Daily Market Reviews-US Session- Oil Prices rise, USD retreats, Canadian dollar and Gold prices rise

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EURUSD: The EURUSD started today’s US session making some gains. The single currency reached a session high of 1.4249 at 15.30 GMT while it was traded in the 1.4237 level for a significant amount of time before and after the high. The single currency however failed any of its gains as it fell to same levels as the US session start. The EURUSD found itself recording a 5 month high during the Asian Session which was not able to retain. All eyes are currently on Friday the 8th where ECB will announce the key interest rates decision.

GBPUSD: The GBPUSD also started the session with gains reaching a seven day high at 1.6176. The same high was recorded during today’s Europe session which could indicate that level is a very strong resistance for the currency. Shortly after the high the sterling plumed to a session low of 1.6106 and has been trying to recover. During the European session the sterling made gains following the strong PMI construction data of 56.4 as opposed to the expected 54.8.

USDCHF: The USDCHF started today’s US session with a continuous rise that blasted the pair at 14:00GMT to a session high of 0.9339. This has been the pair’s highest value since 11 of March. The pair however fail to stay at these high levels as shortly after the high it started a continuous down-movement which resulted to a 150 pips loss and hence recording a low of 0.9195. The unemployment rate figures for Switzerland that are due to be released on Friday will be a major driver on the Franks value .The currency is currently traded at 0.9233.

USDCAD: The USDCAD ended the US session slightly higher than what it was opened at. The session started with a constant down-movements it recorded two upwards corrections before reaching a session low of 0.9615. The Canadian Dollar made gains following the rise of oil prices and that is why this has been the lowest value of this pair since 2007. The pair has been on recovery since that low and is currently traded at 0.9670.

GOLD: The value of the Gold rose significantly today reaching a session high of USD1438.57 an ounce. Following that high the safe metal failed to retain the session’s gains as it ended the session at USD1433.58 an ounce. The Gold made gains following the rise of oil in the oil prices and the US Dollar prices retreating.

 

EURUSD USDJPY GBPUSD USDCHF USDCAD GOLD
OPEN

(12:00 GMT)

1.4216 84.047 1.6140 0.9224 0.9679 1435.35
DAY’S HIGH 1.4249 84.104 1.6176 0.9339 0.9678 1438.57
DAY’S LOW 1.4196 83.848 1.6106 0.9195 0.9615 1431.26
CLOSE

(21:00 GMT)

1.4215 84.023 1.6124 0.9244 0.9673 1433.58