Forex - NZD/USD almost unchanged, eyes on Greece 13/11/2012

Forex - NZD/USD almost unchanged, eyes on Greece 13/11/2012

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Forexpros - The New Zealand dollar was almost unchanged against its U.S. counterpart on Tuesday, as markets were jittery after a highly antcipated euro zone meeting on Monday ended without making any progress on the Greek front.

NZD/USD hit 0.8180 during European morning trade, the daily high; the pair subsequently consolidated at 0.8175, easing up 0.01%.

The pair was likely to find support at 0.8124, the low of November 9 and resistance at 0.8212, the high of October 24.

At a meeting in Brussels on Monday, euro zone finance ministers and the International Monetary Fund failed to agree on a long-term plan to reduce Greece's debt, preventing the disbursement of immediate aid to Athens.

They gave Greece until 2016 to cut the deficit to 2% of gross domestic product, but put off until November 20 a decision on how to cover additional Greek needs of as much as EUR32.6 billion and left unclear whether the IMF will continue to contribute.

The kiwi was higher against the Australian dollar with AUD/NZD slipping 0.15%, to hit 1.2736.

Also Tuesday, the National Australia Bank said in a report that its index of business confidence deteriorated to minus 1 in October, from a reading of zero the previous month.

Later in the day, the U.S. was to release official data on the federal budget balance.

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Forex - AUD/USD lower on Greece fears, Australian data 13/11/2012

Forex - AUD/USD lower on Greece fears, Australian data 13/11/2012

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Forexpros - The Australian dollar was lower against its U.S. counterpart on Tuesday, as euro zone finance ministers and the International Monetary Fund failed to agree on a long-term plan to reduce Greece's debt, preventing the release of immediate aid to Athens.

AUD/USD hit 1.0397 during European morning trade, the daily low; the pair subsequently consolidated at 1.0410, falling 0.17%.

The pair was likely to find support at 1.0359, the low of November 9 and resistance at 1.0448, the high of November 6.

At a meeting in Brussels on Monday, euro-area finance ministers gave Greece until 2016 to cut the deficit to 2% of gross domestic product.

They also put off until November 20 a decision on how to cover additional Greek needs of as much as EUR32.6 billion and left unclear whether the IMF will continue to contribute.

Meanwhile, the National Australia Bank said in a report that its index of business confidence deteriorated to minus 1 in October, from a reading of zero the previous month.

Elsewhere, the Aussie was steady against the euro with EUR/AUD dipping 0.03%, to hit 1.2187.

Later in the day, the U.S. was to release official data on the federal budget balance.

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Forex - EUR/USD slides to two-month low on Greece concerns 13/11/2012

Forex - EUR/USD slides to two-month low on Greece concerns 13/11/2012

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Forexpros - The euro slid to a two-month low against the U.S. dollar on Tuesday, amid concerns over a delayed bailout payment for Greece, while fears that the economic outlook for the euro zone is deteriorating also weighed.

EUR/USD hit 1.2673 during late Asian trade, the pair’s lowest since September 7; the pair subsequently consolidated at 1.2691, shedding 0.14%.

The pair was likely to find support at 1.2625, the low of September 7 and resistance at 1.2738, Monday’s high.

The International Monetary Fund and European officials are unable to reach an agreement on how best to reduce Greece’s debt to manageable levels, which has resulted in a delay in unlocking a EUR31.5 billion bailout installment.

The decision has been postponed until 20 November.

Greece was to hold an auction of government bonds later Tuesday, in order to raise enough money to repay EUR5 billion of debts maturing on Friday.

Investors were also awaiting the ZEW report on German economic sentiment later in the session, amid fears that the bloc’s largest economy has been hit by the ongoing debt crisis.

The euro was lower against the pound and the yen, with EUR/GBP slipping 0.12% to 0.7995 and EUR/JPY down 0.38% to 100.64.

Later Tuesday, the U.S. was to release official data on the federal budget balance.

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Forex - Dollar gains on fiscal fears, Greek solvency issues 13/11/2012

Forex - Dollar gains on fiscal fears, Greek solvency issues 13/11/2012

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Forexpros - The dollar rose against most major global currencies on Tuesday as investors viewed the unit as the safe harbor of choice to ride out escalating Greek solvency woes and building fears that tax hikes and spending cuts could bruise the U.S. economy next year.

In Asian trading on Tuesday, EUR/USD was down 0.20% at 1.2684.

Greece recently approved a budget for next year and also pushed through politically unpopular budget cuts and tax hikes, both requirements for the country to tap a EUR31.5 billion tranche of financial aid.

Eurozone finance ministers met earlier to review the details of Greece's progress but have yet to free up the money for Athens, which sent investors snapping up safe-haven dollar positions amid a session that saw muted appetite for risk.

