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Forex-Metal Daily Analysis - 24/08/10
Written by article default Tuesday, 24 August 2010 20:37
The negative fundamental docket influences the risk attitude.
Asian and European trading sessions:
Euro: The Euro-zone fundamental outlook for the upcoming data is rather weak, which rendered additional pressure on the high-risk assets. The German IFO business climate is expected to show decline from the previous month. Its forecast was set at 105.5 when the previous month resulted in 106.2 level.
The EUR/USD pair traded in the range of $1,2680-$1,2730.
US Dollar: The US fundamentals had negative forecasts as well. The existing home sales level was expected to show considerable decrease.
British Pound: The sterling managed to rise above the $1,5600 mark against the greenback.
Japanese Yen: Safe haven currencies were supported during the morning trading. Concerns over the world economy rehabilitation reinforced the demand for the low-risk assets. In addition, the Japanese merchandise trade exports and imports are expected to decrease. Japanese yen strengthened against its competitors.
The USD/JPY rate dropped to Y85,30.
Australian Dollar: According to the released results of the Australian Parliament elections, none of the political parties managed to reach the majority vote. Therefore, the Australian dollar was under pressure.
American trading session:
Euro: The released Euro-zone fundamentals on Monday, rendered additional pressure on the euro. The Euro-zone purchasing manager index manufacturing decreased to 55.0 from the 56.7 level from the previous month. The Euro-zone purchasing manager index services dropped to 55.6 from 55.8.