The single currency has once again continued to extend gains over the US Dollar. The speculations from yesterday that the Euro could reach 1.43 had proven to be correct as the EURUSD pair was able to record a session high of 1.4306 and as it currently traded at 1.4287, which is close to the session high, it is highly likely that it will continue to rise. The markets are currently appearing to be risk positive. A speech is scheduled later in the day by the European Central Bank president Jean-Claude Trichet which could be just what the Euro needs to recover if hawkish comments are expressed. On a previous speech the president gave following the interest rate decision where he stated no hike is to be expected before July cause the Euro to lose 300 pips within minimal time and therefore anything stated which is misinterpreted could really sink the Euro.
The US Dollar was able to record gains against the Japanese of over 65pips during the US Session. During the Asian Session however the gains stopped as the USDJPY found a strong resistance near 81.80 that was tested several times prior to the pair value dropping. The session high was a 3 week high very close to the 81.77 of two days ago indicating that this level is of great importance . The decline in value is possibly by profit sell-off and therefore the pair is correcting prior to rising again. During the day bearish Growth Domestic Product data were announced in Japan indicating a decline in the Japanese labor market. Despite some temporary volatility the news did not help the USDJPY pair reach session high.
The Sterling had suffered major losses yesterday during the EU session. A loss of over 180 pips against the US Dollar was a result of mixed UK employment data and a slightly bearish attitude shown by the minutes of the Bank of England interest policy meeting that gave an unclear picture as to where an interest rate hike is to be expected. Nevertheless it was able to make some gains during the Asian Session and continue recovering but at a slower pace compared to the US Session recovery. Vital Retail Sales figures that could show the inflationary rise in the UK and offset the damage that was caused by the BOE minutes release are to be announced later in the day.
The Aussie was able to continue making gains over the US Dollar. The Australian Dollar was mostly boosted from the price in commodities that are appearing to be bouncing back. The Aussie found a resistance level around 1.070 that prevented it from reaching higher. The 1.0680 session high was a three day high. The next significant level for the currency to reach that could extend AUD gains lays around 1.0714.
Gold was traded relatively flat at around USD1496 an ounce. Nevertheless during the last 3 days the precious metal was able to record gains at a steady rate following the rise in the prices of oil and concerns over the sovereign debt in the Eurozone. The session opened at USD1493.88 an ounce with the high being at USD1499.64.
EURUSD | USDJPY | GBPUSD | AUSUSD | EURJPY | GOLD | |
OPEN
(21:00 GMT) |
1.4238 | 81.65 | 1.6156 | 1.0622 | 116.27 | 1493.88 |
DAY’S HIGH | 1.4306 | 81.80 | 1.6186 | 1.0680 | 116.69 | 1499.64 |
DAY’S LOW | 1.4233 | 81.50 | 1.6154 | 1.6206 | 116.24 | 1493.78 |
CLOSE
(06:00 GMT) |
1.4295 | 81.53 | 1.6175 | 1.0662 | 116.55 | 1497.43 |
By clicking “Continue”, you agree to the default cookie settings on our website.
Trading Point uses cookies to ensure that we provide you with the best experience while visiting our website. Some of the cookies are needed to provide essential features, such as login sessions, and cannot be disabled. Other cookies help us improve our website’s performance and your experience through personalising content, providing social media features and analysing our traffic. Such cookies may also include third-party cookies, which might track your use of our website. You may change your cookie settings at any time.
Read more, or change your cookie settings.
What are Cookies?
Cookies are small data files. When you visit a website, the website sends the cookie to your computer. Your computer stores it in a file located inside your web browser.
Cookies do not transfer viruses or malware to your computer. Because the data in a cookie does not change when it travels back and forth, it has no way to affect how your computer runs, but they act more like logs (i.e. they record user activity and remember stateful information) and they get updated every time you visit a website.
We may obtain information about you by accessing cookies, sent by our website. Different types of cookies keep track of different activities. For example, session cookies are used only when a person is actively navigating a website. Once you leave the website, the session cookie disappears.
Why are cookies useful?
We use functional cookies to analyse how visitors use our website, as well as track and improve our website’s performance and function. This allows us to provide a high-quality customer experience by quickly identifying and fixing any issues that may arise. For example, we might use cookies to keep track of which website pages are most popular and which method of linking between website pages is most effective. The latter also helps us to track if you were referred to us by another website and improve our future advertising campaigns.
Another use of cookies is to store your log in sessions, meaning that when you log in to the Members Area to deposit funds, a "session cookie" is set so that the website remembers that you have already logged in. If the website did not set this cookie, you will be asked for your login and password on each new page as you progress through the funding process.
In addition, functional cookies, for example, are used to allow us to remember your preferences and identify you as a user, ensure your information is secure and operate more reliably and efficiently. For example, cookies save you the trouble of typing in your username every time you access our trading platform, and recall your preferences, such as which language you wish to see when you log in.
Here is an overview of some of the functions our cookies provide us with:
This website uses Google Analytics, a web analytics service provided by Google, Inc. ("Google"). Google Analytics uses analytical cookies placed on your computer, to help the website analyze a user's use of the website. The information generated by the cookie about your use of the website (including your IP address) may be transmitted to and stored by Google on their servers. Google may use this information to evaluate your use of the website, to compile reports on website activity and to provide other services related to website activity and internet usage. Google may also transfer this information to third parties, where required to do so by law, or where such third parties process the information on behalf of Google. Google will not associate your IP address with any other data held. By using this website, you give your consent to Google to process data about you in the manner and for the purposes set out above.
Change Settings
Please select which types of cookies you want to be stored on your device.
We are using cookies to give you the best experience on our website.
Read more or change your cookie settings.