Forex Trading: 04 October 2013
The euro continued to strengthen against the dollar yesterday, rising 0.8% so far this week, as the partial government shutdown continues and fears start to loom over the debt limit.
FX investors are certainly worried about the possible negative consequences of the US defaulting on its debt.
The climb in the euro/dollar pair was further helped by economic data which showed that the Italian service sector outgrew expectations in September, whilst the equivalent data from the US disappointed.
Forex Trading: 03 October 2013
The ECB left its benchmark interest rate unchanged at a record low of 0.5%, with President Mario Draghi signalling that no action is needed to boost the Eurozone's economy.
As a result, the shared currency rallied 54 points to $1.3579 last seen on February this year.
A vote of confidence for the Italian Prime Minister Enrico Letta was seen as a sign of stability for the Italian political system and undoubtedly helped the rally.
Forex Trading: 02 October 2013
Sorry, there is no forex market commentary for today.
Forex Trading: 01 October 2013
The stalemate in Congress over the US budget has failed to avert a government shutdown but has certainly kept forex spread betting
investors on the edge.
The discussion monopolised the financial media yesterday and hurt the dollar, which lost 29 points against the euro to $1.3525.
The wrangling even managed to outweigh some disappointing German retail sales.
Interestingly therefore, it was a risk-off day which didn't benefit the US dollar for once.
Forex Trading: 30 September 2013
A standoff in the US political arena regarding the budget threatened a government shutdown and was the main reason for Friday's weakness in the dollar.
Despite ongoing signs that the US economy is on the right track, this pessimism over the dollar's fate shows how fragile this recovery is in forex
The EUR/USD pair moved up 33 points to $1.3521.
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By Jonathan Sudaria, 4 October 2013