Archive for December 2011
The ECB provided 489 billion euro to banks for three years period.
Asian and European trading sessions:
Euro: At the beginning of the Asian trading session the Euro rose against the U.S. dollar amid growing optimism about the new refinancing operations for three years period of the European Central Bank (LTRO), the results of which would have been announced today later .The EUR/USD couple grew to $1.3124 level and traded mostly around this area for the rest of the session. In the first half of the European session, the euro rose against major currencies because the announced result of the actual amount was much higher. The ECB agreed to provide 489 billion euro to banks. The EUR/USD pair exploded and ran up to its daily highs at $1.3195 area. However, after hitting this area the pair came down hard. The traders began ” selling facts” against which the single currency had completely lost all of today’s achievements against the U.S. dollar. According to the report which recorded that the Italian GDP contracted in Q3 by 0.2 % (QoQ) investors got confirmation that the Italian economy is already in recession. Thise statistics pressured the Euro during the European trading session and the EUR/USD couple dropped to $1.3070 area.
British Pound: The GBP/USD pair tested the resistance of $ 1.5765 / 75 during the European trading session. The resistance proved futile and the couple fell below $ 1.5695 area.
Japanese Yen: The USD/JPY had a narrow trading range in both sessions and traded between Y77.70 and Y77.90.
New Zealand: The New Zealand dollar reached a one-week high against the backdrop of increasing demand for risky assets. The trading dynamics for the New Zealand currency had been also favorably impacted after the published yesterday the U.S. and the European economic statistics, which were better than expected.
American trading session:
Euro: The EUR/USD couple fell steeply to $1.3025 area The market participants had been worried that the European Central Bank’s measures to support the banking sector would not be enough to stem the deterioration of debt crisis in the EU region.
Japanese Yen: The Japanese Yen fell against the dollar, after the head of the Cabinet of Japan, Mr. Fudzimura said that he expects a temporary slowdown of the Japanese economy.
Oil: The WTI February’s future prices finished closing at $99 per barrel.
Gold: The Gold prices did not have much change compare to its last day and closed at $1614.75 per ounce.
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The U.S. dollar rose against most major currencies on the report of the death of leader Kim Jong-IL, the North Korea’s leader.
Asian and European trading sessions:
Euro: From the beginning of the Asian trading session the Euro was falling against the US dollar ahead of auctions of France and Spain bonds. The EUR/USD pair hit its daily low at $1.2980 level. Moreover, the Euro traded negatively due to the rumors of possible credit rates downgrading of some countries of Euro-zone. During the European session the Euro recovered almost all of its previous session loses; the EUR/USD couple strengthened to $1.3032. Market participants waited for the scheduled today meeting of the EU countries finance ministers’, who planned to discuss the possibility of granting by the IMF Union countries the both-sides loans of 200 billion euro. The EUR / USD finished this session traded at 1.3007 area.
US Dollar: The U.S. dollar rose against most major currencies on the report of the death of leader Kim Jong-IL, the North Korea’s leader. Traders jumped to buy the US dollar, the currency with the “safe-haven†status as well as to sell risky currencies and stocks.
British Pound: The GBP / USD pair traded in the $ 1.5464 -$ 1.5522 range. Also, at the market were rumors about the UK, which would not want to participate in granting credits for the IMF (International Monetary Fund).
Japanese Yen: The news of the death of leader North Korean leader, Kim Jong-IL and held in this connection test-rocket firing supported Japanese Yen today. The USD / JPY pair, similarly to a rocket, exploded to Y78.15 level, its today’s high.
American trading session:
Euro: The EUR/USD pair traded lower during the American session. One the negative news, which supported its direction, were the report of the European Central Bank, stated that the current payment balance deficit of 17 countries of the euro area in October was 7.5 billion euro, versus with its proficit for September of 2.2 billion euro. The couple went to test its European session’s lows at $1.2986 area. In addition, there are still concerns regarding of lowering of the credit ratings of France, Belgium, Spain, Italy, Slovenia, Cyprus and Ireland.
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OUR HOLIDAYS SCHEDULE
The Holiday period is fast approaching. Many countries will be celebrating Christmas and New Year, so banks and stock exchanges will not be operating at that time. We of course also will be closed for a few days during this period.
We will close on Friday, 23rd of December 2011 as usual and will reopen on Wednesday, 28th December 2011 at 9am GMT.
We then will close again on 30th December 2011 and re-open on Tuesday 3rd January 2012.
We wish everyone a save and happy holiday period and a prosperous year 2012.
Falling of World’s stock indices stimulated demand for safe assets.
Asian and European trading sessions:
Euro: European countries were preparing to sell bonds on the background of the deteriorating situation of the debt crisis in the EU region. The EUR/USD pair consolidated at $1.3030 level during the Asian trading session. At the auction, despite the high demand for Italian bonds, the average yield was 6.47% vs. 6.29 for a similar previous release. The EUR / USD couple dropped under $ 1.3000 at end of the European session against the persistence of concerns about worsening debt crisis in EU.
US Dollar: The dollar accelerated its bullish trend against major currencies which it had started even before yesterday’s FOMC meeting. Federal Reserve, despite the optimistic assessment of the American economy, also noted the ” significant hidden risks.”
British Pound: The GBP/USD couple traded flat during Asian session. The published data on the labor market in the UK, which showed that in November unemployment rate remained at 5.0% when expectations of its growth were 5,1% supported the currency and the GBP / USD pair established its today’s high $1.5530 level.
Japanese Yen: The USD / JPY rose above $ Y78.00 and traded at its daily highs of Y78.10 during the European trading session.
Australian Dollar: The Australian dollar fell in trading on Wednesday and matched parity with U.S. dollar. Again, the reason was the increased nervousness of market participants due to the European debt crisis.
American trading session:
British Pound: Investors were considered the British pound as a relatively safe asset: therefore, the currency rose against its competitors.
Oil: World oil prices fell sharply on Wednesday. For the first time since 2008 the Organization of the Petroleum Exporting Countries (OPEC) at the meeting on 14 December decided to raise quotas for hydrocarbons production. In details, OPEC decided to increase the quota for the production from 24.845 million bpd to 30 million barrels / day. The WTI oil futures fell by more than five dollars and closed below $ 95 a barrel.
Gold: Gold prices suffered today also negative day and closed at $1576 level mark.
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