Forex-Metal Daily Analysis -11/02/2011

Greenback won its previously lost positions.

Asian and European trading sessions:
Euro: The euro started to decrease during the Asian trading session, and the EUR/USD pair dropped to $1.3700 level. During the European session the euro dropped even lower to $1.3610.
US Dollar: On Thursday the US dollar rate rehabilitated and won its previously lost positions. The greenback was supported by the expectations for the release of the strong fundamentals. Decreased stock markets supported the growing demand for the save-haven assets.
British Pound: According to the released information, the Bank of England left the principal rate unchanged at the previous level of 0.50% and the Assets purchase target at the previous level of 200B. The sterling was not influenced by this decision and the GBP/USD rate demonstrated moderate trading.
The GBP/USD showed minimums of $1.6020.
Japanese Yen: The USD/JPY pair reached maximums at Y82.50 mark.
Oil: Concerns over the possible interruptions of oil inventories through the Suez Canal pressured the oil prices, which made the oil rate grow up to $86.93 per barrel. Following the US dollar growth, the oil rate decreased to $86.30 per barrel.
Gold: Gold price showed decrease to the $1,357.30 level per ounce.

American trading session:
US Dollar: The publication of the US fundamentals rendered additional support to the greenback. Initial jobless claims dropped to 383K against the expected 410K.
British Pound: At the end of the trading day the GBP/USD managed to grow and reach the $1,6100 level.