Eurozone finance ministers have given Athens two years to meet austerity targets though the country is quickly running out of funding and will need a tranche of aid soon.

Eurozone policymakers are scheduled to meet again to discuss Greece's finances on Nov. 20.

Greece should not default until then as it can roll over debts in the meantime.

Once approved, the next shot of financial aid will end shorter-term solvency issues for Greece, but the country and creditors must still agree on ways to lower longer-term debt burdens, which dampened spirits.

The dollar also saw support on growing fears the U.S. risks falling into an avoidable recession in 2013.

At the end of this year, the Bush-era tax cuts and other tax benefits expire at the same time pre-programmed cuts to government spending are scheduled to take effect, a combination known as a fiscal cliff that could send the country into recession next year if left unaddressed by Congress.

If untreated, the fiscal cliff could siphon over USD600 billion out of the U.S. economy next year alone in the form of rising taxes and cuts to government spending.

Lawmakers have expressed confidence that they'll avoid partisan bickering and cut a deal, but until an announcement hits the wire, investors will remain wary.

The greenback was up against the pound, with GBP/USD trading down 0.09% at 1.5864.

The dollar was down against the yen, with USD/JPY trading down 0.09% at 79.42 and up against the Swiss franc, with USD/CHF trading up 0.21% at 0.9502.

The dollar was up against its cousins in Canada, Australia and New Zealand, with USD/CAD trading up 0.04% at 1.0002, AUD/USD down 0.16% at 1.0411 and NZD/USD trading down 0.07% at 0.8169.

The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.16% at 81.25.

Later Tuesday, the U.S. is to release official data on the federal budget balance.

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Forex - EUR/JPY drops on cloudy Greek financial outlook 13/11/2012

Forex - EUR/JPY drops on cloudy Greek financial outlook 13/11/2012

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Forexpros - The euro fell against the yen on Monday after European policymakers gave Greece a two-year extension to push through austerity measures but held off on disbursing bailout money.

In Asian trading on Tuesday, EUR/JPY hit 100.69, down 0.35% and up from a low of 100.66 and off a high of 101.20.

The pair sought to test support at 100.43, Friday's low, and resistance at 101.20, the earlier high.

Greece recently passed an austere budget for next year and also pushed through politically unpopular budget cuts and tax hikes as required to tap a EUR31.5 billion tranche of financial aid.

Eurozone finance ministers met earlier to review the details of Greece's progress but have yet to free up the money for Athens, which sent investors snapping up safe-haven yen positions, which came at the expense of the euro.

Eurozone finance ministers have given Athens two years to meet austerity targets though the country is quickly running out of funding and will need a tranche of aid soon.

Eurozone policymakers are scheduled to meet again to discuss Greece's finances on Nov. 20.

Greece will not default until then as it can roll over debts in the meantime.

While approving the tranche of aid will end shorter-term solvency issues for Greece, the country and creditors must still agree on ways to lower longer-term debt burdens.

The yen saw further demand on growing fears the U.S. may fall into an avoidable recession next year.

At the end of this year, the Bush-era tax cuts and other tax benefits expire at the same time pre-programmed cuts to government spending are scheduled to take effect, a combination known as a fiscal cliff that could send the country into recession next year if left unaddressed by Congress.

Lawmakers have expressed confidence that they'll avoid partisan bickering and cut a deal, but until an announcement hits the wire, investors will remain wary.

Elsewhere, the euro was down against the pound and down against the Canadian dollar, with EUR/GBP trading down 0.16% at 0.7994 and EUR/CAD trading down 0.17% at 1.2688.

Later Tuesday in Europe, the ZEW Centre for Economic Research will release its closely watched report on German economic sentiment, as well as data on sentiment in the wider eurozone.

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Forex - EUR/USD little changed after U.S. data, close to 2-month low 10/11/2012

Forex - EUR/USD little changed after U.S. data, close to 2-month low 10/11/2012

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Forexpros - The euro was little changed against the U.S. dollar on Friday, hovering close to a two-month low, after the release of upbeat U.S. consumer sentiment data, as concerns over the outlook for economic growth in the euro zone continued to weigh on sentiment.

EUR/USD hit 1.2690 during U.S. morning trade, the pair's lowest since September 7; the pair subsequently consolidated at 1.2716, falling 0.25%.

The pair was likely to find support at 1.2625, the low of September 7 and resistance at 1.2790, the session high.

In a preliminary report, the University of Michigan said that its index of consumer sentiment hit a five-year high in November, rising to 84.9 from a reading of 82.6 the previous month.

Analysts had expected the index to rise to 83.0 in November.

But sentiment on the euro remained fragile after Germany's Economy Ministry said that growth was likely to slow in the fourth quarter and the first three months of 2013, while the French central bank said it expected the euro zone's second-largest economy to slip into recession towards the end of 2012.

