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Forex-Metal Daily Report - 11/03/10
Written by article default Thursday, 11 March 2010 14:36
In spite of the released diverse European statistics, the euro rate managed to win back its previous losses.
Euro: Rather diverse European statistical data was published on Wednesday. The consumer price index in Germany for February turned out to be above the forecast: its factual level 0.4% against the expected 0.2%. The monthly and yearly industrial production volumes in France and Italy grew and happened to be above the forecasts. At the same time the German trade balance dropped considerably, and the Germany export volume decreased.
According to the experts’ opinion, due to the technical correction, the euro rehabilitated.
And the EUR/USD pair managed to reach its maximums at the level of $1,3679, after the minimums in the range of $1,3540.
US Dollar: Due to the increased demand for the high-risk assets, the American dollar rate decreased.
British Pound: The disappointing fundamentals were published in Great Britain on Wednesday, which pressured the sterling. The industrial production volume for January dropped for 0.4% when the indicator was expected to grow for 0.3% along with the previous increase for 0.5%. The manufacturing production level decreased for 0.9% against the predicted growth for 0.2%. In addition, the political uncertainty continued to pressure the national currency as well.
Therefore, the GBP/USD pair dropped to its minimums at the level of $1,4870.
Japanese Yen: Due to the decreased demand for the shelter-currencies, the yen rate demonstrated its negative dynamics.
The USD/JPY pair grew to the level of Y90.80.
Oil: Against the background of the increased demand for oil, its rate consolidated above the $81 mark per barrel.
Gold: In spite of the decreased US dollar rate, the gold prices continued to consolidate.