Forex-Metal Daily Analysis -08/04/2011

Forex-Metal

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Jul 12, 2010
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Portugal applies for financial support.

Asian and European trading session:
Australian Dollar: The Australian dollar hit the new historical maximum against the greenback after the released today unexpected Employment growth in Australia to the level of 37.8K against the forecasted growth only for 24.0K. Unemployment rate decreased as well.
Euro: Portugal applied for financial support from European Union. As a result, the euro demonstrated a decrease and the EUR/USD pair dropped to $1.4260. Experts expected Portugal to apply for help but were concerned that the crises would spread on Spain as well.
According to the forecasts, the ECB increased today the interest rate to the 1.25%. Therefore, the euro reacted with some growth (euro was still under negative influence from Portugal). The EUR/USD managed to reach the $1.4293 maximum.
British Pound: British Pound decreased today after the announcement of the Bank of England that the interest rate would stay at the previous level of 0.5%. The GBP/USD pair showed minimums at the $1.6297 mark.
Japanese Yen: The recent drop of the yen was too extreme, therefore, on Thursday the yen started to rehabilitate as market participants were buying the yen at its low rate level.
According to the expectations, the Bank of Japan left the principal rate unchanged at the previous level of 0.1%.
The USD/JPY rate decreased to Y84.89 minimums. The announcement of a new earthquake in Japan today with magnitude of 7.4 resulted in the strengthening of the national currency against the US dollar.
Oil: Oil prices demonstrated growth and the rate reached the $110.23 maximum per barrel.
Gold: Gold traded around the $1464.20 level per ounce (showed some strengthening).

American trading session:
British Pound: British Pound managed to rehabilitate during the American trading session, and the GBP/USD pair reached the level of $1.6300.
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