Daily Forex News & Analysis – 23 August 2013


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The dollar traded mixed on Thursday after data came out mixed showing a bigger-than-expected rise in Initial Jobless Claims but further strength in the housing market. The greenback ended the day at 1.3360 to the euro and 98.70 to the yen. Today’s data includes New Home Sales in July which is expected to show a -2.0% fall.


The euro rose strongly on Thursday after both Services and Manufacturing PMI increased well-above what had been expected, boosting hopes of a recovery in the euro-zone. The single currency ended the day at 1.3360 to the dollar and 131.81 to the yen. Today’s data includes German GDP which is expected to show a 0.9% rise in the 2nd quarter.


The pound fell overall on Thursday after doveish commentary from BOE’s Martin Weale in which he said that he could still see circumstances in which it would be sensible to undertake further asset purchases. Sterling ended the day trading at 1.5594 to the dollar and 0.8567 to the euro. Today’s data includes 2nd quarter GDP revisions which are expected to show a 0.6% rise quarter-on-quarter and a 1.4% rise year-on-year.


The yen fell on Thursday, as concerns about the cost of meeting the country’s energy needs continued to weigh heavily following the recent radioactive leak at the Fukushima reactor plant, which has increased public hostility towards nuclear power. The yen ended the day at 98.70 to the dollar and 153.92 to the pound.


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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