Forex Trading: 14 June 2013
The euro enjoyed a fourth straight advance versus the US dollar, adding 37 points for the day to $1.3372.
As the forex charts
have indicated since mid-May, the mood among euro market participants seemed to make a u-turn after Mario Draghi's latest reassurance of a recovery in the second half of the year.
Forex Trading: 13 June 2013
Hopes regarding the euro zone economy were lifted again when the EU industrial production unexpectedly rose to 0.4% in April led by a solid French rebound of 2.3%.
The data sparked a rally in the euro which gained 27 points to $1.3337. ECB officials see the euro zone stagnating during the current quarter before going back to growth for the second half of the year.
Forex Trading: 12 June 2013
Judging by the trend of EUR/USD over the last few days it seems that ECB
President Mario Draghi has managed to convince the markets that better days are ahead including the emergence from a long recession.
It was the case again yesterday with the euro gaining 58 points versus the dollar to $1.3313. All good except the short term economic data will have to back up that optimism.
Forex Trading: 11 June 2013
Investor confidence regarding the prospects for the euro zone increased to -11.6 from -15.6 last month according to a report released by Sentix Research Institute.
The increase came after comments from Mario Draghi that the common area will return to growth by year end. This helped push the euro 63 points higher to $1.3255.
Forex Trading: 10 June 2013
With all eyes on the Non-Farm Payrolls, it was little surprise to see the EUR/USD pair losing 27 points to $1.3217.
It was more of a relative strength in the dollar rather than bad news for the shared currency.
Forex investors were also keen to find out more before committing any further, especially given that the ECB also had a bullish tone earlier in the week.
Forex Trading: 07 June 2013
At yesterday's meeting, the ECB kept its benchmark interest rate on hold at a record low of 0.5%.
However, the driver behind yesterday's sharp EUR/USD gains where the comments made by President Mario Draghi that the common area economy should stabilise and even recover this year.
Anticipations confirmed, the pair gained 155 points to $1.3246 and even briefly crossed above $1.33, the strongest level since late February.
Forex Trading: 06 June 2013
Amid expectations of no change in the ECB's benchmark interest rate, which is currently set at 0.5%, the euro gained a mere 12 points to $1.3092 yesterday.
seemed to employ a cautiously optimistic approach, with participants waiting for Mario Draghi to praise the gain in confidence since the last rate cut and possibly reassure the markets of better days ahead.
Forex Trading: 05 June 2013
Despite some encouraging signs for the economy, euro
investors are already on the sidelines ahead of Thursday's European Central Bank interest rate meeting.
As such, the shared currency closed nearly flat at $1.3077 as producer prices posted a surprise decline from a year ago, further denting fear of inflation.
Forex Trading: 04 June 2013
In forex trading
, yesterday's European manufacturing data shrank by less than initially estimated, boosting hopes that the common area might be on its way out of a record long recession.
That pushed the euro-dollar pair 82 points higher to $1.3076, the highest level for more than three weeks.
Forex Trading: 03 June 2013
The dollar was in demand on Friday as the ongoing advances for the US economy raise the possibility that the Federal Reserve will scale back its stimulus programme.
As a result, and perhaps more on a relative basis than anything else, the euro moved down against the dollar, losing 54 points to $1.2994.
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By Jonathan Sudaria, 14 June 2013