Investors were also eyeing a Greek parliament vote on Sunday on its 2013 budget. The budget must be passed to unlock a further tranche of international aid.

Earlier in the day, official data showed that industrial production in France dropped 2.7% in September, more than the expected 1% decline, after a 1.9% rise the previous month.

In Italy, industrial production tumbled 1.5% in September, compared with expectations for a 1.4% drop, after a 1.7% increase the previous month.

Markets were also jittery amid concerns over the U.S. fiscal cliff, automatic tax hikes and spending cuts due to come into effect on January 1 unless lawmakers can reach an agreement, which could threaten U.S. and global growth.

The single currency was higher against the pound with EUR/GBP adding 0.14%, to hit 0.7985.

Also Friday, official data showed that the U.K. trade deficit narrowed more-than-expected in September, hitting GBP8.4 billion from a deficit of GBP10 billion the previous month.

Analysts had expected the trade deficit to narrow to GBP8.9 billion in September.

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Forex - USD/JPY trims losses but E.Z., U.S. concerns weigh 10/11/2012

Forex - USD/JPY trims losses but E.Z., U.S. concerns weigh 10/11/2012

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Forexpros - The U.S. dollar trimmed losses against the yen on Friday, but remained under pressure as euro zone debt concerns and fears over U.S. fiscal policy broadly boosted demand for the safe haven yen.

USD/JPY pulled away from 79.08, the pair's lowest since October 18, to hit 79.30 during European afternoon trade, still down 0.19%.

The pair was likely to find support at 78.99, the low of October 18 and resistance at 79.61, the day's high.

Market sentiment waned after Germany's Economy Ministry said that growth was likely to slow in the fourth quarter and the first three months of 2013, while the French central bank said it expected the euro zone's second-largest economy to slip into recession towards the end of 2012.

Investors were also eyeing a Greek parliament vote on Sunday on its 2013 budget. The budget must be passed to unlock a further tranche of international aid.

On Thursday, German Finance Minister Wolfgang Schaeuble said next week may still be too early to make a decision on granting further aid to Athens, despite a successful vote on new austerity measures.

Markets were also jittery amid concerns over the U.S. fiscal cliff, automatic tax hikes and spending cuts due to come into effect on January 1 unless lawmakers can reach an agreement, which could threaten U.S. and global growth.

The yen was sharply higher against the euro with EUR/JPY dropping 0.52%, to hit 100.77.

Also Friday, official data showed that industrial production in France dropped 2.7% in September, more than the expected 1% decline, after a 1.9% rise the previous month.

In Italy, industrial production tumbled 1.5% in September, compared with expectations for a 1.4% drop, after a 1.7% increase the previous month.

Later in the day, the U.S. was to produce preliminary data from the University of Michigan on consumer sentiment.

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Forex - GBP/USD pushes lower in risk-off trade 10/11/2012

Forex - GBP/USD pushes lower in risk-off trade 10/11/2012

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Forexpros - The pound pushed lower against the U.S. dollar on Friday, dropping to a two-month low as fresh concerns over the outlook for economic growth in the euro zone and fears over U.S. fiscal policy weighed on demand for risk-related assets.

GBP/USD hit 1.5905 during European afternoon trade, the pair's lowest since September 6; the pair subsequently consolidated at 1.5918, shedding 0.41%.

Cable was likely to find support at 1.5882, the low of September 6 and resistance at 1.6020, the session high.

Euro zone concerns re-emerged after Germany's Economy Ministry said that growth was likely to slow in the fourth quarter and the first three months of 2013, while the French central bank said it expected the euro zone's second-largest economy to slip into recession towards the end of 2012.

Investors were also eyeing a Greek parliament vote on Sunday on its 2013 budget. The budget must be passed to unlock a further tranche of international aid.

On Thursday, German Finance Minister Wolfgang Schaeuble said next week may still be too early to make a decision on granting further aid to Athens, despite a successful vote on new austerity measures.

Markets were also jittery amid concerns over the U.S. fiscal cliff, automatic tax hikes and spending cuts due to come into effect on January 1 unless lawmakers can reach an agreement, which could threaten U.S. and global growth.

In the U.K., official data earlier showed that the trade deficit narrowed more-than-expected in September, hitting GBP8.4 billion from a deficit of GBP10 billion the previous month.

Analysts had expected the trade deficit to narrow to GBP8.9 billion in September.

Elsewhere, sterling was lower against the euro with EUR/GBP adding 0.13%, to hit 0.7983.

Also Friday, official data showed that industrial production in France dropped 2.7% in September, more than the expected 1% decline, after a 1.9% rise the previous month.

