The Euro hasn’t formed any clear direction against the Dollar and almost appears to be in a range as any further advancement seems to be limited, due to doubts that a EU leaders summit on Thursday will offer a long-term solution to the Euro zone’s sovereign debt crisis. EURUSD opened Asia t 1.4152 and hit highs of 1.4175 and lows of 1.4142.
Cable mirrored the EURUSD movements as it seems to take direction from Euro when there is lack of UK economic data and fundamentals. GBPUSD opened Asia at 1.6121 and traded in a range between 1.6141 and 1.6104. The Pound is usually affected when risk aversion reigns in the markets. Currently the environment is such that investors see no reason to proactively take risks as concerns grow over both European and US debt. Later in the day MPC minutes will be released with the breakdown of the MPC members’ interest rate votes.
USDJPY showed no significant movements in Asian trading and remained in consolidation after a jump in the Dollar last night following news of a possible U.S. budget deal mentioned by Obama in a press conference. USDJPY opened the session at 79.16 and hit a high of 79.31 and low of 79.07. Recently the Japanese government has been trying to keep the Yen from appreciating further since a strong currency will have a negative impact on the still fragile Japanese economy devastated by the March earthquake.
The Australian Dollar initially rose to a high of 1.0749 against the greenback before falling to a session low of 1.0711 following the MI Leading Index release which was well below the trend. This index is designed to predict the direction of the economy in the next three to nine months. The index is based on nine economic indicators related to consumer confidence, housing, stock market prices, money supply, and interest rate spreads.
Gold prices crawled up only slightly after the big drop in the previous session following U.S. President Obama’s speech saying he supported a deficit-reduction plan proposed by the bipartisan “Group of Six” senators aimed at avoiding a U.S. default. This helped eased markets concerns over a U.S. default. Gold hit record highs on Tuesday in European trading. The precious metal is expected to remain supported though until a concrete solution to the Eurozone debt crisis is in place, as well as for the U.S. debt ceiling. Spot gold rose to $1,583.34 from the session open of $1,586.54.
|
EURUSD |
USDJPY |
GBPUSD |
AUDUSD |
GOLD |
OPEN (22:00 GMT) |
1.4152 |
79.16 |
1.6121 |
1.0730 |
1586.54 |
DAY’S HIGH |
1.4175 |
79.31 |
1.6141 |
1.0749 |
1592.03 |
DAY’S LOW |
1.4142 |
79.07 |
1.6104 |
1.0711 |
1583.34 |
CLOSE (06:00 GMT) |
1.4151 |
79.14 |
1.6122 |
1.0718 |
1591.23 |
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.