Forex-Metal Daily Analysis -10/08/2012

Market review for 09.08.12: The Australian dollar strengthened amid results of the Employment change report.


Asian and European trading sessions:

Euro: During the Asian session the Euro fell against its competitors in anticipation of the publication of data on industrial production in France, which in June was expected to fall by 1.8 percent against 3.5 percent previously. The euro showed a decline against the dollar for the third consecutive day during the European session. The trend was affected by the publication of the information that the European Central Bank economists have cut growth forecasts of the economy in 2013 to 0.6 % from 1 %.The EUR / USD pair fall sharply to the area of $1.2585.

Japanese Yen: Amid growing Asian stocks the yen weakened against most major currencies. After the Bank of Japan left unchanged at the level of 0,0-0,1 % and confirmed the estimates for the country’s economy, however, reduced the outlook for exports and industrial production. Also, the Bank of Japan kept its fund asset purchases of $ 45 trillion yen and lending funds of 25 trillion yen. The yen traded with volatility against the dollar after the Bank of Japan refrained from increasing incentives. The USD / JPY pair firstly fell to the minimum of Y78.282 then strengthened to Y78.78 during the same European session.

Australian dollar: 
Amid results of the published today report that showed that the number of people employed in the country grew by 14 000 people, the Australian dollar strengthened against most of major currencies. This figure exceeded analysts’ expectations of an increase in the number of employees by 10,000 only and showed the big difference compared with the previous results of falling by -28.3%. Also, the rate of unemployment in Australia fell by 0.1% from 5.3 % to 5.2% in July.

New Zealand dollar: 
The New Zealand dollar fell after the report showed that the unemployment rate in country unexpectedly rose to 6.8% in the second quarter from 6.7 % in the first quarter.

American trading session:

U.S. Dollar: On the information that the central banks postponing for the future the announce of the new stimulus measures for economy growth, the dollar rose against its competitors, Also today, it became known, the yield of U.S. Treasury bonds reached its highest level in more than a month thus attracted many investors.

British Pound: Pound declined sharply, as the published data showed that the trade balance fell more than expected in June.

Gold: The Gold prices traded around $ 1617 per troy ounce level after declining during the day against the backdrop of the weakening of the Euro currency. The cost of the August gold futures recorded the high of $1618.7 dollars per troy ounce on the COMEX today.

Silver: The cost of the August Silver futures grew to the level of 28.17 dollars per ounce today on the COMEX.

Oil: The September’s WTI oil futures closed at the $ 93.60 per barrel.