Daily Forex News & Analysis – 12/02/13

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USD

The dollar rose on Monday after an increase in safe-haven flows and following less pro-easing talk from the Fed. The greenback ended the day at 1.3405 to the euro and 94.31 to the yen. Today’s data includes the Monthly Budget Statement which is expected to show a shrinking deficit, more Fedspeak and JOLTs Job Openings in December.

EUR

The euro rebounded on Monday as the outlook for the region improved and Spain in particular appeared to be in a less precarious position financially. The single currency ended the day at 1.3405 to the dollar and 126.44 to the yen. The highlight of today’s news is the press-conference held jointly by ECB President Mario Draghi and Spain’s Mariano Rajoy.

GBP

The pound weakened on Monday as a result of concerns about the strength of the economic recovery ahead of the publication of a key report on Wednesday. Sterling ended the day at 1.5659 to the dollar and 0.8559 to the euro. Today sees the release of CPI in January, which is expected to remain unchanged at 2.7%.

JPY

The yen weakened on Monday after several key figures in the world of finance and politics endorsed the BOJ and the government’s aggressively loose monetary policy stance despite the threat of accusations of competitive devaluation by the international community. The Japanese currency ended the day at 94.31 to the dollar and 126.44 to the euro. Tonight sees the release of the Tertiary Industry Index in December which is expected to show a 0.7% rise.

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About Author

I am a forex analyst, trader and writer. I have had a careeer writing articles for websites and journals, starting in the travel sector and then in Forex.I use a combination of techncial and fundamental analysis in my forecasting. When I joined Forex4you in 2010 I thought it was a great opportunity to work as an analyst for an international broker. Every day I provide market tips, analysis and articles to clients of Forex4you which you can find on this blog: good luck and happy trading!