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Forex-Metal Daily Report - 10/03/10
Written by article default Wednesday, 10 March 2010 14:44
Shelter-currencies received substantial push for growth.
Euro: The high-risk currencies were under pressure on Tuesday. The announcements regarding the possible reduction of the Portugal rating had a negative influence on the euro-currencies. In addition, the Fitch Ratings agency expressed uncertainty, that the financial problems in Greece would be settled according to the deadlines.
Therefore, the EUR/USD pair dropped and fixed its minimums at the level of $1,3535.
US Dollar: As a shelter-currency, the US dollar strengthened against the background of the negative news from Europe.
British Pound: The Fitch Ratings agency also stated, that Great Britain should reduce their budget deficit faster, since the deficit showed a considerable growth. Consequently, the sterling turned out to be under pressure.
In addition, the RICS House Price Balance in Great Britain, which was published on Tuesday, demonstrated a substantial decrease.
And the GBP/USD pair dropped to the level of $1,4935.
Japanese Yen: The Japanese yen grew against its major competitors.
The USD/JPY pair traded in the range of Y89,70.
Oil: Due to the American dollar consolidation, the oil rate decreased to the $80.16 price per barrel, and then managed to rehabilitate.
Gold: The gold rate strengthened in the range of $1121.50 per ounce.
Silver: The silver prices decreased temporarily due to the US dollar consolidation to the level of $17.17 per ounce.