Markets quiet ahead of US employment & non farm payroll figures at 13.30

03/09/2010 - Forex Trading - 1 Comments - 116 words

Morning Forex Report: LondonMarkets are quiet this morning ahead of the all important US employment figures and Non Farm Payroll numbers at 13.30. The economic report and employment figures are amonst the major market moving events in each month. A big deviation from expectation levels can set markets tumbling or shooting higher.

Tomorrow, the median analyst estimate is -101K, but its worth noting that payrolls have come in below estimates in each of the last three reports.

And as of yesterday, the EUR/GBP has extended its gains.

Summary today:



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Morning Forex Report: Wild swings on the Yen

30/08/2010 - Forex Trading - 0 Comments - 221 words

Market Report: 07.00 London

Monday Morning Forex Summary:
 

• European stock market futures are pointing to a positive start after late Friday evening rally in the US.
• This comes on the back of Friday's comments from US FOMC chairman Ben Bernanke that the Fed is prepared to do whatever it takes to get the economy back on track.
• Things were looking even better until the emergency meeting from the Bank of Japan failed to live up to expectations. Traders were hoping and looking for a bigger stimulus injection than was announced.
• The yen has reversed its early losses on the news, with a 1% reversal on the earlier move on the AUD/JPY that actually puts the yen in credit for the day.
• Risk appetite has swung back to cautious mode, with the EUR/USD down 0.2%.
• It is a bank holiday in the UK today so the GBP/USD and GBP/JPY may not act as they usually do.

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Commodities news : oil down, gold and silver prices up on US jobs data

09/08/2010 - Forex Trading - 0 Comments - 229 words

A lot of the attention on Friday was concentrated on the release of the payroll data and the news was hardly good as the data disappointed in many respects. The US economy is the world’s largest and, as such, is seen as a key indicator of global performance; when poor results are posted by the US government the world’s markets tend to follow suit shortly afterwards.

Friday’s announcement that job growth was minimal and did not meet expectations caused crude oil futures for September to fall markedly down $1.31 a barrel to $80.70.

Over 100,000 workers were laid off in the public sector and while analysts expected non-farm job growth of around 100,000 it only produced around 70,000 which was down on June’s results of 83,000. Unemployment claims had also risen last month and while crude oil peaked above $80 a barrel at the beginning of last week for the first time in some time the price is slipping again.

However, where the poor employment figures had a detrimental effect on crude oil prices, it had the reverse effect on the perceived safety offered by gold. Futures rose $6 to $1,205.30 in New York. As investors have also begun to turn their attention to silver, prices rose 15.1 cents to $18.472 an ounce. Copper didn’t fare so well dropping 0.3% and settling at $3.34 a pound.

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