Daily Forex News & Analysis – 27 May 2013

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Markets4you Daily VideocastUSD

The dollar traded overall up on Friday after Durable Goods Orders exceeded expectations, showing a rise of 3.3% in April when only a 1.5% rise had been expected, fuelling speculation the Fed might begin tapering its asset purchases. The greenback ended the day at 1.2931 to the euro and 101.28 to the yen.

EUR

The euro fell on Friday despite positive sentiment data from IFO which showed an overall rise in economic optimism, as fears of stimulus tapering weighed on risk appetite. The single currency ended the day at 1.2931 to the dollar and 131.01 to the euro.

GBP

The pound traded mixed on Friday after GDP figures continued to show anaemic real growth and  recent BOE minutes revealed 3 board members still voted for more QE. Sterling ended the day at 1.5124 to the dollar and 0.8549 to the euro.

JPY

The yen rose on Friday as a result of safety flows after fears increased that the Fed might switch off its stimulus tap. The yen ended the day at 101.28 to the dollar and 153.15 to the pound. Today’s data includes Corporate Service Prices which are expected to show a -0.2% fall year-on-year.

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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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