Friday, February 15, 2013

Forex - EUR/JPY drops on poor E.U. growth figures

Investing.com - The euro dropped against the yen after the E.U. released dismal fourth-quarter economic growth figures earlier Friday.

Then yen, meanwhile, continued to see demand in wake of a Group of Seven statement expressing concern over weakening currencies, which most market players interpreted as a warning to Tokyo to avoid actively devaluing the currency.

In U.S. trading on Thursday, EUR/JPY hit 124.22, down 1.15% and up from a low of 123.81 and off a high of 125.95.

The pair sought to test support at 123.44, last Friday's low, and resistance at 126.94, Tuesday's high.

Eurostat, the statistical arm of the European Union, reported earlier that the eurozone's GDP contracted by 0.6% in the fourth quarter of 2012 from the third, well beyond expectations for a 0.4% decline and far surpassing g the previous 0.1% quarterly contraction.

The dip in total output represented the fastest rate of decline since 2009 and marked a third consecutive quarter of contraction.

http://www.investing.com/news/forex-news/forex---eur-jpy-drops-on-poor-e.u.-growth-figures-244311

Forex - EUR/USD weakens on poor eurozone growth rates

Investing.com - Weaker-than-expected E.U. economic growth figures sent investors ditching the euro and scrambling for safe-haven dollar positions on Thursday after official data revealed the continent's recession grew deeper.

In U.S. trading, EUR/USD was down 0.88% at 1.3334, up from a session low of 1.3316 and off from a high of 1.3456.

The pair was likely to find support at 1.3265, the low from Jan. 23, and resistance at 1.3520, Wednesday's high. 

European gross domestic product growth rates served as the pair's chief steering current on Thursday.

Eurostat, the statistical arm of the European Union, reported earlier that the eurozone's GDP contracted by 0.6% in the fourth quarter of 2012 from the third, well beyond expectations for a 0.4% decline and far surpassing g the previous 0.1% quarterly contraction.

http://www.investing.com/news/forex-news/forex---eur-usd-weakens-on-poor-eurozone-growth-rates-244307

Forex - GBP/USD extends losses on U.K., E.Z. worries

Investing.com - The pound extended losses against the U.S. dollar on Thursday, trading close to a seven-month low as concerns over the outllook for growth in the U.K. and the euro zone continued to weigh, despite upbeat U.S. jobless claims data. 

GBP/USD hit 1.5483 during U.S. morning trade, the pair's lowest since July 26; the pair subsequently consolidated at 1.5525, slipping 0.13%. 

Cable was likely to find support 1.5471, the low of July 26 and resistance at 1.5542, the session high. 

Sterling remained under pressure after the Bank of England cut its outlook for growth on Wednesday and said inflation would remain above target until early 2016. 

The BoE said that inflation is likely to be at around 2.3% in two years’ time, sharply higher than the 1.8% forecast in November, before falling back below the bank’s 2% target in the first quarter of 2016.

http://www.investing.com/news/forex-news/forex---gbp-usd-extends-losses-on-u.k.,-e.z.-worries-244304

Thursday, February 14, 2013

Forex - GBP/USD near 6-month lows on U.K. outlook

Investing.com - The pound was trading close to six-month lows against the dollar on Thursday, as concerns over the outlook for the U.K. economy curbed investor demand for sterling.

GBP/USD hit 1.5492 during European morning trade, the pair’s lowest since August 2; the pair subsequently consolidated at 1.5519, shedding 0.14%.

Cable was likely to find support at 1.5412, the low of July 13 and resistance at 1.5541, the session high.

The pound remained under pressure after the Bank of England cut its outlook for growth on Wednesday and said inflation would remain above target until early 2016.

In its quarterly inflation report the bank said inflation is likely to be at around 2.3% in two years’ time, sharply higher than the 1.8% forecast in November, before falling back below the bank’s 2% target in the first quarter of 2016.

The central bank said the economy will experience a "slow but sustained recovery" over the next three years and added that it stood ready to provide more stimulus as needed.

http://www.investing.com/news/forex-news/forex---gbp-usd-near-6-month-lows-on-u.k.-outlook-244278

Forex - EUR/USD at three-week lows after EZ GDP data

Investing.com - The euro was trading close to three-week lows against the dollar on Thursday, after official data showed that the recession in the euro zone deepened in the fourth quarter, with gross domestic product contracting more-than-forecast.

EUR/USD hit 1.3316 during European afternoon trade, the pair’s lowest since January 24; the pair subsequently consolidated at 1.3341, shedding 0.83%.

The pair was likely to find support at 1.3247, the low of January 11 and resistance at 1.3454, the session high.

Eurostat said euro zone GDP contracted by 0.6% in the three months to December, compared to expectations for a 0.4% decline, after a 0.1% contraction in the third quarter.

It was the fastest rate of decline since 2009 and marked a third consecutive quarter of contraction.

Euro zone GDP fell 0.9% compared to a year earlier, worse than expectations for a 0.7% contraction, after shrinking at an annualized rate of 0.6% in the previous quarter. 

http://www.investing.com/news/forex-news/forex---eur-usd-at-three-week-lows-after-ez-gdp-data-244293