Tue, 14 May 2013 06:44:55

Dollar pauses, euro up ahead of data

A pause in the dollar's strong recent run helped steady oil and gold prices on Tuesday, while the euro edged up ahead of data expected to point to an easing of the single currency area's recession.  After a surprising rise in U.S. retail sales boosted optimism about the recovery in the world's top economy on Monday, Germany's ZEW monthly sentiment survey at 0900 GMT is expected to show confidence in Europe's biggest picked up in May.   The euro edged back above $1.30 as profit taking saw the dollar slip from a five-week high against a basket of major currencies.  European stock markets started brightly but the momentum faded by 0720 GMT, with the pan-regional FTSEurofirst 300 down 0.1 percent as London's FTSE 100, Paris's CAC-40 and Frankfurt's DAX hovered between flat and down 0.1 percent.  Euro zone industrial production data also due later is expected to indicate the bloc remains in a mild recession.   "We rule out that today's indust..

 

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Mon, 13 May 2013 03:18:25

Dollar tops 102 yen after G7, highest in 4.5 years

The yen resumed its slide on Monday against the dollar and euro after Japan escaped direct criticism of its aggressive monetary easing programme at the Group of seven meeting over the weekend, giving investors a green light to continue selling the currency. The dollar last bought 101.81 yen, up 0.2 percent from late Friday levels in the U.S., after breaking through a reported options barrier at 102 yen to reach 102.15 in early Asian trade, its highest level since October 2008. "There is a feeling of 'at last!' when it passed 100 among investors who have been selling yen for the last month," said Bart Wakabayashi, head of forex at State Street. "Some people see 95 as the base of this trading range but it is possible 100 could become the bottom from here." As at previous international meetings, Japan escaped any censure at the G7 meeting for printing money on a scale that has pushed the yen sharply lower. Britain's finance minister George Osborne said that the G7's pledge to ..

 

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Sun, 12 May 2013 23:17:21

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Fri, 10 May 2013 02:54:29

Dollar touches 101 yen, highest in 4 years

The dollar extended its relentless rally against the Japanese currency on Friday to break above 101, its highest since April 2009, after shooting through the 100 mark in the previous session. The dollar last bought 100.98 yen on the EBS trading platform, spurred on by signs of improvement in the U.S. labour market on Thursday and renewed debate by U.S. Federal Reserve officials about scaling back the central bank's asset purchases. The yen's slide accelerated on Friday after Japanese government data showed domestic investors bought a net $5.2 billion of foreign bonds in the past two weeks, suggesting the Bank of Japan's aggressive easing may finally be pushing them to seek higher yields overseas. "I think it's headed to 103 minimum. Now that the ceiling has been broken, there's no major resistance till 105. A 2 percent inflation target would be consistent with 104.5 to 105," said Kathy Lien, managing director at BK Asset Management in New York. Analysts said the move was dri..

 

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Thu, 09 May 2013 03:30:52

Euro holds gains, kiwi jumps on solid jobs data

The euro held near a one-week high against the dollar and two-month peaks on its Australian counterpart in early Asian trade on Thursday, having risen broadly after upbeat German factory activity data bolstered sentiment. Investors also snapped up the New Zealand dollar in the wake of a surprisingly strong jobs report at home, driving the kiwi up more than half a U.S. cent to a high of $0.8470. The euro traded at $1.3158, after rising as far as $1.3195 overnight. Initial resistance is seen around the May 1 peak of $1.3243, with a break there taking it back to levels not seen since February. Investors warmed to the common currency after German industrial output unexpectedly jumped in March, fanning hopes that Europe's top economy is gaining traction. "The single currency has perhaps been the biggest beneficiary of the improving economic data out of Germany," said Stan Shamu, market strategist at IGMarkets. "When ECB President Mario Draghi cut rates last week, he emphasised the ..

 

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