Forex-Metal Daily Analysis -18/02/2011

Middle East problems support the demand for save-haven assets.

Asian and European trading session:
Euro: EUR/USD pair traded in the range of $1.3535 – $1.3590.
US Dollar: Greenback was under pressure on Thursday. US dollar was not supported as a save-haven currency.
British Pound: In spite of the general negative tendency of the risky assets, the sterling rate demonstrated growth on Thursday. GBP/USD pair hit maximums at the level of $1.6144.
Japanese Yen: Political problems, which are spreading over the Middle East region, support the growing demand for the save-haven assets. Iran confirmed that two warships were forwarded to the Mediterranean through the Suez Canal. As a result, the Japanese yen rate increased against its competitors.
The USD/JPY pair traded around the maximum range of Y83.50 – Y83.70.
Swiss Frank: Swiss frank received considerable support as a save-haven currency and reached two-week maximum.
Oil: Oil rate was under pressure due to the instability in the Middle East region and possible reduction of the oil inventories supply. Oil traded around its two-year maximums.

American trading session:
US Dollar: Additional pressure on the US dollar was received from the released US fundamentals. The Initial jobless claims turned out to be elevated above the forecast and over the previous level as well: 410K against the expected 400K.
British Pound: The GBP/USD pair reached maximums at the $1,6186 mark.