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Forex-Metal Daily Analysis - 13/08/10
Written by article default Friday, 13 August 2010 18:20
The unexpected growth of the US jobless claims disappointed investors.
Asian and European trading sessions:
Euro: The EUR/USD pair strengthened above the $1,2900 mark. But the general weakening of the euro continued on Thursday as well. The concerns over the budget problems of the region worried market participants and rendered pressure on the euro. The EUR/USD pair weakened to the $1.2798 mark.
The outlook for the European global growth continues to be uncertain. The released Euro-zone statistics showed negative results. The Euro-zone industrial production for June dropped for 0.1% against the expectations of 0.6% growth.
US Dollar: Unexpected increase of the released US jobless claims disappointed market participants on Thursday. The initial jobless claims turned out to be higher than forecasts. The additional negative influence was derived from the quarterly report of Cisco.
British Pound: The GBP/USD rate showed maximums around the level of $1,5700. After that the sterling stepped back to the $1.5570 mark.
Japanese Yen: The yen stepped back from its maximums against the greenback, since the Japanese government might apply special measures aimed to weaken the national currency. The USD/JPY pair reached the maximums of Y85,80.
Oil: Growth of the US oil inventories resulted in the drop of the oil prices to $77.47 per barrel. Minimums were set at the level of $76.70 per barrel.
Gold: Gold prices showed some growth to the level of $1,206.50 per ounce.
American trading session:
US Dollar: Investors are looking forward to the release of the US fundamentals on Friday. In particular, the Consumer price index is expected to show growth and the Retail sales forecasts in July showed increase as well.