Forex-Metal Daily Analysis -11/03/2011


Master Trader
Jul 12, 2010
Demand for the risky assets drops. Greenback grows.

Asian and European trading sessions:
Australian Dollar: Australian Employment change showed decrease for 10.1K while the unemployment rate stayed at the same level of 5.0%. As a result, the Australian dollar dropped against the US dollar. The released Chinese trade balance deficit had a negative influence on the Australian dollar rate as well.
New-Zealand Dollar: The reduction of the interest rate coninued to keep the New-Zealand dollar around the reached minimums.
Euro: On Thursday the euro demonstrated a negative dynamics. The released announcement of the decreased credit rating of Spain to Aa2 by the Moody’s rating agency with a negative forecast pressured the euro.
The EUR/USD pair decreased to the level of $1,3820.
US Dollar: Expectations for the strong US fundamentals supported the greenback.
British Pound: The released today UK industrial production figures happened to be above forecasts, which rendered temporary support to the sterling.
Today the UK interest rate has been left at the previous level of 0,50% by the bank of England. The Asset purchase target rate was left at the previous level of 200B. After that the GBP/USD pair showed minimums at $1,6036 mark.
Japanese Yen: The USD/JPY pair traded in the range of Y82,70-Y82,95.
Oil: Today the oil rate demonstrated reduction.

American trading session:
US Dollar: Greenback continued to strengthen during the American trading session. Problems in the Saudi Arabia supported the growing demand for the dollar. The Initial jobless claims increased, but did not have any impact on the market dynamics.