OctaFX.Com - Financial News and Analysis

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Euro drops, yen rises; Spanish budget ahead


NEW YORK (Reuters) - The euro slid against the dollar and the yen on Thursday as investors dumped the single currency, nervous about Spain's budget presentation at the end of the week and ongoing concerns about the euro-zone sovereign debt crisis.

The single currency has declined steadily in recent sessions after touching a near four-week high earlier this week on comments from U.S. Federal Reserve Chairman Ben Bernanke, who indicated supportive monetary policy will remain in place.
But with several key risk events for the euro zone in the next few days, investors are squaring positions, said Nick Bennenbroek, head of currency strategy at Wells Fargo Bank in New York.

"We've had a few good days for the euro," he said.
With a broader bias to sell euros still pervading the market, investors are now booking profits on some of those advances, he added.
The euro fell 0.3 percent to $1.3273 and touched its lowest since in three sessions in earlier trade.
Events in the next few days include Spain's budget presentation, which will show how far the government will tighten its belt, and a meeting of euro-zone finance ministers, where policymakers are expected to increase the combined lending ceiling of their two bailout funds.

Spain's budget "is a very dicey game," said Karl Schamotta, senior markets strategist with Western Union Business Solutions in Calgary.
An austere document could spur relief in bond markets.
"However, the reality is that that will slow growth and cause problems for them down the road," he said. "If the budget is on the softer side, we could see bond markets capitulating and participants concerned that we are not seeing enough resolve."
For trading, that means volatility ahead, Schamotta said.
Italian and Spanish bond yields were already rising on Thursday despite a broadly successful sale of Italian bonds, as investors switched into low-risk German debt.
Focus on the euro-zone bailout fund's size increased after European Central Bank governing council member Jens Weidmann, who is also the Bundesbank chief, warned that raising the firewall around stricken euro-zone members would only buy time.
Traders said automatic, stop-loss sell orders were triggered on the euro's break below $1.33 after the European Commission's economic sentiment index dipped by 0.1 percent, with sentiment in industry becoming markedly worse.
Analysts said the euro was unlikely to break out of its recent range of roughly $1.30 to $1.35.
YEN RISES BROADLY
The euro fell 0.9 percent on the day to 109.27 yen. The Japanese currency gained broadly on demand linked to the end of Japan's financial year and as European and U.S. equity markets followed Asian bourses into negative territory.
Wednesday was the last day for spot trading in Japan's business year that will end on March 31. But real-money flows from Tokyo kept major currencies under pressure against the yen, with exporters selling the dollar in large amounts, market players said.
The dollar fell 0.66 percent to 82.30 yen and touched a near three-week low, triggering reported stop-loss orders on the break of 82.35/40. But many strategists said the dollar should reassert itself against the yen as long as upcoming U.S. data does not support a recent rise in concerns about growth.
"There's definitely a lot of month-end and quarter-end rebalancing, but the bigger story we are seeing is some bond buying and equity selling in the last 24 hours," said Geoff Kendrick, currency strategist at Nomura.
The growth-linked Australian dollar fell 0.5 percent to USD$1.0339, hurt by concerns about slower growth in China.

Mar 29, 2012 16:10
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Euro slides versus dollar, yen on European manufacturing

NEW YORK (Reuters) - The euro slid against the dollar and yen on Monday as weak European manufacturing data prompted investors to compare the outlook for the euro zone with the improving economy.

The euro remained vulnerable to renewed bouts of selling after the regional manufacturing survey, analysts said, as investors took a cautious view of prospects for the global economy even after strong Chinese factory data.
A report on business activity in the U.S. manufacturing sector came in above the consensus forecast further contrasting the U.S. against the euro zone.
"PMIs out of Europe are another reminder of the extent economies have gone down," said Omer Esiner, chief market analyst with Commonwealth Foreign Exchange in Washington, D.C. "Strong U.S. data this week is likely to see the dollar strengthen on rising yield appeal."

