Forex-Metal Daily Analysis -27/07/2011

Speculations over the possible US default pressured the greenback.

Asian and European trading sessions:
Euro: The EUR/USD pair grew to the $1.4480 maximums during the Asian trading session.
Euro set new maximum during the European session at the $1.4520 mark.
US Dollar: Greenback renewed its historical minimum against the Swiss franc today after the statement of Barak Obama regarding the increasing concerns that the growing national debt would reinforce the default of the US.
British Pound: Sterling followed the euro, and the GBP/USD pair grew to the level of $1.6340 during the Asian session.
The released UK GDP showed unexpected growth, which rendered support to the sterling.
Japanese Yen: Japanese yen rate grew as a save-heaven. The USD/JPY pair dropped to Y77.88 mark.
Later on, the USD/JPY pair rallied to the maximums of Y78.65 due to the speculations that the Bank of Japan could have fulfilled the intervention.
Oil: Oil was trading in the range of $99.47 per barrel.

American trading session:
US Dollar: Lack of fundamental releases during the American trading session resulted in the rather narrow trading range. The EUR/USD traded within the $1.4460 – $1.4520 limits. The GBP/USD pair increased to the $1.6428 mark.