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Forex-Metal Daily Analysis -21/01/2011
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[QUOTE="Forex-Metal, post: 17017, member: 5723"] Released Chinese data pressured the high-risk assets. Asian and European trading sessions: Euro: On Thursday the euro rate grew against the yen and the pound after the release of the Euro-zone data. The German annualized producer prices increased for 0.7% when the forecasted level was at the 0.5%. Meanwhile the EUR/USD managed to hit the $1.35 range, but only temporarily. US Dollar: The greenback received substantial support, as the released Chinese data pressured the commodity currencies. Concerns over the possibility that China would undertake additional measures aimed to cool down the economic growth, reduced the demand for the raw materials. High-risk assets were pressured. Chinese Gross Domestic Product grew for 9.8% against the expected growth for 9.4%. Consumer price index grew for 4.6% and the Industrial production increased for 15.7%. British Pound: The GBP/USD pair managed to grow and reach maximums of $1.6010, but later on the sterling decreased to $1.5850. Japanese Yen: The yen rate grew as demand for the save-haven currencies increased. The USD/JPY pair traded in the range of Y82.00 - Y82.30. Oil: The oil traded around the $89.19 level. American trading session: Euro: By the end of the day the EUR/USD pair dropped to $1.34. US Dollar: The US dollar showed additional growth after the publication of the US fundamentals, and consolidated against its competitors. Initial jobless claims dropped to 404K against the forecasted 420K. Existing home sales grew to 5.28M against the expected 4.87M. The leading indicators increased for 1.0%. [/QUOTE]
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