The euro fell 0.3 percent against the dollar to $1.3311, though still within a cent of the recent one-month high of $1.3385, according to Reuters data. Analysts said that peak will provide resistance after the euro has repeatedly failed to breach it.
Traders said negative sentiment towards euro zone assets arose on reports the Bundesbank would not accept the bonds of several countries, including Portugal, as collateral. Germany's central bank later denied the reports.
"There's an increasing risk of a more prolonged recession in Europe and economic fundamentals argue in favor of a further downward adjustment in the euro," said Lee Hardman, currency analyst at BTM-UFJ in London.

YEN GAINS
The low-yielding yen, which tends to fall when risk appetite increases, recouped earlier losses, with the dollar down 0.9 percent at 82.09 yen and the euro down 1.1 percent at 109.26 yen.

"It seems like investors remain cautious with service sector data from China still to come this week and nothing to indicate an imminent policy response from the Chinese to the slowdown in their economy," said Valentin Marinov, head of European G10 currency strategy at Citi in London.
"It's a week ahead of the long weekend with thin liquidity, making investors reluctant to express strong views and which limits the scope for meaningful returns ahead of Easter."

The Japanese currency was undermined by a weaker-than-expected reading of the Tankan survey of sentiment at big Japanese manufacturers, which put the spotlight on whether the Bank of Japan will ease monetary policy further as early as next week.

The Australian dollar was up around 0.8 percent for the day at $1.0416, though off a high of $1.0449 touched earlier in the global session.
The currency tends to benefit from any signs of improvement in the Chinese economy due to Australia's strong trade links with the country. But many analysts have recently expressed concerns it is overvalued.
"The Chinese recovery is modest ... We like to sell Aussie on any rally," said George Saravelos, G10 currency strategist at Deutsche Bank in London.

Apr 02, 2012 16:03
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[OctaFX_Farid]

A look at the unemployment rates in the eurozone
A glance at the various rates of unemployment across the 17-nation eurozone



Eurostat, the EU's statistics office, estimates that unemployment across the 17-country eurozone rose to 10.8 percent in February, a new record since the euro launched in 1999.
Here's how the countries compare:

Spain 23.6 percent

Greece 21.0 percent+

Portugal 15.0 percent

Ireland 14.7 percent

Slovakia 14.0 percent

Estonia 11.7 percent+

France 10.0 percent

Cyprus 9.7 percent

Italy 9.3 percent

Slovenia 8.7 percent

Finland 7.4 percent

Belgium 7.2 percent

Malta 6.8 percent

Germany 5.7 percent

Luxembourg 5.2 percent

Netherlands 4.9 percent

Austria 4.2 percent


Apr 02, 2012 16:40
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OctaFX.Com - IMF chief against any breakup of Eurozone
IMF managing director does not want to see weaker European countries split from Eurozone





WASHINGTON (AP) -- The managing director of the International Monetary Fund says her global lending organization wants the Eurozone to stay together, not be broken up by the departure of some of its weaker nations.

Christine Lagarde told the annual meeting of The Associated Press that the IMF has no agenda "to breakup that zone."
There has been talk that Greece, one of the 17 nations that use the euro, might at some point leave. Lagarde was asked if such countries, even Spain and Italy, might be better off outside the zone.
"To your question, I think the answer is no," she said.


Apr 03, 2012 16:07
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OctaFX.Com -Dollar dips versus euro ahead of Fed minutes, ECB


NEW YORK (Reuters) - The dollar slipped against the euro ahead of the release of U.S. Federal Reserve meeting minutes on Tuesday, though investors were reluctant to make big bets a day ahead of the European Central Bank meeting.

At least for the next few hours, the market focus in pre-Easter trade remains the Fed's meeting minutes from March which may provide clues on U.S. policymakers' inclination to take further steps to ease policy, which would weigh on the dollar.

