Tuesday, February 12, 2013
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Euro: Amid the new round of
escalating political situation recently started in both Italy and Spain the euro
traded near a two-week low against the dollar; the EUR / USD pair during the
Asian session traded in the range of $ 1.3361-81. Today, the “El Pais” newspaper
published the compromising materials on the Spanish Prime Minister, Mariano
Rajoy who has faced calls from the opposition to resign. Also, the public
surveys conducted in Italy ahead of the elections which will be held on February
24-25 showed an increase in popularity of the former Italian Prime Minister
Silvio Berlusconi, who was found guilty of tax evasion in October 2012. The EUR
/ USD pair rose to a high of $ 1.3411 during the European session as the
reaction on the published today industrial production report from France which
resulted an increase by 0.1 % in December vs. -0.2 % expected and previous
change by +0.5% .
Japanese
Yen: The yen continued to grow
during the Asian session; the USD / JPY pair fell to the Y92.24 area close to
its Friday’s lows amid the statements of the Finance Minister of Japan, Taro Aso
who said that the recent sharp depreciation of the Japanese yen surprised the
government. In addition, the rate of yen was also supported by the information
about the obstacles comes from the opposition within the appointment of the new
head of the Central Bank of the country, who will pursue an aggressive policy of
economic incentives. On the next following session the yen fell against the
dollar after the President of the Asian Development Bank Haruhiko Kuroda, who is
a potential candidate for head of the central bank position, said that he
supports the implementation of additional measures to stimulate the economy,
expecting that some of them might be approved in 2013. The USD / JPY pair rose
to a maximum of Y93.50 during the European session.
Australian dollar: Amid the release of the data
by the Bureau of Statistics for the real estate markets in the region
accordingly to which the number of loans for the construction or purchase of
housing fell by 1.5% in December compared to the previous month and expectation
of 0.00%, the Australian dollar fell against its competitors.
American trading
session:
Euro: On the background of statements of
the representative of the European Central Bank, Jens Weidmann who said that the
current rate of the single European currency is not too overpriced the euro rose
against most major currencies. In addition, Mr. Weidmann added that the policy
aimed for weakening of the euro will lead to inflation.
British
Pound: The
GBP / USD pair to the low of $
1.5650 after the industry report showed that the level of trust in relation to
employment in the UK fell in January. The pound fell against most major
currencies also on speculation that confidence among market participants about
the growth of exchange rate of the pound has significantly reduced.
Gold:
The
Gold prices declined substantially while achieving
the most minimal values for the month, which was due to speculation that
physical demand will be slow during the Lunar New Year celebrated this week in
Asia. The February futures price of gold fell to 1643.50 dollars per ounce on
COMEX today.
Oil: The futures price of March WTI rose to 96.37 dollars a barrel on the New
York Mercantile Exchange.
Posted in: Market Review
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