In Italy, industrial production tumbled 1.5% in September, compared with expectations for a 1.4% drop, after a 1.7% increase the previous month.

Later in the day, the U.S. was to produce preliminary data from the University of Michigan on consumer sentiment.

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Forex - EUR/USD drops to 2-month low as E.Z. concerns resurface 10/11/2012

Forex - EUR/USD drops to 2-month low as E.Z. concerns resurface 10/11/2012

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Forexpros - The euro dropped to a two-month low against the U.S. dollar on Friday, as concerns over the outlook for growth in the euro zone dampened demand for the single currency, while investors eyed the release of U.S. data later in the day.

EUR/USD hit 1.2707 during European early European trade, the pair's lowest since September 7; the pair subsequently consolidated at 1.2713, shedding 0.27%.

The pair was likely to find support at 1.2625, the low of September 7 and resistance at 1.2790, the session high.

The euro came under pressure after German Finance Minister Wolfgang Schaeuble on Thursday said next week may still be too early to make a decision on granting further aid to Athens, despite a successful vote on new austerity measures.

Investors were eyeing a Greek parliament vote on Sunday on its 2013 budget. The budget must be passed to unlock a further tranche of international aid.

Separately, Germany's Economy Ministry said that growth was likely to slow in the fourth quarter and the first three months of 2013, while the French central bank said it expected the euro zone's second-largest economy to slip into recession towards the end of 2012.

Earlier in the day, official data showed that industrial production in France dropped 2.7% in September, more than the expected 1% decline, after a 1.9% rise the previous month.

In Italy, industrial production tumbled 1.5% in September, compared with expectations for a 1.4% drop, after a 1.7% increase the previous month.

Markets were also jittery amid concerns over the U.S. fiscal cliff, automatic tax hikes and spending cuts due to come into effect on January 1 unless lawmakers can reach an agreement, which could threaten U.S. and global growth.

The euro was steady against the pound with EUR/GBP easing up 0.03%, to hit 0.7976.

Also Friday, official data showed that the U.K. trade deficit narrowed more-than-expected in September, hitting GBP8.4 billion from a deficit of GBP10 billion the previous month.

Analysts had expected the trade deficit to narrow to GBP8.9 billion in September.

Later in the day, the U.S. was to produce preliminary data from the University of Michigan on consumer sentiment.

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Dollar broadly higher vs. rivals as Greece concerns weigh 10/11//2012

Dollar broadly higher vs. rivals as Greece concerns weigh 10/11//2012

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Forexpros - The U.S. dollar was broadly higher against most of its major counterparts on Friday, concerns over the handling of Greece's financial woes continued to weigh, while worries over U.S. fiscal policy also persisted.

During European late morning trade, the dollar was higher against the euro, with EUR/USD falling 0.23% to 1.2718.

The euro came under pressure after German Finance Minister Wolfgang Schaeuble on Thursday said next week may still be too early to make a decision on granting further aid to Athens, despite a successful vote on new austerity measures.

Meanwhile, European Central Bank chief Mario Draghi praised Greece for going ahead with austerity reforms, but he said the ECB was "by and large done" with helping finance Greece.

Also Friday, official data showed that industrial production in France dropped 2.7% in September, more than the expected 1% decline, after a 1.9% rise the previous month.

In Italy, industrial production tumbled 1.5% in September, compared with expectations for a 1.4% drop, after a 1.7% increase the previous month.

The greenback was also higher against the pound, with GBP/USD shedding 0.23% to 1.5947.

Earlier in the day, official data showed that the U.K. trade deficit narrowed more-than-expected in September, hitting GBP8.4 billion from a deficit of GBP10 billion the previous month.

Analysts had expected the trade deficit to narrow to GBP8.9 billion in September.

Elsewhere, the greenback was lower against the yen, with USD/JPY dropping 0.35% to hit 79.20, but higher against the Swiss franc, with USD/CHF rising 0.28% to trade at 0.9484.

In addition, the greenback was steady to higher against its Canadian, Australian and New Zealand counterparts, with USD/CAD adding 0.04% to 1.0006, AUD/USD slipping 0.15% to 1.0389 and NZD/USD inching up 0.01% to hit 0.8149.

The Aussie came under pressure after the Reserve Bank of Australia reduced its 2013 growth outlook to 2.75%, earlier in the day.

But the export-linked currencies found some support after data showed that industrial production in China rose by 9.6% last month, more than the expected 9.4% increase and following a 9.2% rise in September.

The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.15%, to trade at 81.02.

Overall market sentiment continued to be weighed by concerns over the U.S. fiscal cliff, automatic tax hikes and spending cuts due to come into effect on January 1 unless lawmakers can reach an agreement, which could threaten U.S. and global growth.

Later in the day, the U.S. was to produce preliminary data from the University of Michigan on consumer sentiment.

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