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USD Retreats vs. Riskier Currencies, Sees Gains against JPY Posted: 09 Feb 2012 08:31 AM PST The US dollar saw a mixed trading day today, as positive news boosted risk taking in the marketplace which led to gains for currencies like the euro and British pound. News that the Bank of England will inject an additional 50 billion pounds to support the economic recovery, combined with word that Greece had finally reached an austerity deal, caused investors to shift their funds away from safe-havens. As a result, the EUR/USD spent much of the day hovering around the 1.3300 level, an increase of almost 100 pips from a day earlier. While the greenback dropped against riskier currencies, it was able to extend its gains against the Japanese yen following the release of a better than expected US Unemployment Claims figure. The figure showed that 358K people claimed first time unemployment benefits in the US last week. That number was substantially lower than the anticipated 369K, and was seen as further proof that the US economy was moving ahead with its recovery. The USD/JPY reached as high as 77.34 after the news was released, before staging a slight downward reversal. Turning to tomorrow, traders will want to continue paying attention to any news out of the euro-zone, which could lead to an increase in risk taking. In addition, the UK PPI Input figure at 09:30 GMT, followed by Trade Balance reports from the US and Canada at 13:30 GMT, are likely to generate heavy trading to close out the week. Should any of the economic indicators come in above expectations, the dollar is likely to extend its losses against the European currencies. |
Platinum-The untouchable metal Posted: 08 Feb 2012 11:56 PM PST Platinum Reaches 5 month High I always go on about Gold and Silver but never give enough respect to Platinum. Currently rising to a 5 month high due to strikes in South Africa’s’ Rustenburg Mine, which happens to be the world’s largest Platinum mine. Below you will find the Platinum Daily Chart: As you can see, the thick yellow trend line indicates the solid uptrend over the months. As long as the strikes continue , platinum may remain on the up. |
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