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Forex-Metal Daily Report - 25/02/10
Written by article default Friday, 26 February 2010 07:33
The American dollar turned out to be under pressure after the release of the unexpected negative home sales data.
Euro: The Euro-zone fundamentals, which were published on Wednesday, rendered temporary support to the euro. In particular, the unexpectedly positive volume of the monthly and yearly Euro-zone industrial new orders for December managed to provide the euro with its growth. In addition, the GfK consumer confidence survey in Germany for March happened to be above the forecasts.
The negative influence on the euro dynamics was received from the new wave of concerns regarding the situation with Greece and other EC countries after the announcement of the rating agency Standard & Poor's about the possible reduction of the Greece rating.
And the EUR/USD pair dropped to $1.3515 after the reached maximums at the level of $1.3625.
US Dollar: The US dollar also demonstrated its decrease against the euro due to the publication of the negative US fundamentals. The new home sales dropped for January to 309 thousand against the forecasted 353 thousand.
According to the results of the statement of the head of the FRS, Ben Bernanke, the rehabilitation of the American economy needs low interest rates.
British Pound: The GBP/USD pair set its maximums at the level of $1.5460. But the rate dropped to its minimums in the range of $1.5410.
Japanese Yen: The yen continued to stabilize as a shelter-currency.
The USD/JPY pair demonstrated its minimums at the level of Y89.75, but the rate returned to the Y90.20 mark.
Oil: The oil rate grew to $79.80 per barrel.