FOREXYARD: Forex News Blog

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• Sharp Rises for Gold and Silver
• Aussie Dollar Falls on Chinese Growth Concerns
• Dollar Takes A Hit After Bernankes’ Speech

Sharp Rises for Gold and Silver Posted: 27 Mar 2012 06:28 AM PDT For the second consecutive business day, both Gold and Silver saw sharp gains, reducing the overall losses the two metals have experienced throughout March. The key report that may have been responsible for the sharp gains in the bullion market was Fed Chairman Ben Bernanke’s Speech on the labour market. Currently Gold and Silver prices are trading up. There are certain news events coming up today that could possibly have an effect on the bullion market: U.S Consumer Confidence: According to the recent report, the consumer confidence index increased in February compared with January’s result. The current expectations are that this index could possibly change direction and decline in March despite the U.S. economy's signs of progress. this report might affect the direction of the US dollar and perhaps the bullion market as a result. Bernanke Speech: The Chairman of the Federal Reserve will give another speech this week. The speech is part of a four piece lecture. The speech will be referred to as "The Federal Reserve and the Financial Crisis" Part 3″. To conclude, both Gold and Silver prices showed resistance in the last couple of trading days as the two metals rallied. The recent speech of Fed Chairman Ben Bernanke could linger in the markets and possibly continue having an impact on the bullion market.Due to the metal’s recent gains, we could see investors leaning towards the Gold and Silver market which as a result, would push the prices up. Traders should keep a close eye on the U.S Consumer Confidence Report, as there is a possibility that it may have an affect on the Greenback, and put pressure on the two metals

Aussie Dollar Falls on Chinese Growth Concerns Posted: 27 Mar 2012 05:38 AM PDT The Australian Dollar weakened against all of its 16 Major counterparts due to concerns over the pace at which China’s economy will grow, reducing demand for smaller nation’s commodities.In other words, a slow down in China’s economic growth will have a negative impact on Australia’s Currency. The Australian and New Zealand Dollars were poised for their first monthly losses this year as reports and figures from China showed that earnings dropped in the nation’s industrial companies.It is possible that the Aussie and Kiwi Dollar may experience some difficulty if news out of China continues at this negative rate. News involving China will always have a big impact on both the Aussie and Kiwi Dollar as China is a very important trading partner for the two nations. Many traders are anticipating China’s PMI for manufacturing which is set to be released on the 1st April 2012. The great nation is Australia’s largest overseas market whilst China also holds the title as New Zealand’s second biggest export destination. Despite the recent fall against its major currency rivals, both the Aussie and Kiwi Dollar are set for their second consecutive quarterly gains over the Greenback.The Aussie Dollar has added 3 percent this year whilst the Kiwi has risen 5.7 percent. The Australian Dollar is a very profitable currency to trade due to its volatility.However, the nation is very dependent on China and therefore its important for traders to keep a close eye on significant news coming out of China as it will have a direct affect on the Aussie.

Dollar Takes A Hit After Bernankes’ Speech Posted: 26 Mar 2012 12:30 PM PDT The dollar fell and the euro hit its highest point in almost 4 weeks after Federal Reserve Chairman Ben Bernanke voiced some doubts regarding the pace of  job creation in the United States, this could perhaps mean that the central bank could still resort to a new round of bond-buying to support the economy. Not a good day for the Greenback as the world’s biggest currency weakened against the Euro and just about made a gain over the Japanese Yen. The Euro corrected its losses against the Dollar to trade at $1.3329, from a low of $1.3190 and versus $1.3265 late Friday Afternoon. In his speech, Federal Reserve Chairman Ben Bernanke,warned that faster economic growth was required to ensure further declines in unemployment. Bernanke also mentioned that accommodative monetary policy is still needed to reduce unemployment in the U.S. The Euro also strengthened against the Greenback as Germany said it may back plans to increase the debt-crisis rescue funds before a meeting at the end of the Month where all the finance ministers are due to attend.If Germany decide to increase the size of the bailout fund, it would have a positive impact on the 17- nation currency. However, there are still growing concerns over the stability of the Euro as Spain are having problems with placing their budget in order.Spains’ Budget plan is due to be announced this coming Friday.

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