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Daily FX Foreign Exchange News Friday 18th May, 2012

May 18, 2012 Currency News Comments Off

This morning as we write the gbp is trading in red figures for the third consecutive week, falling from levels above 1.6300 to today’s lows around the 1.5730 region.

The Increasing uncertainty regarding the euro zone political and economic crisis plus a more dovish stance in the recent statements of the BoE have been heavily weighting on the pound, dragging the cross to the present levels.

Jobless claims in the U.S. didn’t live up to the expectations that it will decrease by 5K and remained unchanged, at 370K level, in the week from 6th to 12th of May. The amount of people now on rolling unemployment claims increased by around 18K while the number of people on prolonged payments decreased by around 45K. 31 out of 52 states have reported increases in claims. Following this plunge in the American session due to weak US jobless and manufacturing data, the USD/JPY found support at 79.20.

In the U.K. Prime Minister David Cameron has said the he remains determined to continue implementing his austerity plan to protect the British economy from the Eurozone debt crisis contagion.

This morning we see that the GBP/USD experienced a massive sell-off yesterday, which does not seem to have ended yet. A key support at 1.5781 has already been violated, the Cable is currently headed towards 1.5616 and 1.5557, below which lie 1.5427 and a long term target 1.5260.

The USD/CHF has reached 0.9500 psychological level during the European opening and a slight retreat is being seen for now. The G8 will be meeting today

We report on the current global currency exchange movements and offer our clients the very best currency exchange rates available. Our specialty is the ability to offer competitive time option forward currency contract rates. If this is not the most recent daily currency exchange news report, view the most recent news here Buy and sell currency at the best global currency exchange rates available today through FX-ForeignExchange,0044 (01480) 458400 or 07525 984456. This daily global currency exchange report is for information purposes only. It is not intended as a recommendation to trade or a solicitation for funds. FX-currency exchange cannot be held responsible for any loss or damages arising from any action taken following consideration of this information.

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Greece and the Euro dominating FX Foreign Exchange News Wednesday 16th May, 2012

May 16, 2012 Currency News Comments Off

As we write this morning we now know that Greece will hold new elections in 3-5 weeks after Greek parties have aborted any attempt of forming a coalition government. What we all thought would never happen; it is now battering the global markets.

Greece it seems is now moving closer to the abyss, immediate consequence for the country will be new elections within the next three to five weeks, a time-horizon wide enough to deepen the political and economic crisis and maybe to start planning a new life in drachmas.

The Bank of England Governor Mervyn King is now looking set to leave the door open to more support for the struggling economy. The Bank of England’s new economic outlook is being presented today, which is likely to show a tricky mix of lower growth and higher inflation ahead.

Over night we saw the EUR/GBP rise to 0.8012 due to better than expected German GDP data. However, it was not long before they were giving up those gains later in the day on news that another Greek election is in the pipeline, falling to a fresh multi-year low of 0.7951 as GBP is a relative safe-haven amid the EUR storm.

Germany seems to be holding up the Euro zone at the moment as it helped the Euro zone avoid its second recession in three years. Overall gross domestic product stagnated in the first three months of 2012, compared to the previous quarter, Eurostat data showed on Tuesday.

We report on the current global currency exchange movements and offer our clients the very best currency exchange rates available. Our specialty is the ability to offer competitive time option forward currency contract rates. If this is not the most recent daily currency exchange news report, view the most recent news here Buy and sell currency at the best global currency exchange rates available today through FX-ForeignExchange,0044 (01480) 458400 or 07525 984456. This daily global currency exchange report is for information purposes only. It is not intended as a recommendation to trade or a solicitation for funds. FX-currency exchange cannot be held responsible for any loss or damages arising from any action taken following consideration of this information.

FX-Foreign Exchange News Monday 14th May, 2012

May 14, 2012 Currency News Comments Off

All of the Greek political leaders, which include New Democracy, the Coalition of the Radical Left (SYRIZA) and PASOK, concluded a final plea without being able to reach common ground on forming a coalition government. President Karolos Papoulias encouraged them as much as possible to unite positions, the pro and anti-bailout view still remains the sticking issue.

All of the Party leaders made no statement to journalists apart from ND chief Antonis Samaras who said “discussions will continue”. The next round of talks is scheduled to resume today at 16:30 GMT.

The EUR/USD is this morning at 1.2890 after a quiet session in Asia. There have been fresh 14 week lows at 1.2878 and after the retail opening and during the Tokyo session there were highs of 1.2878.

With the London session about to open the agenda will be busy in sovereign debt auctions. Firstly we will see the German WPI for the month of April at 06:00 GMT followed by UE industrial production at 09:00 GMT. There will also be long term Italian debt auctions at 09:00 GMT, as well as short term ones from Spain, France and Germany, along with meetings among the Greek political leaders in order to find a solution to the lack of agreement to form a coalition and govern the country.

On a positive note U.S. consumer confidence rose by more than expected in May as consumers became more optimistic on the outlook of the country’s economy after a report showed that highest level in four years in May. This in turn saw the European stocks climb on Friday.

As we write this morning the USD/JPY is continuing to trade at a limited range around 80.00 and is waiting for Bank of Japan intervention /measures or fresh US data to pick a new direction. The pair has touched a 6-day high of 80.11 during the Asian Session but has pulled back to levels back below the handle, last at 79.95.

We report on the current global currency exchange movements and offer our clients the very best currency exchange rates available. Our specialty is the ability to offer competitive time option forward currency contract rates. If this is not the most recent daily currency exchange news report, view the most recent news here Buy and sell currency at the best global currency exchange rates available today through FX-ForeignExchange,0044 (01480) 458400 or 07525 984456. This daily global currency exchange report is for information purposes only. It is not intended as a recommendation to trade or a solicitation for funds. FX-currency exchange cannot be held responsible for any loss or damages arising from any action taken following consideration of this information.

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