Forex-Metal Daily Analysis – 02/12/2011

The results of France and Spain Government bonds’ auctions supported the Euro currency.

Asian and European trading sessions:
Euro: Euro showed limited growth and the EUR/USD pair rose to $1.3470 zone. During the European session the Euro currency grew against major currencies against the background of today auctions for government bonds of France and Spain. Past auctions recorded increase in demand for debt securities of European countries. The EUR/USD pair strengthened in the region of $1.3514.

US Dollar: The reduced demand for safe assets influenced the US Dollar trading dynamic during both sessions. Also the fact of changed investors’ perspective regarding the condition of the American economy into a positive way, reinforced the Greenback’s decline against its major competitors.
British Pound: The GBP / USD pair showed its low at $ 1.5636 in early European session, but later was able to recover above $ 1.5730.

Japanese Yen: The USD / JPY pair traded in the narrow range of Y77.48 to Y77,79 during the Asian and European sessions.
Australian Dollar: The Australian dollar fell against major currencies after the publication of statistics in this region,which recorded that the number of Building Approvals dropped by 10.7 % in October after declining 14.2% in the previous month.

American trading session:
Swiss Franc: After the reports that Switzerland is considering the introduction of negative interest rates to weaken the exchange rate of its National currency, the Swiss Franc steeply fell against the Euro and the US dollar.

Oil: WTI Oil futures to 100.01 dollars per barrel at the end of American trading session.

Gold: The Gold futures closed its day at$1745.13.