Fundamental Archives |
Written by Easy Forex |
Aug 10 12 07:20 GMT
EUR Weak, USD Stronger, CAD Strongest
The euro (EUR) has been weak, giving back its gains versus most of its major counterparts even as European Central Bank (ECB) Governing Council member Noyer said that market participants should not question the central bank’s strength and capacity to intervene. The US dollar (USD) has been the currency of choice in this risk-off selling versus a basket of currencies but this basket does not include the Canadian dollar (CAD). Bank of Canada (BoC) Governor Carney pointed out that the nation’s economy is in a much better condition than the rest of the developed world, and some reduction of monetary stimulus may be proper as the economy keeps expanding steadily.
The euro (EUR) fell from 1.2350 to 1.2292 versus the US dollar (USD) as investors’ euphoria following Draghi’s comments fades away.
China released its Trade Balance overnight showing a drop in exports and industrial production. This appears to weigh down both the Australian dollar (AUD) and the New Zealand dollar (NZD).
The US dollar (USD) rose from 78.42 to 78.59 against the Japanese yen (JPY), but a higher than expected Industrial Output in Japan is likely to put the nation’s currency under buying pressure once again.
Gold (XAU) rose from 1612.14 to 1616.47 US dollars a barrel riding on the back of a day-old positive trend line
The UK TECH (NDQ) advanced from 2706.38 to 2716.88, a 0.38% daily rise
About the Author
Please note that Forex trading (OTC Trading) involves substantial risk of loss, and may not be suitable for everyone. This report is provided by Easy- Forex® for informative purposes only. In no way it is a recommendation by Easy-Forex® for you to engage in any trade. It is your sole responsibility and you will have no claims with regards to this report against Easy-Forex®. If you do not agree to this, you are strongly advised not to use this report. Hence, Easy-Forex® shall not be held responsible for any outcome of trading decisions, in regards with this report or similar reports.