FOREXYARD: Forex News Blog

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• Sterling Boosted As Nation’s Economy Could Be Improving
• Gold Makes Gains After Reaching Week-Low
• Crude Oil Slides After Greater Than Expected Inventories Report

Sterling Boosted As Nation’s Economy Could Be Improving Posted: 19 Apr 2012 12:04 PM PDT The British Pound made solid gains over the Euro on Thursday’s trading day after rumours that the Bank of England will bring next months stimulus program to a halt,as there are indications that the nation’s economy is improving. The sterling dropped versus the U.S dollar after reaching a 5-month high, as minutes from the recent Bank of England meeting suggested that inflation may be closer then expected. The Pound reached its strongest level against the 17-nation Euro  since August 2010 after appreciating 0.1 percent to 81.82 around 16:00 London time. Against the greenback, despite losing some ground on its recent 5-month high, the Sterling rose 0.2 percent after hitting $1,6079, the highest point since Mid-November. According to Bloomberg Correlation Weighted Indexes, the sterling has shown the second biggest gains in the past month,coming behind to only the Japanese Yen.Figures show that the pound appreciated 1.6 in the past month whilst the Yen showed a climb of 2.9 percent. The Greenback also had positive figures for the month ,after rising 0.4 percent. There are a number of financial reports due for release on Friday that could have an impact on the currency markets, in particular, the Euro and the British Pound. The reports include German Ifo Business Climate Index,GBP Retail Sales as well as Canadian Core CPI.

Gold Makes Gains After Reaching Week-Low Posted: 19 Apr 2012 09:10 AM PDT Gold showed some strength during Thursday’s trading after falling to a week-low prior to today. Even though the precious metal was trading well below the levels we have previously seen, investors were keen to profit from the current poor price. The yellow metal appreciated after apparent rumours that France could be downgraded,which lead to panic in the European Markets creating renewed concern over the Euro-zone crisis.The rumours of a French downgrade was spread throughout Europe despite the fact that strategists dismiss the claims.With the first round of Presidential elections to take place soon, it seems unlikely that a downgrade would occur. Gold prices were also given a boost by the U.S weekly jobless claims which produced better then expected results.The precious metal climbed as high as $1,654.90 after appreciating 0.5 percent to $1,647 during Thursday’s trading. A boost in the number of unemployment benefit requests in the U.S also helped in gold trading up, as the figures reached a four-month high,leading to investors showing concern for the future of the U.S Economy. Despite gold’s recent boost,the yellow metal has not performed as a safe-haven asset should over the past few months. There were mixed fortunes for other metals during Thursday’s trading as Copper slightly fell whilst silver showed very modest gains.

Crude Oil Slides After Greater Than Expected Inventories Report Posted: 18 Apr 2012 02:28 PM PDT Crude Oil dropped during  Wednesday’s trading after U.S Supply increases more than expected, resulting in losses for the first time in three days. Crude prices fell 1.9 percent after claims from the government that crude oil inventories climbed 3.86 million barrels last week. The crude oil inventories result took investors by surprise at it comfortably surpassed the forecast figures.The Bloomberg Survey indicated that the inventories were forecast to rise 1.8 million barrels, the result of the report shows that the actual figures were almost double that. Oil Inventories rose to 369 million, the highest number since the last week of May of this year.

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