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Forex-Metal Daily Report -09/03/10
Written by article default Tuesday, 09 March 2010 19:50
The sharp fluctuations in the matter of budget crises in Greece have strong influence on the dynamics of the major currency pairs.
Euro: The first day of the trading week saw a strong influence of the budget crises in Greece on the market. The announcement of the President of France, Nicolas Sarkozy, that the Euro-zone would be ready to save Greece, supported the euro currencies. And the EUR/USD rate managed to consolidate around the $1.37 mark. But later on the Prime Minister of Greece, George Papandrey, mentioned regarding the possible further spread of the financial crises on the other Euro-zone countries. Consequently, the euro was under pressure again. And the EUR/USD pair demonstrated its drop to the range of $1,3630.
The industrial production volume for January in Germany, which was published on Monday, showed growth compared to the previous month’s results, but was below the forecast. This data did not render support to the euro.
US Dollar: The American dollar dynamics and its final consolidation at the end of the trading day was a result of the situation with the financial crises in Greece.
British Pound: The sterling followed the euro dynamics.
The GBP/USD pair set its maximums above the level of $1,5190, but then decreased to the $1,5029 mark.
Japanese Yen: Against the background of the Asian main stock indices growth, the yen rate decreased.
The USD/JPY pair established its maximums at the level of Y90.70.
Oil: The oil rate demonstrated its strengthening at the level of $81.70 per barrel.
Gold: The gold price also grew to the $1,137.50 mark per troy ounce.