weekly REVIEW for 10.05, 2012
The Bank of England kept its interest
rate unchanged.
Asian and European trading
sessions:
Euro: After the EUR /
USD pair had corrected to the level of $1.2967 on the
Asian session, the new sellers came in and pushed down
the couple back to towards the lows of previous day
bellow the $1.2930 area. The Euro is still under
pressure due to the fact that the Greek authorities are
not the able to form a coalition. The rest of the day
the pair traded in a range of $ 1.2924- $1.2979.
U.S. Dollar: The dollar fell against most major
currencies amid falling demand for safe haven
currencies. The Dollar index tested the level of 80.10
many times during the
sessions.
British Pound: The GBP
/ USD pair couple was traded in the narrow range of $
1.6120-50 in the Asian session. The pound was in focus
today due to the meeting of the Committee on Monetary
Policy Bank of England regarding the interest rate in
the country. Accordingly to the announcement of the Bank
of England the interest rate was kept unchanged at the
rate of 0.50% and the quantitative easing program of
asset purchasing remained at the same level of 325
billion pounds. The GBP / USD pair showed some weakness
moving firstly to the lows of $ 1.6090 but then big
strength growing in the area of ??$ 1.6177 in a 1 hour
time period.
Japanese Yen: After a
board member of the Bank of Japan Mr. Sayuri Shirai
noticed in his speech that the Central Bank must
carefully monitor the exchange rates the yen weakened
against the major traded currencies. The USD / JPY
couple after trading in the range of Y79.59- Y79.76
moved to the highs of Y79, 98.
Australian dollar: The
unemployment rate in Australia unexpectedly declined in
April to the 12- month low and recorded 4.9 % against
5.2% the previous month and forecasted 5.3 % as it was
reported by the Bureau of Statistics today in Sydney.
This is the lowest rate since December 2008.As the
result, the Australian dollar rose on these positive
news. The increase on the 15,500 in the number of new
work positions created had also a positive impact on the
Australian currency trading dynamics. The big
disappointment though for the currency was the report on
China’s export which showed that the volume of exports
to the country in April grew by only 4.9%, with
forecasted growth of 9.1 %.
American trading
session:
Gold: The price of gold
continued to decline in early today on fears of
investors for the aggravation of the debt crisis in the
euro area. The cost of the June gold futures on the
COMEX fell today to $ 1584.0 per troy ounce yet was able
to rose to $ 1603.2 The weak physical demand for the
precious metal despite the decrease in the value of
precious metals was pressuring the gold prices today as
well.
Oil: Oil rose to $
97.69 for the first time in seven days. The report on
amount of people unemployed in US showed some decrease
and added optimism to investors in the hope that the
demand in the world's largest consumer of raw materials
will increase. The cost of the June WTI on the NYMEX
today fell back to lows of yesterday by the end of the
session to the level of $ 96.45 per barrel.
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