Dollar Flat before Growth Data | IFCM UAE
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Dollar Flat before Growth Data - 27.1.2012

US Dollar Yesterday the US currency extended losses against the majors before some weaker than expected economic reports boosted demand for the main reserve currency. The Labor Department figures showed the number of initial jobless claims increased by 21000 last week to 377000, while new home sales unexpectedly fell in December by 2.2%. The euro rose to a 5-week high against the greenback (1.3185), but traded in a narrow range 1.3077-1.3120 this morning amid continuing talks between Greece and its private creditors and before US economic growth data. According to preliminary estimations, the nation’s economy advanced in the fourth quarter by 3.0% in annual figures. Japanese Yen The yen traded in a wide range against the dollar this week. Pair USD/JPY climbed from 76.85 on Monday to 78.30 on Wednesday, but failed to maintain gains, sliding toward 77.00 by the end of Asian trading hours today. The euro also weakened versus the Japanese currency from a 5-week high 102.20 to 101.00. Today reports showed that Japan’s retail sales grew in December at the fastest pace in more than a year, indicating an increased consumers’ activity. The measure rose by 2.5% annualized and by 0.3% in the last month of 2011, the Trade Ministry reported. Euro The single currency gained some ground against the US dollar in European trading hours today as European Union Economic and Monetary Affairs Commissioner Olli Rehn said at the World Economic Forum in Davos, Switzerland, that Greece and private creditors are “close” to reach a deal “preferably still in January rather than February.” Furthermore sovereign debt markets are also supportive for the euro. Today Italy raised 11 billion euros in 182 and 331-day bill sales, while the average weighted yield of 6-month debt securities resulted to be the lowest in 8 months – 1.97%. Spain however reminded investors that the economic situation is far from being stable. The nation’s unemployment rate surged to 22.9% from 21.5%, reaching the highest level in 17 years and the highest in the euro zone. Spain’s Economy Minister Luis de Guindos underlined that unemployment “is the main source of vulnerability of the Spanish economy and this is something that we hope to start to fix in the short term.” The euro traded today at 1.3077-1.3162, below yesterday’s high 1.3185.
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