For now, the minutes are expected to suggest a standby approach, with the Fed likely to warn that premature tightening would be risky, while keeping an open-minded, but uncommitted view on further easing.

Fed officials on Monday signaled little appetite for further monetary steps to stimulate U.S. growth in an economy that is gradually strengthening. However, Fed Chairman Ben Bernanke said last week that more stimulus would remain an option.
The ECB policy meeting is on Wednesday with analysts saying a hawkish message from the bank on the need to get back to concentrating on quelling inflation instead of helping Europe's economy and financial system out of crisis may give the euro a brief boost.

"We get a peek at the Fed minutes but (are) not expecting any surprises there," said John Doyle, currency strategist at Tempus Consulting in Washington. "After that we are holding for the Europeans."

The euro was last trading up 0.1 percent at $1.3337, with the session low at $1.3298 and the session peak at $1.3367.

Analysts said the gains in the shared currency came after investors failed to push the unit below $1.3300 and hold it there, forcing anyone betting against the euro
to step back in to buy to prevent further losses.

ON HOLD

To be sure, many investors are still looking to sell the euro as concerns grew about a fragile outlook for the euro zone and high debt levels in Spain. Italian and Spanish debt yields rose on Tuesday amid concerns about the euro zone's ability to keep budget deficits under control.

Spain's public debt ratio is expected to hit 79.8 percent of gross domestic product in 2012, a document detailing the country's 2012 budget showed on Tuesday.
Since the euro's mid- to late-March rally from $1.3000 to just below $1.34 fizzled out, the currency has stayed in a relatively tight $1.3250-$1.3400 range. Many analysts expect it to move lower if it breaks below that area.

The euro was last little changed against the Swiss franc at 1.2031 francs, but still near a two-month low as traders pushed the shared currency closer to the 1.20 franc floor set by the Swiss National Bank last year.

YEN SWINGS

Against the yen, the dollar was last up 0.1 percent at 82.18 yen, recovering from a drop to a low at 81.54 yen, its weakest since March 9.
Analysts said the broader trend for the yen to weaken remains intact following the Bank of Japan's unexpected easing of monetary policy in February. Speculation that the Fed could tighten its own policy faster than previously expected - and raise the return for holding dollars - have also weighed on the Japanese currency.

"People have been buying into the idea that the yen could weaken and perhaps we have seen the strongest period for the yen," said Dag Muller, technical analyst at SEB in Stockholm. "But in the near term, the yen could succumb to more of a correction from short-term exaggerated levels."

The Australian dollar was down 0.4 percent at US$1.0366, cutting earlier gains, after the Reserve Bank of Australia kept interest rates unchanged at 4.25 percent and suggested a bias toward easing.

Apr 03, 2012 16:19
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OctaFX.Com -Dollar rises against euro ahead of Fed minutes
Dollar rises against euro as traders await Federal Reserve minutes of March meeting



NEW YORK (AP) -- The dollar is rising against the euro before the release of the Federal Reserve's minutes from its March meeting.Traders are waiting to see whether the Fed is optimistic about the economy.

The Fed said in a statement after the meeting that it expects the job market to improve. The statement boosted the dollar.

But last week, Fed Chairman Ben Bernanke warned that the job market is still weak, pushing the dollar lower against the euro. Traders had interpreted the comments to mean that the Fed will keep short-term interest rates near zero. Lower interest rates tend to weigh on a currency by reducing the returns investors get from holding it.

Apr 03, 2012 16:43
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OctaFX.Com - The Basics Of Currency Trading

The investment markets can quickly take the money of investors who believe that trading is easy. Trading in any investment market is exceedingly difficult, but success first comes with education and practice. So, what is currency trading and is it right for you?

SEE: Top 7 Questions About Currency Trading Answered.

