Euro recovers against the US Dollar

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During today’s US session the Euro managed to rebound against the Dollar after having recorded yesterday its worst day in over 5 months due to concerns about Greece facing debt troubles. Following a steep upwards movement the Euro recorded during the session over a 100pips gain against the US Dollar and also recovering from yesterday’s 1.4157 two week low. The single currency made gains following the Eurozone’s composite PMI index rising up to 57.8 from March’s 57.6, beating expectations for a drop to 57.1, combined with business activity in Germany and France that continued to outpace the rest of the 17-member common currency bloc.

The sterling rose by 0.3 percent against its American counterpart to reach to 1.6335 having previously dropped yesterday to a two-week low of 1.6166. The Standard and Poor’s ratings agency that viewed the U.S. with a negative outlook on its AAA rating due to its massive deficit added a risk aversion in financial markets that created a wide 200-point range against the Dollar. The session started with a big downward movement that was capped in the next hour while the currency pair is currently traded at 1.6315.

The Swiss Franc continued to make losses against the American Greenback. The safe haven currency failed to take advantage of fears of a possible downgrading of the USA and hence the USD continued to make recovery reaching as high as 0.9007. The currency pair is currently traded at 0.8995.

The Canadian dollar was one of the major winners during today’s US session. The session opened with an announcement that the Canadian Consumer Price Index for March was at 1.1% beating the previous value of 0.3% for February as well as the 0.6% the market speculated. Following the announcement the Canadian Dollar made a gain of over 55 pips and went as low as 0.9547. A downwards movement has been developed since yet while the value of the currency pair is currently at 0.9566.

The precious metal continued its impressive upward streak recording fresher highs. During today’s session Gold was only a neck behind from reaching the 1,500 level as it reached as high as USD1,499.20 an ounce. With the continues economic and debt unrests occurring in the USA and the Eurozone its very likely that this rise in values will continue and hence a much higher level to be reached. Gold is currently traded at USD1496.97 an ounce.