Thursday, February 14, 2013
Talha Parvez
Asian and European trading
sessions:
Euro:
The euro grew up against the dollar and hit the level
of $ 1.3500 ahead of started today G20 meeting. Many of German officials hope
that other members of the union would support a statement regarding the G20
debate on exchange rate. In addition, they noted the need for more regulation of
the international financial markets. Today was also released the report of the
European industrial production the data of which showed that in December the
production rose by 0.7% against previously 0.7% and forecasted 0.2 %. The result
of annual terms coincided with the forecast thus resulted contraction by 2.4%
which was substantially better than the 4% in November. The EUR / USD pair rose
to a maximum of $ 1.3520 during the European session.
British
Pound: The British pound
came under heavy pressure today after the Bank of England released a quarterly
report on inflation .The report demonstrated that UK GDP will remain below
pre-crisis levels until 2015, and the CPI will exceed the target mark in the
next three years. In addition, the statements of the head of the Central Bank
Governor Mervyn King did not provide any support for the currency dynamics. The
GBP / USD pair fell to the low of $ 1.5538 during the European session.
Japanese
Yen: The yen rose against all
major currencies ahead of the G20 meeting, where officials will have to discuss
the legitimacy of the recent decline in the Japanese currency. The yesterday’s
statement of the financial G7 informed that a perceived decline of the yen will
be discussed at the G20 summit. The USD / JPY pair fell to Y92.80 then rose to a
maximum of Y93.81.
Australian dollar: After the release of data on
consumer confidence in the region showed the big jump up to the highs of
2011rising by 7.8% to 108.3 in February the Australian dollar rose against
almost all its rivals.
American trading
session:
Euro:
The euro fell against most major currencies and the EUR / USD pair
dropped to the lows of $ 1.3426 during the European session after a published
report showed that the unemployment rate in Portugal in the fourth quarter rose
to the highest value since the creation of the euro area to 16.9 %, compared
with 15.8 % in the third quarter. Also, another data showed that the number of
unemployed people in the country for the year rose by 19.7 % per year to 923 200
persons and the number of employed persons decreased by 4.3% to 4.53
million.
Gold: Gold prices fluctuate
traded with low trading volume, as many investors prefer to remain on the
sidelines in the run-up G20 meeting. In addition, reduce in the volume happens
now as many Asian markets closed for the Lunar New Year. The February futures
price of gold was able to grow higher than $ 1,650 per ounce today on
COMEX.
Oil: The cost of oil fell
lost all its early growth after a report from the government showed that oil
stocks rose last week. Accordingly data from the U.S. Energy Information
Administration, crude oil inventories last week rose by 0.60 million barrels,
while reaching the level of 372.20 million barrels, well above the upper limit
of the average range for this time of year. For this reason, the March futures
price of WTI fell to $96.61 per barrel on the NYMEX.
Posted in: Market Review
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