The euro is under heavy pressure as it fell sharply upon the open of the new trading week against the dollar. Markets were disappointed with the unproductive European finance ministers meeting in Wroclaw, Poland over the weekend. The officials delayed a decision until October on whether or not to release the next aid tranche to Greece. The debt crisis in Greece is weighing heavily on the euro as Greek Prime Minister George Papandreou cancelled his visit to the United States in order to chair an emergency meeting in Athens. EURUSD gapped down in the Asian open to 1.3690 and continued to decline to a session low of 1.3646.
GBPUSD opened Asia at 1.5726 this morning, lower than the 1.5783 close in New York on Friday, as risk aversion pushed investors to sell off sterling and buy dollar from the open following the lack of a solution to the eurozone debt problems at the conclusion of the weekend ECOFIN meeting.
AUDUSD opened lower at 1.0299 gapping down almost 60 pips from Friday’s New York close, taking direction from the EURUSD. Overall risk aversion affected the commodity-linked currency prompted by a series of euro-negative news from the weekend which led to a sell off in risk currencies and purchase of safe haven dollar. After an initial consolidation in the first half of the session, AUDUSD fell down to 1.0224 dragged down further by falling Asian bourses.
USDJPY opened Asia at 76.87 gapping higher from US session close on Friday at 76.77. The Asian session was decidedly “risk-off”, as a weekend full of negative news from the euro zone has intensified speculation that Greece may not receive its next aid tranche. The pair could only manage a 76.84 – 76.97 range through out the Asian session as a broadly stronger US dollar underpinned while EURJPY selling kept further gains in the USDJPYcapped, as the euro tumbled to 104.95 against yen compared to Friday’s NY close at105.89.
USDCHF opened up at 0.8805 from the close on Friday at 0.8753 pushed up by a broadly stronger dollar. Investors sought safety in the alternative safe haven of the US dollar since the Swiss franc is now under watch by the Swiss National Bank which is trying to curb excess franc strength. The central bank intervened on September 6 and introduced a ceiling of 1.20CHF against the euro, resulting in the pair trading in a tight range since then.
Gold opened the week up from Friday, continuing the ascent from the previous session’s 1.2-percent rise, as euro zone’s debt crisis pushed investors to seek refuge in the safe haven precious metal. The failure of the European finance ministers to come up with anything concrete is a huge disappointment for the markets. Spot gold opened up at $1,817.26, around $7 an ounce higher than Friday’s close.
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.