Top Forex News September 27-30, 2010

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• The euro slipped today against the US dollar and the Japanese yen as the concern that the European banks would require to raise more funds damped demand to the European assets.

• The report this week shall tell how much it’ll be for Ireland to bailout Anglo Irish Bank Corp. Brian Lenihan, Ireland’s Minister for Finance, promised that the costs would be “manageable”..

1) Euro Goes Down on Concern for European Banks’ Health

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• The Swiss franc rose to the highest level since March 2008 against the US dollar as the report showed that the consumer confidence in the US dropped, increasing the appeal of the Swiss currency as the safe haven.

• The consumer confidence retreated in September to 48.5 from 53.2 in August. That’s compared to the median forecast of 52.5. The prospect for more quantitative easing by the Federal Reserve also weakens the dollar and boosts the franc.

2) Franc Heads to Record vs. Dollar

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• The Canadian dollar fell today after the stocks and the crude oil prices declined, erasing the demand for the growth-related currencies, and as the speculation, that the Bank of Canada would refrain from rising the interest rates further, decreased the appeal of the Canadian currency.

• The Standard & Poor’s 500 Index fell 0.6 percent. November delivery for crude oil dropped as much as 1.3 percent to $75.52 per barrel on the New York Mercantile Exchange.

3) Canadian Dollar Falls with Stocks & Oil Prices

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• The Australian dollar rose to the highest level in six years against its Canadian counterpart and gained versus the US currency on the  outlook for the faster economic growth in China..

• The Aussie and the loonie are both related to growth and considered to commodity currencies. Therefore they are generally driven by the same factors. The key reason for their different performance is their export markets.

4) Aussie Reaches Parity with Loonie, Rises vs. Greenback

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• The Japanese yen rose today to the highest level against the US dollar since the intervention as the US macroeconomic reports today were worse than most pessimistic forecast promised, increasing the attractiveness of the Japanese yen as the safe haven.

• The Conference Board consumer confidence declined from 53.2 to  52.5 this month, while the traders expected the drop to only 48.5. The Richmond Fed Index of Manufacturing Activity tumbled 11 to -2 in September.

5) Poor US Macroeconomic Reports Increase Appeal of Yen

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