The Euro edged up against the Dollar to its highest level since a week ago as investor confidence grows on expectations that EU leaders will come to some agreement over dealing with Greek debt. German Chancellor Angela Merkel and French President Nicolas Sarkozy mentioned they reached a joint position on the Greek debt issue and EU President Herman Van Rompuy will present this Franco-German position at the summit in Brussels later today. EURUSD rose 65 pips in the session to hit a high of 1.4273 from a low of 1.4208.
Sterling rose against the Dollar for most of the session in anticipation of U.K. Retail spending data due out later today. Retail spending is projected to increase 0.5 percent in May from a previous decline of 1.6 pct and the rebound in household consumption should spark a bullish reaction in the British Pound as it remains one of the leading drivers of growth. However, investors will remain cautious since the Pound may face additional headwinds over the near-term speculation for a rate hike later this year has mostly been dismissed. GBPUSD advanced to 1.6172 from the 1.6150 open.
The Japanese Yen strengthened against the Dollar as the Ministry of Finance reported Japan’s trade balance improved. The report showed a recovery in the manufacturing industry, which means supply constraints are definitely easing. Exports fell less than forecasted, giving evidence the world’s third-largest economy is emerging from a slowdown after the March 11 earthquake and tsunami. Exports decreased 1.6 percent in June from a year earlier, versus predictions for a 4.1 pct decline, the slowest fall in four months compared to May’s 10.3 percent drop. USDJPY fell to a session low of 78.60 from a high of 78.89.
The Australian Dollar fell against the U.S. Dollar following National Australia Bank’s business survey for April-June. The survey business confidence declined significantly, and employment growth slowed while forward orders also slowed down. The sluggish growth will cement the view that the RBA will not raise interest rates any time soon, especially since Wednesday’s MI Leading Index release was well below the trend. The index predicts the direction of the economy in the next three to nine months. Meanwhile, China data released today added to evidence that growth in the world’s second-largest economy is slowing. Chinese HSBC Flash Manufacturing Index came out lower than previous figure. China is a major trading partner of Australia. AUDUSD fell from highs of 1.0772 to lows of 1.0703.
Gold prices crawled up only slightly in Asia as investors are waiting to see what the outcome will be after the EU leaders summit and what type of deal will be reached to tackle the Greek debt crisis. Also markets are waiting on a U.S. debt deal as well. If progress is made on both sides of the Atlantic on tacking their sovereign debt issues, then demand for the safe haven investment will decline. Gold gained $2 in Asian trading, hitting a high of $1, 603.01 from the open of $1,600.98.
|
EURUSD |
USDJPY |
GBPUSD |
AUDUSD |
GOLD |
OPEN (22:00 GMT) |
1.4212 |
78.76 |
1.6150 |
1.0747 |
1600.98 |
DAY’S HIGH |
1.4273 |
78.89 |
1.6172 |
1.0772 |
1603.01 |
DAY’S LOW |
1.4208 |
78.60 |
1.6144 |
1.0703 |
1597.13 |
CLOSE (06:00 GMT) |
1.4263 |
78.74 |
1.6155 |
1.0728 |
1601.36 |
Note: Daylight Saving Time is in effect for 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.