The Euro today against the US Dollar has continued to decline despite some hopes of recovery that were shown towards the end of yesterday’s US session. Starting the session at 1.4372 the Euro had reached as low as 1.4171 making a 200 pip dive. This was a three week low that is likely to keep the single currency at pressure following the concerns of whether the Eurozone executives will provide a proper financial aid to Greece and Portugal. This was the biggest decline the Euro has seen since the 18th of April. Massive protesting took place in Greece that forced police officers to use tear gasses, while constant strikes are seriously threatening the country’s state.
The Sterling today opened the session being at a one week high. The British currency was backed up today by a hawkish inflation report from the Bank of England that urged investors to drop long positions on the Euro and buy the Sterling. This had helped the Sterling to reach also a 6-week high against the Euro. The GBPUSD pair has started the session at 1.6517 and since then has dropped over 150 pips as part of the US session. The GBP had recorded its gains during the EU session today
The Dollar has continued its uptrend streak against the Swiss Franc. Despite the fact that the Franc had declined against the Dollar it had made gains over the Euro as concerns of a further financial aid for Greece had pushed player to seek investing to the safe-haven currency. The USD after being traded flat against the Franc at around 0.8804 for several hours during the EU session it saw a jump at the start of the US session.
The Canadian Dollar has suffered severe losses today against the US Dollar capping the gains it had made over the previous days. The Canadian Dollar was harmed by the decline in oil prices and commodities caused by the easing in Chinese Industrial Output. With China being a major consumer this decline had caused the value of goods and commodities to drop and hence economies relying on exporting goods such as the Canadian and the Australian have seen a decline today.
Gold today had ended its streak of a 3 day upward movement and ended up at a USD1495.43 low after being traded at a USD1526.48 high. The precious metal had experienced pressure from a firmer Dollar that was rebounding and an overall decline in the other commodities. This decline was a result of data from China, gold’s second larger consumer that showed rising inflation, while industrial output was unable to catch up with it. Gold is currently traded at USD1503.88 an ounce.