EURUSD opened Asia at 1.3541 after a huge sell off in the previous session in New York when all markets, including stocks and commodities were down. Risk aversion was increased after US Fed chairman Bernanke’s speech on a grim outlook for the US economy, but hinted the Fed would only act if deflation pressures emerged. EURUSD was bought on the dips by bargain hunters and short covering which helped lift the pair to 1.3637. The focus turns to the German vote on expanding the EFSF powers later today.
GBPUSD opened in Asia at 1.5567 after falling during the US afternoon on dampened sentiment as a jittery markets sold off risk. The pair soon pushed higher as the Asian session progressed and Asian bourses steadied. Cable end up at 1.5645 to gain over 100 pips. EURGBP tried to make up for losses from the previous session and moved higher in Asia to peak at 0.8719 from 0.8694.
USDJPY range became narrower in Asian trading today. Despite weak Japanese retail sales the dollar was steady against the yen because investors are being cautious not to let yen gain for fear of a Bank of Japan intervention ahead of the end of their financial half-year. USDJPY opened at 76.57 and closed at 76.54. EURJPY fell in early session trading to reach 103.30 but was soon lifted by bargain buying on the dip and overall euro recovery to bring the pair to a high of 104.30.
The Australian dollar suffered big losses during the US session and early in Asia, weighed down by weaker commodities and gold. Australia is a major gold exporter. AUDUSD fell to a low of 0.9700 but soon bounced on short covering to 0.9817 as the mood was slightly lifted although cautious ahead of a crucial vote in Germany on the EFSF rescue fund.
Spot gold continued its decline into Asia, as a stronger dollar weighed on dollar-denominated commodities. Gold fell to $1,1582.85 but rebounded to $1,626.23 by the end of the session. Investors are being cautious until there is a clearer picture on the European debt crisis, and are focused to the German vote today on expanding the EU bailout fund.
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.