The currency market, or forex (FX), is the largest investment market in the world. Each day, it accounts for roughly $1.5 trillion of daily trading compared to only $25 billion of daily volume on the New York Stock Exchange (NYSE). The market may be large, but until recently the volume came from professional traders, but as currency trading platforms have improved more retail traders have found forex to be suitable for their investment goals.

How Does It Work?

Currency trading is a 24-hour market that is only closed from Friday evening to Sunday evening, but the 24-hour trading sessions are misleading. There are three sessions that include the European, Asian and United States trading sessions. Although there is some overlap in the sessions, the main currencies in each market are traded mostly during those market hours. This means that certain currency pairs will have more volume during certain sessions. Traders who stay with pairs based on the dollar will find the most volume in the U.S. trading session.

Currency is traded in various sized lots. The micro lot is 1,000 units of a currency. If your account is funded in U.S. dollars, a micro lot represents $1,000 of your base currency, the dollar. A mini lot is 10,000 units of your base currency and a standard lot is 100,000 units.

Pairs and Pips

All currency trading is done in pairs. Unlike the stock market, where you can buy or sell a single stock, you have to buy one currency and sell another currency in the forex market. Next, nearly all currencies are priced out to the fourth decimal point. A pip or percentage in point, is the smallest increment of trade. One pip typically equals 1/100 of 1%.

Retail or beginning traders often trade currency in micro lots, because one pip in a micro lot represents only a 10 cents move in the price. This makes losses easier to manage if a trade doesn't produce the intended results. In a mini lot, one pip equals $1 and that same one pip in a standard lot equals $10. Some currencies move as much as 100 pips or more in a single trading session making the potential losses to the small investor much more manageable by trading in micro or mini lots.

Far Less Products

The majority of the volume in currency trading is confined to only 18 currency pairs compared to the thousands of stocks that are available in the global equity markets. Although there are other traded pairs outside of the 18, the eight currencies most often traded are the U.S. dollar (USD), Canadian dollar (CAD), euro (EUR), British pound (GBP), Swiss franc (CHF), New Zealand dollar (NZD), Australian dollar (AUD) and the Japanese yen (JPY). Although nobody would say that currency trading is easy, having far less trading options makes trade and portfolio management an easier task.

What Moves Currency?

An increasing amount of stock traders are taking interest in the currency markets because many of the forces that move the stock market also move the currency market. One of the largest is supply and demand. When the world needs more dollars, the value of the dollar increases and when there are too many circulating, the price drops.

Other factors like interest rates, new economic data from the largest countries and geopolitical tensions, are just a few of the events that may affect currency prices.

The Bottom Line

Much like anything in the investing market, learning about currency trading is easy but finding the winning trading strategies takes a lot of practice. Most forex brokers will allow you to open a free virtual account that allows you to trade with virtual money until you find strategies that work for you.

Apr 05, 2012 15:43
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OctaFX.Com - Dollar rises to 3-week high against euro
Dollar rises to 3-week high against euro on fears about Europe's debt crisis




NEW YORK (AP) -- Growing fears about Europe's debt crisis pushed the dollar to a three-week high against the euro Thursday. The euro also fell against the Swiss franc, dropping below a ceiling set by the Swiss National Bank last year.

The yield on Spain's benchmark 10-year bond jumped to 5.74 percent Thursday, its highest point since November. A month ago, the rate was below 4.9 percent. Rising yields are a sign that investors are less confident in the country's finances.

The higher the yield on a country's bonds, the more expensive it becomes to borrow money. Greece, Portugal and Ireland needed a bailout after their borrowing rates rose above 7 percent.

Concerns about Spain's finances rose this week after weak demand at its bond auction Wednesday.

The euro fell to $1.3057 in afternoon trading Thursday from $1.3139 late Wednesday. The euro fell as low as $1.3034, its lowest point since March 15.

