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Market review for 24.03.2011: Euro rehabilitates.

Feb 11th 2011 at 6:21 PM

MARKET REVIEW



Euro :

Yesterday’s concerns over the escalated European budget crises continued to pressure the euro on Thursday as well. Portuguese Parliament rejected the government plan to reduce the budget deficit. In addition to that, Moody’s credit agency reduced ratings of a number of Spanish banks.

Nevertheless, speculations over the possible increase of the Euro-zone interest rate reinforced, and the euro received considerable support. The EUR/USD pair reached the maximum at the $1.4220 level.

Later on the Fitch credit agency decreased the rating of Portugal from A++ to A- with the negative forecast.

British  Pound :

The sterling was pressured by the release of the negative UK Retail sales data.

The GBP/USD pair reached minimums at the $1.6089 mark.

Japanese  Yen :

Investors are concerned about the possibility of another currency intervention.

The USD/JPY pair traded in the range of Y80.70 - Y81.10.

Oil :

Oil rate showed growth and reached the $106.20 level per barrel.

Canadian Dollar :

Canadian dollar rate grew due to the oil prices increase.

Gold

Gold reached today its historical maximum at $1446.45 per ounce.

 

American trading session :

US Dollar :

According to the released fundamentals, US Initial jobless claims dropped below forecast, Durable goods orders data showed unexpected decrease.

 

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