Completed Drove The Dollar

Major currencies witnessed a significant decline before the start of the Asian session today after JP Morgan (the largest investment bank in the United States by assets) announced a of $ 2 billion loss, which drove investors to abandon higher risky assets pushing the major currencies down verses the greenback. Australian dollar has lost most of its previous against the US dollar on Thursday after JP Morgan earnings announcement to start the Asian session with a limited trading; the AUD/USD pair is currently trading at 1.0064 level, recording its highest level at 1.0081 and the lowest at 1.0042. The EUR/USD pair completed its downside movement, as the euro seemed to be the most affected currency by the news to fell during the Asian session recording its lowest level at 1.2904 after ...

(Reuters) - Gold prices rose 1.5 percent on Tuesday for their biggest daily gain in two weeks, as expectations that a Greek rescue deal will be completed drove the dollar down sharply against the euro. Bullion, which had dropped in early trade on nervousness about Greece, rebounded to snap two days of losses as Greece's government was preparing a list of reforms needed to clinch a new financing package. Hopes for a bailout plan that would move Athens closer to avoiding a chaotic debt default boosted gold's inflation-hedge appeal. The metal's rally also sharply outpaced Wall Street's gains. "If the deal falls apart, the ECB (European Central Bank) is going to be even more aggressive in monetizing things and create credit to insulate the banking system from a disorganized default," said ...

(Reuters) - Gold prices rose 1.5 percent on Tuesday as expectations that a Greek rescue deal will be completed drove the dollar down sharply against the euro. Bullion, which had dropped in early trade on nervousness about Greece, rebounded and headed for its biggest daily gain in two weeks as Greece's government was preparing a list of reforms needed to clinch a new financing package. Hopes for a bailout plan that would move Athens closer to avoiding a chaotic debt default boosted gold's inflation-hedge appeal. "If the deal falls apart, the ECB is going to be even more aggressive in monetizing things and create credit to insulate the banking system from a disorganized default," said James Dailey, portfolio manager of the TEAM Asset Strategy Fund. "It's basically a win-win for gold at ...

(Reuters) - Gold prices rose 1 percent on Tuesday as expectations that a Greek rescue deal will be completed drove the dollar down sharply against the euro. Bullion, which had dropped in early trade on nervousness about Greece, bounced and was on track for its biggest daily gain in two weeks as Greece's government was preparing a list of reforms needed to clinch a new financing package. Hopes for a bailout plan that would move Athens closer to avoiding a chaotic debt default boosted gold's inflation-hedge appeal. "If the deal falls apart, the ECB is going to be even more aggressive in monetizing things and create credit to insulate the banking system from a disorganized default," said James Dailey, portfolio manager of the TEAM Asset Strategy Fund. "It's basically a win-win for gold at ...

(Reuters) - The euro gained across the board, hitting eight-week highs against the dollar on Tuesday, after a Greek official said the government is drafting an agreement on a bailout deal that will be put before political leaders for approval later in the day. The official's statement suggested that the Greek government has completed negotiations with lenders on its 130 billion-euro rescue package, although agreeing to the painful austerity measures that come with the bailout could be a challenge. Greek political leaders had balked at the austerity plan required to receive the rescue funds. "The market is expecting a Greek deal, so there's greater optimism overall. That drove the euro to several key technical levels," said Greg Moore, currency strategist, at TD Securities in Toronto. " ...

www.youtradefx.com AUD/JPY Yesterday, the leaders of the European Union agreed on the second rescue package for Greece to the tune of 109 billion euro (157 billion dollars). This is in addition to the 50 billion euro from the private sector. The publication of the news calmed investors with regard to the continuing debt crisis in Europe and drove the financial markets upwards. The Australian dollar – Japanese yen pair is traded in a positive correlation with the markets and so it to jumped up yesterday against the background of the encouraging announcement from the euro block. After it was convincingly blocked by its 200 day moving average line and by the strong support level of 84.00, the pair now has the potential for a rise towards the resistance level of 91.50 in the short to medium ...

(Reuters) - The euro looked set to snap a six-day winning streak on Tuesday, coming off nearly one-month highs against the dollar as the greenback was bought back broadly on a flurry of stop-loss buying and short-covering by macro-funds. Some traders cited talk that U.S. companies such as Pfizer (PFE.N) could repatriate dollars earned overseas to take advantage of a proposed U.S. tax break as helping to push the euro below $1.4500. Chinese media reports about a possible rate rise in China this weekend, as well as a Moody's report saying the scale of problem loans at local governments in China may be much bigger than previously thought, also weighed on risk appetite and supported the dollar, they said. The dollar received additional overall support from its advance against the Aussie ...

(Reuters) - A deep fall in U.S. gasoline futures after an unexpected rise in weekly inventories helped fuel the second major sell-off in the oil market in a week, at one point triggering the exchange's circuit breakers. Crude oil prices had fallen by more than $2 a barrel earlier in the session on a mix of poor Chinese industrial output data and a stronger dollar, but losses accelerated after mid-morning weekly stock data. The slide was not as sharp as the rout that drove oil down over $10 a barrel last Thursday. The CME-owned New York Mercantile Exchange's (NYMEX) trading limits kicked in as gasoline futures fell by 25 cents, halting trade for 5 minutes. Losses carried on as trading resumed with a new limit of 50 cents. Prices completed erased gains from Monday and Tuesday, when traders ...

(Reuters) - One of the Federal Reserve's most powerful policy makers pushed back against an increasingly hawkish tone from other Fed officials worried about inflation, saying he saw no need for the U.S. central bank to reverse course. William Dudley, president of the New York Federal Reserve Bank, said on Friday the Fed was "still very far away" from achieving its mandate of maximum sustainable employment and price stability, even though the economy is on a firmer footing. His caution contrasted with comments from three other Fed officials on Friday who focused on the risks that the U.S. central bank's policies could fuel inflation. Earlier on Friday, upbeat jobs data underscored how the U.S. labor market was on the mend. But Dudley's comments prompted prices for safe-haven U.S. ...