The Euro today during the Asian Session was traded flat against the US Dollar and remained well above the 7-week low. A couple of trough and peak points were developed with the session high being at 1.4174 while the low at 1.4129. However in the majority of the session the EURUSD pair was traded at around 1.4155. Nevertheless during the last three hours there is some slight evidence of an upward movement. The Euro is possible to see some recovery today following the decision of the finance ministers to provide a 78 billion euro bailout fund to Portugal. The EURUSD pair is currently traded at 1.4170.
The US Dollar continued its upward trend against the Japanese Yen. The session opened at 80.75 with the Dollar recording gains of over 45 pips. USD/JPY investors appeared to be fed up with the lack of movement in the market while 81.00 option expiries look to have decreased as a fixing influence. Good demand was seen at the Tokyo today as from an early low of 80.75, it was able to reach as high as 81.23 before recovering for a bit as it is currently traded at 81.05
The Sterling was traded silently against the American Dollar in a sluggish 38 pip range. Therefore the GBPUSD pair remained steady at around 1.6195. The session opened at 1.6204 was able to rise as high as 1.6218 and as low as 1.6174. Investors in the GBP are currently focusing on the highly important Retail Prices and Consumer Price Indices that are to be released later in the day.
The minutes of the interest rates policy meeting from the Reserves Bank of Australia were announced as part of the Asian session. Despite their decision to retain for a sixth straight month the interest rates at 4.75% the members had agreed that an interest rate hike is highly like to take place in the future in order to protect against rising prices and retain inflation within the 2011 targets. The Aussie opened up the Asian session with a 37pip drop and was able to reach as high as 1.0598 before finding support at 1.0532. The Aussie was dragged down earlier from the decline in the Silver price and as the Silver has appeared to have remained steady currently and with Gold recording gains, the Aussie is likely to rise.
Gold was able to record gains today following the declines it experienced yesterday, during the US Session. The precious metal opened the session at USD1491.48 an ounce and was able to gradually make its way up to USD1495.08 an ounce. Currently Gold is traded at USD1494.13 an ounce.