Weekly Forex News March 10th 2013 Markets were dominated by strong equities, a strong dollar and a weak yen last week. It's clear that economic data from the US showed impressive improvements in the US economy. Meanwhile, the top two Fed officials, Bernanke and Yellen indicated recently the central bank would leave stimulus in place while data continues to show improvements. The DOW Jones jumped to a new record high and closed strongly at 14,397 while benchmark 10 year yield was also back above 2% to close at 2.056%. The Dollar was taken higher against European majors and the Japanese yen whilst the dollar index surged for another week to close at 82.69.

1. Weekly Forex News March 10th 2013
FCTOFX: Markets were dominated by strong equities, a strong dollar and a
weak yen last week. It's clear that economic data from the US showed
impressive improvements in the US economy. Meanwhile, the top two Fed
officials, Bernanke and Yellen indicated recently the central bank would
leave stimulus in place while data continues to show improvements. The
DOW Jones jumped to a new record high and closed strongly at 14,397 while
benchmark 10 year yield was also back above 2% to close at 2.056%. The
Dollar was taken higher against European majors and the Japanese yen
whilst the dollar index surged for another week to close at 82.69.
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2. Weekly Forex News March 10th 2013
Nonetheless the dollar was still bound in range against commodity currencies
and EUR/USD struggled to move away from the 1.3 psychological level. Yen's
weakness was indeed more broad based and one-sided: on expectation of
aggressive easing measures once Kuroda comes on board and holds his first
Bank of Japan meeting in April. There were a number of central bank
meetings last week but: European Central Bank, Bank of England, Reserve
Bank of Australia and Bank of Japan meetings all failed to yield much impact.
Bank of Canada's neutral stance looked set to trigger another round of selloff
in the Canadian dollar but the Loonie was then saved by strong Canadian job
data.
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3. Weekly Forex News March 10th 2013
In the US, the Non-farm payroll showed an impressive 236,000 growth in the
US employment market in February, much stronger than expectations of
158,000. January's figure was revised down from 157 to 119,000 but that was
more than offset by February's surprise gain. The unemployment rate also
dropped to a five year low of 7.7%, down from 7.9%. The ISM services Index
unexpectedly improved to 56 in February. The Fed’s Beige Book suggested
that economic activity expanded at a "modest to moderate pace" with the
majority of Districts reporting a "modest" improvement in labor market
conditions. Hiring plans were, however, "limited" in several Districts. On
consumer spending, most Districts reported an expansion despite slowdown
in several others. Manufacturing activities "modestly improved in most
regions" and residential real estate markets "strengthened in nearly all
Districts".
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4. Weekly Forex News March 10th 2013
Both the European Central Bank and the Bank of England left their monetary
stance unchanged. European Central Bank President Draghi stated that he
expects the Eurozone should return to growth in 2014 with the forecast
range between 0 to 2% and inflation next year would range from 0.6% to 2%.
The Bank of England announced to keep the Bank Rate at 0.5% and the asset
purchases at 375 Billion pounds. The committee only released a short
statement and details of the discussion will not be fully disclosed until
release of the minutes on March 20th.
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5. Weekly Forex News March 10th 2013
The Current Bank of Japan governor held his last meeting and kept rates
unchanged at 0 to 0.1% by a unanimous vote. A board member proposed
bringing forward open-ended Japanese Government Bond purchases but that
was voted down by 8-1. Another board member proposed explicitly saying
that the bank will keep rates near zero until hitting the 2% inflation target
but that was also voted down by 8-1. These proposals were seen as laying
down the ground work for aggressive easing when Kuroda takes up the Bank
of Japan governor role later in the month and there would likely be some
eye-catching moves in Kuroda's first meeting in April. Assessment of the
economy was somewhat upgraded as the central bank said it appeared to
"have hit bottom".
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6. Weekly Forex News March 10th 2013
The Bank of Canada left the overnight rate at 1%, with the Bank Rate at
1.25% and the deposit rate at 0.75%. The policy statement was dovish as
policymakers saw less urgency in a rate hike than previously thought. The
tone of the statement was similar to the previous one with the broad outlook
for the Canadian economy similar to January's. Policymakers expected
domestic growth would gain momentum through 2013 amid better
household spending and business investment and exports. The Canadian
dollar jumped on Friday as the job market grew by 50,700 in February
compared to expectation of 7,800 while the unemployment rate was
unchanged at 7%.
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7. Weekly Forex News March 10th 2013
The Reserve Bank of Australia left the cash rate unchanged at 3% for a third
consecutive month in March. While the policy outlook would remain
accommodative, the central bank paused this month as recent economic
data suggested that Australia's economic growth was close to trend with the
help of an increase in resource sector investment. The central bank
statement showed few changes from the previous month, signaling that
policymakers were holding more or less the same views as last month
concerning the economic outlook. The Aussie was supported by solid retail
sales and GDP data.
The Federal Budget Balance, US retail sales, Unemployment Claims and
Consumer Sentiment are the main market movers in the week ahead, follow
www.forexcurrencytradingonline.co.uk to keep track of all the forex news
affecting the market this week.
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8. Weekly Forex News March 10th 2013
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