General Forex News

The euro area continues to experience steadying recovery when compared to other nations, which comes ironically as the area suffers strong downside pressures from the debt crisis and adopted austerity measures.  According to reports today, the third quarter recovery seemingly continued to be witnessed in the area despite the expected slowing when compared to the second quarter. Industrial New Orders in August surged 5.3% higher by 24.4% from a year earlier. The rally reversed the previous month's drop of 2.4% and extended beyond the expected rise of 2.2% and 19.3% on the year. 

UK reported a slightly less than anticipated weakening in the housing market for September, where BBA loans for house purchases dropped slightly less than anticipated to 31104 from the previously revised 31781 which was revised to the upside from the original estimate of 31767. The data was though still weak and reflected the decelerating pace of recovery in the sector it was still stronger than the expected decline to 31000. 

Stronger confidence, rising commodity prices, improved ratings (where Goldman Sachs raised Kia’s Motors rating to “buy” from “neutral” and a merger bid from Singapore Exchange Ltd for ASX Ltd (which runs the dominant stock exchange in Australia), managed to push the Asian stocks to the upside, where the MSCI Asia Pacific Index rose by 1.3% to 131.60 at 16:07 in Tokyo. Nikkei 225 Nikkei 225 fell today after the yen rose again against the dollar which drove exporting companies shares down. The index retreated today by 0.27% or 25.55 points closing at 9401.16. From 225 shares, 67 advanced, 140 declined and 18 unchanged. Sectors leading the decline were consumer goods that lost 8.64 points, the industrials that lost 7.79 points and health care that lost 7.12 points. Lagging shares today Kyocera Corp which fell by 1.73% closing at 2662 yen, second was Shin-Etsu Chemical Co Ltd which fell by 3.73% closing at 1522 yen. Third was Softbank Corp which fell by 1.20% and closed...

Yahoo Japan Corp. is a Japan-based provider of Internet search services. The Company has three business segments, which provides banner advertising, text advertising, mail advertising and searching tracking advertising services, announced its statement today to show the second quarter profit declined in five quarters amid intensifying competition in the country’s Internet market.  According to the statement, the net income during the quarter of July to September, rose 6.8% to reach 21.4 billion yen ($264 million), while the actual reading came at lower than a previous profits of 23.1 billion during the previous three months. 

According to a statement that released by KDDI Corp., which is the second biggest mobile phone operator in Japan, reported that the company aims to buy back up to 5.16% of its outstanding shares, while the company indicated that it will spend about 100 billion yen ($1.2 billion) on this an acquisition, which came after the company's fixed-line business returned to profit during the second quarter of the year.  Moreover, the company's net income jumped to reach 65 billion yen during the year ended September 30, which compared with previous earnings 58.9 billion a year earlier, while the company indicated that it plans to pay a full-year dividend of 13000 yen, left its full year profit outlook unchanged. 

The Australian economy issued its producers price index for the three months ending September 30, which rose 1.3%, compared with a previous reading of 0.3% in the previous three months, whereas the anticipations referred to 0.5%.  Moreover, the annualized producers price index rose 2.2% in the third quarter of the year, compared with a previous 1% a year earlier, while the actual reading came betters than expectations that estimated of 1.4%. 

The dollar advanced slightly versus its major counterparts today after US Treasury Secretary Geithner said he does not see further dollar weakness. On the other hand, Chinese growth data was the center of attention in the session where the nation expanded slightly more than expected in the past quarter by 9.6%. Starting with the euro, the 16-nation currency declined versus the dollar today to trade around 1.3900 areas. The pair recorded the high so far at 1.3977 and the low at 1.3870 and currently hovers around 1.3901. Momentum indicators over daily basis are providing oversold signs over four-hour basis signaling the potential for further bearishness. As for sterling, the royal pound declined versus the dollar to record the low of 1.5781 and the high of 1.5848 and currently hovers around 1.5782. Momentum indicators over daily basis are approaching oversold areas yet over four-hour basis still providing selling signals. For the dollar versus the Japanese yen, the pair traded with high volume yet still...

Today one of the largest U.S banks M&T Bank Corp reported its 2010 third quarter financial results where it managed to beat analysts' estimations of $1.41 earnings per share as it reported $1.48 EPS. The bank reported net income worth $192 Million higher than both year earlier Net Income of $128 Million and prior quarter of $189 Million.

The world's leading economy saw its shares opening in green ahead of the Fed's Beige Book; a survey on Current Economic Conditions, although worries remain spread regarding the present stagnated recovery of the country having the Bank of America Corp was the most active U.S. stock while other actively traded shares include Citigroup Inc; Amylin Pharmaceuticals Inc; Alkermes Inc; and Wells Fargo & Co. The U.S. Dollar index, which measures the green Benjamin's performance versus six major currencies, declined to currently trade at 81.20 recording a high of 78.35 and a low 77.37, while gold is inclining faintly on the daily base to trade around $1335.76 an ounce and the black gold for instance plunged slightly to trade around $80.61 a barrel. The best performing sectors within the Dow were the Basic Materials next to Telecommunications and Consumer Services shares, The S&P 500's best performing sectors were the Basic Materials, Telecommunications and Utilities shares, the NASDAQ Composite index best performing sectors were...

Major anticipation for the Federal Reserve quantitative easing measures forced the single currency to decline against majors in today’s trading as indicated by the US dollar index that tracks the performance of the dollar against a basket of currencies. The US dollar index dropped on the daily scale to 77.72, compared with the opening levels of 78.07, where it managed to reach the highest at 78.36 and the lowest at 77.59. The Fed will release its Beige Book later on today, which may show the extent of easing conditions and the course of recovery that floundered over the past period. Policy makers in Britain and the constant debates among them over the past few months drove the pound lower against most majors except the dollar. The pound fell as investors await the BOE’s next move on whether to provide markets with further stimuli or simply preserving the current monetary stand the bank is on. The pound-dollar pair rose to trade at 1.5745, compared with the...