 AM PDT Over the last week, shares in Nokia have jumped from $2.13 to a high of $2.64 after the company announced that it would only be using Microsoft software in its smartphones from now on. That being said, traders should be aware that technical indicators are signaling that the company's stocks may have entered overbought territory, and could see a downward correction in the near future. As can be seen in the chart below, the Relative Strength Index is approaching the overbought zone, while the Slow Stochastic has formed a bearish cross. This may be a good time for traders to open short positions ahead of a possible downward correction. Read more forex news on our forex blog

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