DailyFX - Forex Market News

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• FOREX: Euro Under Fire as EU Leaders Begin Critical Summit
• Euro Well Offered On Renewed Peripheral Uncertainty; Commodity FX Shines
• Portugal Government Falls After Austerity Vote; Euro Remains Weak as Bailout Looks Inevitable
• FOREX: Dollar Rebound Accelerates into a Rally as the S&P 500 Stalls, European Troubles Deepen
• EUR/USD: Trading the U.S. Durable Goods Orders Report
• Guest Commentary: The Insidious Effects of Japan's Disaster
• Forex: British Pound Searches For Support Following BoE Minutes, U.K. Budget Statement
• Daily Sound Bites: Aust. Treasurer Swan says Japan Quake Will Slow Exports in Near-Term

FOREX: Euro Under Fire as EU Leaders Begin Critical Summit Posted: The Euro looks vulnerable as a critical EU leaders’ summit looks increasingly unlikely to produce a comprehensive solution to the Euro Zone debt crisis.

Euro Well Offered On Renewed Peripheral Uncertainty; Commodity FX Shines Posted: The relative weakness in the Euro on Wednesday has yet to have any real impact on the commodity bloc currencies and we wonder if this price action will continue…

Portugal Government Falls After Austerity Vote; Euro Remains Weak as Bailout Looks Inevitable Posted: Little incentive for distressed nations to make tough choices saw the opposition party reject former PM Socrates’ latest austerity plan. The plan was aimed at reducing Portugal’s debt load, proving to the EU that a bailout would not be necessary. In the aftermath of the vote, as a EU summit gets underway, a bailout now looms…

FOREX: Dollar Rebound Accelerates into a Rally as the S&P 500 Stalls, European Troubles Deepen Posted: The US dollar put in for its biggest rally in two weeks Wednesday; but this performance had little to do with US fundamentals. Once again, the world’s most liquid currency would benefit from shifts in underlying risk appetite trends along with a meaningful deterioration in confidence for its European counterparts.

EUR/USD: Trading the U.S. Durable Goods Orders Report Posted: Orders for U.S. durable goods are expected to increase another 1.2% in February following the 2.7% expansion in the previous month, and the ongoing improvement in private sector consumption could spark a bullish reaction in the dollar as it remains one of the leading drivers of growth.

Guest Commentary: The Insidious Effects of Japan's Disaster Posted: While the world's attention has been focused on the physical destruction wrought by the Japanese earthquake and tsunami, the desperate attempts to contain the fallout from the shattered Fukushima Daiichi plant, and the daunting problems that Japan faces in rebuilding its infrastructure, few have truly illustrated how long-lasting and widespread the radiation's effects may be.

Forex: British Pound Searches For Support Following BoE Minutes, U.K. Budget Statement Posted: The British Pound pared the rally from earlier this week as the Bank of England talked down speculation for a rate hike within the first-half of 2011, and the reversal in the exchange rate may gather pace going into the end of the week as interest rate expectations falter.

Daily Sound Bites: Aust. Treasurer Swan says Japan Quake Will Slow Exports in Near-Term Posted: A selection of comments from officials around the world early on Wednesday….

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