Forex Trading News
Dollar, Euro, Pound & Yen

21:47 Friday 23 July, 2010

UK GDP growth data came in stronger than expected for the second quarter. "This is probably as good as it gets for a while, the outlook is quite tough," Kevin Grice from Capital Economics told CNBC Friday.

21:43 Friday 23 July, 2010

The U.S. dollar turned mostly lower Friday, with the euro shedding earlier weakness after an unexpected jump in a German business-climate gauge trumped nervousness over the upcoming publication of European bank stress tests.

The single currency was propelled higher after the Munich-based Ifo Institute said its July business climate index jumped to 106.2 from 101.8, defying expectations for a slide to 101.5.

The publication of the stress tests remains the key event of the day, said Peter Rosenstreich, currency strategist at ACM in Geneva. Nervousness ahead of the results likely allowed the euro to get more of a boost than it deserved from the Ifo data, he said.

21:38 Friday 23 July, 2010

European stocks rallied for a fourth day, U.S. futures gained and the pound strengthened as economic reports showed improvement in Britain and Germany, earnings beat analysts’ estimates while concern eased over bank stress tests.

The Stoxx Europe 600 Index rose 0.5 percent at 8:25 a.m. in New York, and futures on the Standard & Poor’s 500 Index gained 0.5 percent. The pound advanced versus its 16 most-traded peers, and gold increased for a second day.

Microsoft Corp. reported record revenue, Ford Motor Co. said sales jumped 15 percent and Adidas AG’s profit soared 13- fold. About 85 percent of companies in the S&P 500 that have reported since July 12 have beaten analysts’ earnings estimates, according to data compiled by Bloomberg. The U.K. economy grew almost twice as much as economists forecast in the second quarter, and Germany business confidence unexpectedly surged to a three-year high in July.

18:50 Friday 23 July, 2010

Aadil Ebrahim, MD, Bowen Capital Management, is getting out of India and moving his investments into China. He tells CNBC's Bernard Lo, Oriel Morrison and Adam Bakhtiar why.

18:43 Friday 23 July, 2010

European shares advanced on Friday, helped by gains for Vodafone Group and stronger-than-expected economic data from Germany and the U.K.

The Stoxx Europe 600 index rose 0.5% to 255.71.

The index ended with a 2.1% gain on Thursday, boosted by better-than-expected euro-zone economic data and corporate updates.

There was more good data on Friday, with the German Ifo business-climate index rising to 106.2 in July from 101.8 in the previous month.

"Germany still appears to be roaring ahead," said strategists at Danske Bank.

18:39 Friday 23 July, 2010

Asian stocks moved solidly higher in Friday trading, reacting in part to a Wall Street rally overnight fueled by upside earnings surprises and strong economic data. Japan's Nikkei Stock Average was up 2% in early afternoon trade, while the Topix gained 1.7%.

Elsewhere in Asia, Australia's S&P/ASX 200 rose 1.7%, South Korea's Kospi was up 0.7%, Taiwan's Taiex gained 1.2% and India's Sensex advanced 0.4% in early morning action.

08:02 Friday 23 July, 2010

Why it's time to get out of Gold, with Walter Zimmerman, United-ICAP chief technical analyst.

07:58 Friday 23 July, 2010

Federal Reserve Chairman Ben S. Bernanke said extending the tax cuts passed during former President George W. Bush’s administration would help strengthen a U.S. economy still in need of stimulus.

“In the short term I would believe that we ought to maintain a reasonable degree of fiscal support, stimulus for the economy,” Bernanke said today in testimony before the House Financial Services Committee. “There are many ways to do that. This is one way.”

Bernanke aims to bolster the faltering economic recovery while urging lawmakers to reduce federal budget deficits in the medium term, which he defined today as the period from 2013 to 2020. His predecessor, Alan Greenspan, last week said lawmakers should allow the tax cuts to expire at the end of 2010, citing a need for the revenue to reduce the budget gap.

07:22 Friday 23 July, 2010

Stocks and commodities rallied on improving profit forecasts at companies from United Parcel Service Inc. to AT&T Inc. and accelerating growth in European manufacturing and services industries. The euro strengthened, Treasuries retreated and oil reached an 11-week high.

The Standard & Poor’s 500 Index jumped 2.3 percent to 1,093.67 at 4 p.m. in New York after surging as much as 2.6 percent. The Stoxx Europe 600 Index climbed 2.1 percent. Both gauges had their biggest gain in two weeks. Oil topped $79 a barrel and copper rose for a fourth day to send an index of commodities up 2 percent, the most since March. The euro surged more than 1 percent versus the dollar and yen.

U.S. equities rebounded from yesterday’s slide as Caterpillar Inc. and EBay Inc. also posted better-than-estimated earnings and home prices unexpectedly rose, overshadowing Federal Reserve Chairman Ben S. Bernanke’s assessment that the economic outlook was “unusually uncertain.” The euro, which slid to a four-year low in June, has risen almost 9 percent since amid optimism the region’s debt crisis is contained.

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