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 was born in North London and Studied at Goldsmiths' College London University achieving a BSC Hons in Social Anthropology and a Diploma in Journalism. At first I was interested in writing and travelling and I began my career editing a magazine for a city breaks tour operator called Travelscene; then I also managed their website. Later I became increasingly interested in the financial markets and trading. My first trade was spread-betting the SP500, using an overnight strategy – I remember one year it made me enough money for Christmas – I thought it was great how you could make money like that in your sleep! Later my interests turned to Forex because of its 24-hour accessibility, the many different currency pairs and because of my interest in international politics. I managed a small fund which I set up with the help of some friends and traded the markets for several years with some degree of success. I am a member of the society of technical analysts and have contributed original research to their journal; I now also help mark their diploma papers. I enjoy refining and developing trading strategies, in particular for my 'baby' the eurodollar. When I joined Forex4you in 2010 I thought it was a great opportunity, working as an analyst for an international foreign exchange broker.

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