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11.10.2012 07:40

Forex: Wednesday’s review

 

 

Yesterday the euro rose to one-week low against the U.S. dollar after failing to fall below a key technical level.

The single currency fell to near its 200-day moving average before cutting losses. Earlier, the euro was down, as European finance ministers this week failed to reassure investors as to the eurozone sovereign debt crisis is close to resolution.

As European finance ministers meeting in Luxembourg this week welcomed the determination of Greece to trim its deficit to your budget.

The Canadian dollar fell against most of its most traded currencies against the fact that the concerns about slowing growth in China will have a negative impact on demand for commodities such as oil and gold.

Also, the Canadian dollar fell after it was reported that car sales in China unexpectedly fell, it was the first time in eight months. Also, the company Alcoa Inc (AA) said that the slowdown in growth in the country will lead to a global reduction in demand for aluminum. Note that raw materials account for about half of Canada's export revenue, and China, which is the world's largest consumer of metals and energy.

Pound broke his three-day losing streak against the dollar, up from its lowest level in four weeks after the National Institute of Economic and Social Research said the UK economy expanded in the third quarter by 0.8%, registering with the highest rates growth over the past five years. Bond yields fell after the governor of the Bank of England Governor Mervyn King said that inflation targeting should remain the focus of monetary policy.

The Australian dollar rose on the third day after the country sold its most long-term debt over the past thirty years, while increasing demand for assets of the country.

Also, the currency rose against the fact that the price of iron ore, which is the largest export product in Australia, rose to two-month high. Demand for currency was reduced in anticipation of tomorrow's report on the unemployment rate, which is expected to have grown to a three-month high.


Market Focus

  • Donald J. Trump was inaugurated as the 45th president of the United States
  • Canada: Retail Sales, m/m, November 0.2% (forecast 0.5%)
  • U.S.: Nonfarm Payrolls, January 227 (forecast 175)
  • Eurozone: Consumer Confidence, January -4.9
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