The Euro rebounded slightly in Asian session, to lift above lows reached against the US Dollar in the earlier session. EURUSD steadied after coming under pressure from Eurogroup Chairman Jean-Claude Juncker mentioning that the Euro was over-valued. However, the weaker US Dollar is keeping the Single Currency from sliding further. EURUSD rose to highs of 1.4614 from lows of 1.4574.
Sterling continued to slide in initial Asian trading reacting to an IMF report which sees UK growth slowing this year to 1.5%, which will push the Bank of England maintain rates unchanged and possibly more tightening of monetary policy. GBPUSD then bounced in the later half of the session to close at 1.6355 around the open level of 1.6353. Lows were recorded at 1.6323.
The Dollar gained momentum against the Yen in Asia as the greenback is becoming a more attractive funding currency due to lower interest rates against the Japanese currency. USDJPY edged up to 80.31 from 80.09.
The Australian Dollar dropped 65 pips after news that the central bank (Royal Bank of Australia) announced it will hold interest rates unchanged at 4.75 percent. Although this was widely expected, there was no mention in the statement after the policy meeting of any signal on any rate hike in the future. The RBA said only that rates were appropriate given the economic outlook. AUDUSD dropped from highs of 1.0748 to 1.0683.
Gold steadied after a volatile prior session when it had risen to the highest level in a month to $1,553.33 before dipping abruptly to $1,541.28 then changed to a range in Asian trading. Investors are most probably awaiting U.S Fed Chairman Ben Bernanke’s speech later today on the U.S. economic outlook. Gold is traditionally seen as a safe haven investment in times of uncertainty, and has been in demand recently on concerns that the US economy may be slowing down.
EURUSD | USDJPY | GBPUSD | AUDUSD | EURJPY | GOLD | |
OPEN
(22:00 GMT) |
1.4574 | 80.09 | 1.6353 | 1.0711 | 116.75 | 1544.48 |
DAY’S HIGH | 1.4614 | 80.31 | 1.6354 | 1.0748 | 117.34 | 1545.73 |
DAY’S LOW | 1.4562 | 80.06 | 1.6323 | 1.0683 | 116.69 | 1542.18 |
CLOSE
(06:00 GMT) |
1.4607 | 80.31 | 1.6355 | 1.0691 | 117.32 | 1544.73 |
Note: Daylight Saving Time is in effect, add one hour to GMT
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.