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Commodity Currencies Could Benefit from Less Gloomy Fed Outlook

Positive comments from the Fed could help to support commodity currencies, according to strategists.The FOMC interest rate decision was relatively in line with expectations. However, some currency strategists said the Fed presented a less gloomy outlook on the economy.In the monetary policy statement, the central bank said there are some signs that the economic outlook is improving, with the stabilization in consumer spending and a slower pace of economic contraction.Although the economic outlook has improved modestly since

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USD/JPY: Dollar will reach 105.00 in the 3Q, says CIBC

FXstreet.com (Barcelona) - Dollar recovery from 87.00 low on Jan 21 will reach its highest level on the third quarter of the year at prices around 105.00, according to CIBC World Markets. USD/JPY will reach average levels around 100.00 in the second quarter of the year to reach a maximum average at 105.00 during the third quarter of the year, and drop towards 97.00 on the last quarter of 2009.For next year, CIBC World markets project the Dollar trading

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Yen Stronger After Upward Revision to Q4 GDP

The Japanese yen is stronger on Thursday after an unexpected upward revision to fourth quarter GDP for the island nation.A second look at Japanese economic growth suggests the last quarter of 2008 was not as bad as previously thought, according to data from the Japanese Economic and Social Research Institute on Thursday (Wednesday EDT). Fourth quarter GDP was unexpectedly revised up to a 3.2% quarter-over-quarter contraction from a 3.3% decline previously recorded. The news comes as a

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ECB's Weber Says German Economy May Have Contracted 3% in First Quarter

Frankfurt - The German economy likely declined by a record 3% quarter-over-quarter in Q1, European Central Bank Governing Council member Axel Weber said.I expect the first quarter to still show a marked drop, even bigger than the last quarter of 2008, Weber said at a press conference in Washington, D.C. on Friday. In the fourth quarter of 2008, overall economic activity in Germany contracted 2.1%.However, signs that business sentiment is stabilizing are emerging, Weber added, citing this morning's

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Rising Optimism Helps Boost Aussie Dollar to Weekly High

The Australian dollar benefitted from rising optimism on Wednesday and traded near weekly highs against the U.S. dollar.Early in the session, the Aussie dollar sold off sharply following worse-than-expected fourth-quarter GDP. AUD/USD hit session lows at 0.6286 USD after economic growth fell 0.5% in the fourth quarter. Economists were expecting a 0.2% increase. The cross was quick to recover after the release of reports that the Chinese government will add more money to its existing $585 billion

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Forex Trading Euro Dollar : Jusqu'où ira l'Euro?

Les grandes tendances Forex : Jusqu'où ira l'euro ?Les espoirs d'un plande relance aux Etats-Unis après le discours de Ben Bernanke lundi continuent desoutenir le dollar face à toutes devises européennes. L'euro a chuté pour lapremière fois depuis novembre 2006 en dessous de 1.28 dollars, au plus bas à 1.2734cette nuit contre 1.3323

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Euro Underperforms as Fourth Quarter GDP Shrinks

(CEP News) - Stronger equity futures are helping to support the euro against the U.S. dollar, but Friday's weaker-than-expected fourth-quarter GDP reports from Europe are hurting the currency on other crosses.The euro is under pressure against the Canadian dollar and the pound, but up against the U.S. dollar and Japanese yen. EUR/USD hit a high of 1.2943 in overnight trading and is now relatively flat at 1.2862. EUR/GBP is the big surprise, which gave up all its gains made since

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Sterling Slides After Downbeat Outlook for UK GDP

The pound sterling is relatively weaker after a slight downward revision to fourth quarter GDP, along with comments from the Bank of England's Chief Economist expecting more of the same in Q1.UK fourth quarter GDP was revised to a 1.6% contraction despite expectations for no change to the preliminary 1.5% decline. Meanwhile, Bank of England Chief Economist Spencer Dale has he expects Q1 GDP results to be similar to those of Q4, but he added that large

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Forex Market Review By Acetrader

Market Review - 11/05/2009 21:07 GMTDollar rebounds as risk aversion increases on falling global stocksThe greenback rebounded against a basket of six other major currencies on Monday as investors booked profits on a rally in riskier assets last week while persistent economic worries boosted the U.S. dollar's safe-haven appeal. In late New

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May 19th 2009, Building Data And Zew To Face The Crowd

The USD found itself back under pressure on Monday on a day of little economic data. As U.S. equity markets surged forward the USD found itself on the back of its heels. Part of the reason the equity markets surged was on the strength from investors taking the plunge into the financial sectors shares. This happened as news developed that several of

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