The Swiss franc briefly rose against the euro Thursday above the 1.20 level that the Swiss National Bank capped it at in September. The Swiss franc is considered a safe-haven currency and tends to rise when traders are worried about the global economy. Last year, the Swiss franc rose so much that the SNB said it would spend whatever it would take to stop the euro from falling below 1.20 francs. On Thursday, it fell to 1.1993 francs before quickly moved recovering.

The SNB wants to limit the franc's strength to protect Swiss companies. Last year, exporters were hurt as the value of the franc increased. A strong franc hurts exporters by making their goods more expensive for foreign buyers.

In other trading, the dollar rose to 0.9206 Swiss franc from 0.9161 Swiss franc. The British pound fell to $1.5820 from $1.5889.

The dollar fell to 82.35 Japanese yen from 82.58 yen and to 99.37 Canadian cents from 99.64 Canadian cents.


Apr 05, 2012 15:46
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OctaFX.Com -Euro dips, bonds rise on euro zone worries

NEW YORK (Reuters) -
The euro hit a three-week low against the dollar and bonds edged higher on Thursday as Spain's debt burden fueled worries about further problems for euro zone economies and curtailed investors' appetite for riskier assets.

Global stocks dipped, while energy and gold prices climbed.

A poor Spanish bond auction on Wednesday added to worries that the impact of the European Central Bank's one trillion euro injection of cheap three-year funds into the banking system may be coming to an abrupt halt.
Spanish 10-year government bond yields rose as high as 5.86 percent on Thursday, dragging Italian rates in their wake as investors fled to the relative safety of German and U.S. debt.

The moves follow two days of losses in stocks and other markets following the release Tuesday of minutes from the last Federal Reserve meeting, which suggested the Fed was less keen to launch further economic stimulus.

"The whole European situation seems to be reheating ... and there is more safe-haven type buying," said Sean Murphy, a Treasuries trader at Societe Generale in New York.
The worries added a safety bid for bonds, with the benchmark 10-year U.S. Treasury note up 13/32, with the yield at 2.1752 percent.

Against the dollar, the euro was down 0.7 percent at$1.3052, having hit a three-week low of $1.3038. It also hit its lowest in four weeks against the yen at 106.86 yen before recovering slightly to trade at 107.23 yen, down 1 percent.
Spain's cost of borrowing on markets over 10 years jumped 30 basis points on Wednesday after borrowing costs rose at its bond auction. The yield premium over German benchmarks is now 411 basis points, its highest since late November before the ECB flooded the market with three-year funds.
STOCKS DIP, COMMODITIES GAIN
The MSCI world equity index (.MIWD00000PUS) was last down 0.2 percent, while U.S. stocks were also slightly lower.

Traders cautioned that some of the moves may be exaggerated by thin trading ahead of an extended Easter weekend, and while global stock markets lost more than 1 percent of their value on Wednesday, they remain up almost 10 percent this year.
The Dow Jones industrial average (DJI:^DJI - News) was down 45.75 points, or 0.35 percent, at 13,029.00. The Standard & Poor's 500 Index (MXP:^GSPC - News) was down 3.54 points, or 0.25 percent, at 1,395.42. The Nasdaq Composite Index (NAS:^COMP) was up 6.84 points, or 0.22 percent, at 3,074.93.
For U.S. stocks, offsetting some concern about the euro zone was data showing the number of Americans lining up for new jobless benefits fell to the lowest in nearly four years last week.
Analysts said the claims data and a report on private-sector jobs earlier this week may bode well for the U.S. government's widely watched monthly employment report, which is due Friday.

The U.S. outlook was in sharp contrast with Europe where separate reports showed German industrial output fell more than expected in February and British factory output suffered its biggest monthly fall in almost a year
Spain's IBEX 35 index (MCE:^IBEX - News) touched a 7-month low as concerns mounted about Spain's ability to meet its budget targets, while Europe's FTSEurofirst 300 index (.FTEU3) ended up 0.1 percent.
Banking stocks, many of which have large exposure to the region's lower-rated sovereign debt, edged lower.
UniCredit (CRDI.MI) and Commerzbank (CBKG.DE), which both have exposure to euro zone peripheral debt, were also hard hit, down 3.1 percent and 1.9 percent respectively.

