Forex Markets
Euro Dollar
The euro gained against the dollar after a regional Spanish election over the weekend boosted the clout of the embattled nation's Prime Minister Mariano Rajoy. Despite Spain's deep recession and government cutbacks, Mr. Rajoy's right-leaning Popular Party won a landslide victory in his home region of Galicia. The euro traded at $1.3060 around 2100 GMT, compared with $1.3027 at the same time on Friday. There was no global eco or event data in Europe or the US on Monday and Tuesday is expected to remain quiet also.
The Great British Pound
The pound was trading flat on Tuesday morning, as attention shifts to Thursday's UK GDP data, forecast to show the economy recovered to grow by 0.6 percent quarter-on-quarter in the third quarter after three quarters of contraction. If the figures show a solid UK recovery this would lift the pound. Traders think sterling could be muted ahead of the numbers and take direction from developments in the eurozone, although investors will also have one eye on a speech by Bank of England Governor Mervyn King later today.
Asian Currencies
The Japanese yen was under pressure after official data showed a sharp drop in Japanese exports in September. The euro rose against the Japanese unit, to ¥104.43 from ¥103.31. Earlier in the day the euro hit ¥104.46, its highest level since May. The dollar firmed to ¥79.95 from ¥79.30, trading at its highest levels since early July. Downbeat comments from the Bank of Japan also weighed heavily on the JPY
copyright: forextactics
Euro Dollar
The euro gained against the dollar after a regional Spanish election over the weekend boosted the clout of the embattled nation's Prime Minister Mariano Rajoy. Despite Spain's deep recession and government cutbacks, Mr. Rajoy's right-leaning Popular Party won a landslide victory in his home region of Galicia. The euro traded at $1.3060 around 2100 GMT, compared with $1.3027 at the same time on Friday. There was no global eco or event data in Europe or the US on Monday and Tuesday is expected to remain quiet also.
The Great British Pound
The pound was trading flat on Tuesday morning, as attention shifts to Thursday's UK GDP data, forecast to show the economy recovered to grow by 0.6 percent quarter-on-quarter in the third quarter after three quarters of contraction. If the figures show a solid UK recovery this would lift the pound. Traders think sterling could be muted ahead of the numbers and take direction from developments in the eurozone, although investors will also have one eye on a speech by Bank of England Governor Mervyn King later today.
Asian Currencies
The Japanese yen was under pressure after official data showed a sharp drop in Japanese exports in September. The euro rose against the Japanese unit, to ¥104.43 from ¥103.31. Earlier in the day the euro hit ¥104.46, its highest level since May. The dollar firmed to ¥79.95 from ¥79.30, trading at its highest levels since early July. Downbeat comments from the Bank of Japan also weighed heavily on the JPY
copyright: forextactics
