Daily Market Reviews-US Session-Gold on a fresh all time high amid fears of inflation rise and downgrading of Portugal

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The Euro made significant gains against the US dollar during today’s US session. During the European session the single currency suffered losses following a downgrading of Portugal which were covered during the US session by a report issued by Hedge Fund advisors Medley Global stating that the European Central Bank will raise its interest rates on Friday’s meeting. Following this report the single currency gain a near 50 pip within half an hour. The EURUSD is currently traded at 1.4220 and interest is still on the Friday interest rate decision.

The GBPUSD also recorded gains and is currently following an uptrend. The Sterling was benefited during the European where it recorded most of its gains against the Dollar following strong data regarding the country’s Purchasing Market Index services. During the US session a new high was recorded at 1.6296 which is the highest value since the 1.6304 of the 23^rd of March. Important economic indicators such as Industrial and Manufacturing Production are due to be announced tomorrow. The currency is currently traded at 1.6283.

The USDCHF pair ended with gains for the Dollar. The session open with early low of 0.9218 at 13:45 GMT which was follow by the sessions high only half an hour after an impressive near 55 pip rise. The Swiss Franc is currently sliding in value despite the elevated risks in the Eurozone and Japan failing to make gains following it safe haven nature. The USDCHF pair is currently traded at 0.9253. Consumer price index figures due on release tomorrow will provide an inside on the country’s inflation.

The end of the US session found the US dollar suffering loses against the Canadian one. Throughout the entire session the USDCAD pair followed a downtrend with the latest low of the session of 0.9626 recorded at 18:00. Currently the USDCAD pair is traded at 0.9637 possibly following a correction before it continues to move on the downtrend.

The value of the Gold flew during today to an all time high being boosted by the peaks in the values of corn and crude oil raised inflation fears and the attention that was brought in the Eurozone by the downgrading of Portugal. The 1% raise recorded today in the value of the precious metal has been its biggest for over a month. During the US session the value of the Gold started with a small downwards correction where the session low of USD1430.21 an ounce and since then it has been following a steep upward trend. Gold is currently traded at USD1456.69 an ounce and is continuously updating the all time high proving its safe have nature in periods of uncertainty and unrest.