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Forex-Metal Daily Report - 04/03/10
Written by article default Friday, 05 March 2010 07:30
Positive European news rendered support to the European currencies against the US dollar.
Euro: The government of Greece confirmed the plan of the budget deficit reduction and the increase of the taxes. This fact supported the demand growth for the euro currencies and set back the US dollar to its minimums.
The euro received additional support from the Euro-zone fundamentals, which were published on Wednesday. The PMI servers index for Germany showed its growth: factual level of 51.9 against the expected 51.7.
And the EUR/USD pair grew to the level of $1.3735.
US Dollar: The American dollar lost its previously won positions against the background of the positive European fundamentals.
The “Beige Book” report, which was released on Wednesday, showed improvement of the economic activity and moderate growth.
British Pound: The UK Nationwide consumer confidence index for February, which was released on Wednesday, turned out to be above the forecasts and its previous month value: the factual level of 80 against the expected level of 73. The PMI services index showed positive results as well: its February value amounted to 58.4 against the forecast of 55. Due to the positive fundamentals the sterling rate grew.
And the GBP/USD pair increased to the level of $1.5130.
Japanese Yen: The yen continued to consolidate against the US dollar.
And the USD/JPY pair decreased to the Y88.30 mark already.
Oil: Due to the weakened US dollar, the oil rate grew to the level of $80.05 per barrel.
Gold: The price of gold also demonstrated its growth to the level of $1,140 per ounce.