Bucking the softer global trend, non-banking financial sector firms led Chinese shares to their biggest single-day gain since early February, after Premier Wen Jiabao said the monopoly formed by the country's big banks needed to be broken to get money flowing to cash-starved companies.

GOLD, ENERGY CLIMB

Spot gold was up 0.6 percent at $1,628.34 an ounce. Weaker prices tempted some buyers but gains were capped by a stronger dollar and fading hopes of a fresh round of U.S. stimulus.
Market watchers said some hedge funds might have reduced gold holdings due to stronger U.S. economic data and easing of fears about European debt.
"A lot of the gold trade by hedge funds was specifically tied to a new round of Fed stimulus," said Jeffrey Sica, chief investment officer of SICA Wealth Management with more than $1 billion in assets.
In the other market, U.S. crude was up $1.62 at $103.09 per barrel, while Brent crude was up $1.13 at $123.47.

Apr 05, 2012 15:53
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OctaFX.Com -Dollar drops as payrolls data keep Fed action alive

NEW YORK (Reuters) - The U.S. dollar dropped broadly on Friday in thin holiday trade after disappointing U.S. jobs market data kept the prospect of more Federal Reserve monetary policy support alive.

The dollar fell against the euro for the first time in five days after data showed U.S. payrolls rose far less than expected in March.

The report offset sentiment earlier in the week that followed the release of Fed minutes from its last policy meeting that had market participants downplaying expectations of adding more monetary stimulus.

"Clearly a disappointing (payrolls) number. Across the board it's kind of an underwhelming number," said Omer Esiner, chief market analyst at Commonwealth Foreign Exchange in Washington.

The euro hit a high of $1.3112 after the report, rebounding from a three week low of $1.3033 reached n Thursday. It last traded at $1.3094, up 0.2 percent.
The dollar fell as low as 81.29 and last traded at 81.56, down 0.9 percent on the day, according to Reuters data.

"At the very least it will keep the door open to additional policy easing more so than before the number was released. In that respect it's definitely a negative for the dollar," Esiner said. "The extent of dollar losses is going to depend on how the market views this number, as an outlier or maybe evidence that the jobs growth is stalling."

Apr 06, 2012 06:33
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[OctaFX_Farid]

OctaFX.Com -Japanese Yen Surges against U.S. Dollar Following Dismal Jobs Report

Over the past few weeks, concerns arose over a potentially disappointing March jobs report for the U.S. economy in light of warm weather and impending seasonal adjustments. Those concerns were vindicated on Friday, reigniting a plummet in yields supporting the U.S. Dollar.

European Session Summary

Data was sparse in the overnight alongside quiet trading conditions, as most major European equity markets were closed on Friday due to a religious holiday over the weekend. U.S. equity markets were closed as well for the holiday, but one of the most important releases for the U.S. economy was released regardless; and the nonfarm payrolls report for March sparked immense volatility.

The U.S. economy added 120K jobs in March, exactly half of the revised February figure at 240K. Similarly, the unemployment rate dropped to 8.2 percent from 8.2 percent in March. Many economists and policymakers have been discussing the potential claw back in this month’s jobs report considering that the winter months were unseasonably warm across much of the United States. Why does weather affect NFPs? Warmer conditions are conducive to work outside, in particular construction projects, and work in that sector has surged in recent months.

Where does this leave the U.S. economy? The Federal Reserve’s minutes from their March 13 policy meeting indicated that officials are leaning away from another round of easing due to the progress the U.S. economy has made. In the intermeeting period, Federal Reserve Chairman Ben Bernanke noted that more stimulus could be warranted should the labor market continue to struggle. On the other hand, New York Fed President William Dudley has stated that a moderation in jobs growth is to be expected, given the favorable weather conditions the past few months.

