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Forex-Metal Daily Analysis -06/01/2011
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[QUOTE="Forex-Metal, post: 16603, member: 5723"] Greenback rallies against its counterparts. Asian and European trading sessions: Euro: Market participants were expecting the results of the Portugal and Poland state bond auctions. The euro was under pressure. The EUR/USD pair decreased to the $1,3270 range. European budget crises continued to have its negative influence on market participants. Nevertheless, the released today European economic data was strong, which rendered temporary support to the euro. The German purchasing manager grew and turned out to be above forecasts. The Euro-zone purchasing manager index services and composite indices were above expectations as well. The Euro-zone producer price index resulted in 4.5% compared to forecasted 4.4%. The euro continued to drop and new minimums of the EUR/USD pair were reached at the $1.3208 level. US Dollar: The greenback continued to be supported by the signs of the US economy rehabilitation and expectations for the strong fundamentals’ releases. British Pound: The GBP/USD rate showed minimums at the $1,5340 mark. This decrease was a result of the published PMI construction for December, which happened to be below expectations. Japanese Yen: The USD/JPY pair traded in the range of Y81.90 - Y82.20. Oil: Against the US dollar strengthening, the oil rate dropped from the reached maximums. The price was set around the $89.18 level per barrel. American trading session: US Dollar: The released American fundamentals were much stronger than expected: the ADP employment change for December showed growth for 297K instead of forecasted increase for 100K, which was the highest reading since the record keeping began. In addition, the ISM non-manufacturing composite index was above expectations as well. As a result the greenback rallied against all its counterparts. [/QUOTE]
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