The Euro recovered in the U.S. session to gain against greenback, lifted by sovereign demand as well as a slight recovery in U.S. stock prices. (stock market movements causes the U.S. dollar to move in the other direction) Concerns about a stalling U.S. economic recovery and a ballooning budget deficit also weighed on the dollar. The rise in EURUSD may not be sustained for too long depending on the outcome of the Brussels Summit on June 23-24, when European leaders are due to finalize a new rescue package for Greece. The focus is whether Greece will eventually have to restructure its debt. EURUSD climbed to 1.4429 compared to the day low of 1.4320.
Sterling extended gains against the Euro, recording its strongest gain in over a week, boosted by Greek debt concerns and anticipation of inflation data on Tuesday. EURGBP reached as low as 0.8795. Against the Dollar, the Pound also gained and looked supported near-term, again helped by anticipation of Tuesday’s annual CPI, which is forecast to remain unchanged at 4.5 percent for May. A number above this would boost the Pound, but analysts said gains would not be sustained unless investors believe the Bank of England will respond with a rate hike. GBPUSD rose to highs of 1.6389 from lows of 1.6281.
The Swiss franc is the currency to be in right now, as its safe haven status puts it in demand as long as a deadlock over a deal is not reached soon by the EU on Greece. Adding to the negative sentiment, Standard & Poor’s ratings agency downgraded Greece’s long-term ratings by three notches to junk territory. The Euro hit a record low against the Swissie in European trading and the pair rebounded in the U.S. session as a corrective movement. Price swings may have been caused by low volume since many European markets were closed for a bank holiday this Monday.
The Canadian Dollar was stuck in range against the greenback today for lack of economic data on either side of the border. Lower commodity prices today prevented the Loonie from rising despite the broadly weaker U.S. Dollar. USDCAD traded between 0.9796 and 0.9753.
Gold declined to hit its lowest level in three weeks, as weakness in crude oil and commodities amid worries over economic growth and a European debt crisis prompted selling across the board. The drop should be temporary as it was due to profit-taking, and fundamentally, gold’s safe haven status will keep people investing in the precious metal during these uncertain times. Gold fell from highs of $1,532.33 to $1,510.83.
EURUSD | USDJPY | GBPUSD | USDCHF | USDCAD | GOLD | |
OPEN
(12:00 GMT) |
1.4363 | 80.32 | 1.6285 | 0.8368 | 0.9775 | 1525.83 |
DAY’S HIGH | 1.4429 | 80.46 | 1.6389 | 0.8376 | 0.9796 | 1532.33 |
DAY’S LOW | 1.4345 | 80.10 | 1.6281 | 0.8352 | 0.9753 | 1510.83 |
CLOSE
(21:00 GMT) |
1.4414 | 80.19 | 1.6384 | 0.8371 | 0.9766 | 1516.63 |
Note: Daylight Savings Time 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.