Is there scope for more easing now? It depends. On one hand, officials are concerned with the lack of progress made by the labor market and are willing to extend efforts to foster growth. On the other, it’s clear that a pullback in jobs growth was anticipated, so it might mean that Fed officials hold their ground. With numerous policymakers due to speak next week, most notably Chairman Bernanke on two separate occasions, speculation on the third installment of quantitative easing will increase once again.

Overall, the Japanese Yen was the best performing major currency, gaining 0.99 percent against the U.S. Dollar. The Euro and the commodity currencies were hit the hardest by the jobs report, with the Canadian Dollar leading losses, depreciating by 0.28 percent. But for the Yen, however, all of the other majors were trading within 1/3 of a percent against the U.S. Dollar.

Apr 06, 2012 13:45
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[OctaFX_Farid]

OctaFX.Com - Dollar falls after US jobs report
Dollar falls against euro, pound, yen after US jobs report




NEW YORK (AP) -- The dollar fell against most major currencies in light trading Friday following a weak U.S. jobs report.

The Labor Department said the U.S. economy added 120,000 jobs in March, down from more than 200,000 in each of the previous three months. Economists expected 210,000 jobs to be added last month.

The unemployment rate fell to 8.2 percent, the lowest since January 2009, but that was mainly due to more people giving up on finding work.

The euro was trading at $1.3095 late Friday $1.3060 late Thursday.

Currency trading is light because many traders are off for Good Friday. The U.S. stock market is closed and U.S. government bond trading closed at noon Eastern.

In other trading, the British pound rose to $1.5885 from $1.5828. The dollar fell to 81.59 Japanese yen from 82.36 yen and to 0.9172 Swiss franc from 0.9201 Swiss franc.

The dollar rose to 99.71 Canadian cent from 99.38 Canadian cents.


Apr 06, 2012 16:46
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[OctaFX_Farid]

OctaFX.Com - Dollar falls after US jobs report
Dollar falls against euro, pound, yen after US jobs report




NEW YORK (AP) -- The dollar fell against most major currencies in light trading Friday following a weak U.S. jobs report.

The Labor Department said the U.S. economy added 120,000 jobs in March, down from more than 200,000 in each of the previous three months. Economists expected 210,000 jobs to be added last month.

The unemployment rate fell to 8.2 percent, the lowest since January 2009, but that was mainly due to more people giving up on finding work.

The euro was trading at $1.3095 late Friday $1.3060 late Thursday.

Currency trading is light because many traders are off for Good Friday. The U.S. stock market is closed and U.S. government bond trading closed at noon Eastern.

In other trading, the British pound rose to $1.5885 from $1.5828. The dollar fell to 81.59 Japanese yen from 82.36 yen and to 0.9172 Swiss franc from 0.9201 Swiss franc.

The dollar rose to 99.71 Canadian cent from 99.38 Canadian cents.


Apr 06, 2012 16:46
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[OctaFX_Farid]

OctaFx - EUR/USD Classical Technical Report 04.11

EUR/USD: The latest round of setbacks have stalled ahead of some key multi-week support by 1.3000 and from here, we still can not rule out risks for a shorter-term bounce back towards the 1.3200-1.3300 area, before considering bearish resumption. Ultimately, any rallies towards 1.3300 should be very well capped, while a break and close back under 1.3000, would accelerate declines.

Apr 11, 2012 06:12
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OctaFX.Com -Dollar extends gains vs. yen, hits session high

NEW YORK (Reuters) - The dollar extended gains against the yen on Wednesday, bouncing from a six-week low hit earlier in the global session.
The dollar hit a high of 81.09 yen and last traded at 81.06, up 0.5 percent on the day, according to Reuters data.

In the overnight session the dollar dropped to 80.57, its lowest since February 29.

Apr 11, 2012 06:29
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