collected by :kiven Dixter
Forex Market Review (Asian Session) – Aussie jumps on GDP; gold at 1-month high ahead of risk eventsFacebook Google Plus Tweet The Australian dollar rallied on upbeat GDP data while the greenback steadied after sharp declines this week.
Prices steadied in Asian trading today but the safe haven asset remains supported due to risk aversion and a broadly weaker dollar.
The aussie was one of the best performing major currencies against the US dollar in the Asian session as it rose to a one-month high of $0.7543 from $0.7500.
The dollar stabilized against the yen after a big sell-off yesterday and hovered near six-week lows of 109.20 yen.
Upcoming key risk events tomorrow dampened risk appetite in the markets as investors were cautious ahead of the UK elections, the European Central Bank meeting, and the testimony to a Senate committee by former FBI Director James Comey.
The dollar rose after the triple threat and fears of euro inflation
according to Forex Market Review (European Session) – Dollar flat ahead of Triple Threat Thursday; inflation concerns hurt the euroFacebook Google Plus TweetToday’s European session was light in terms of economic data with notable market reaction only being evidenced after the release of UK house price data.
Aussie / dollar extended gains to rise to the seven-week high of 0.7566 during European trading hours.
The single currency has since recovered part of those losses but was still down on the day in late European trading hours.
As a result, euro / dollar fell to the six-day low of 1.1203.
Dollar / yen was marginally down on the day trading at 109.33.
The Australian dollar is falling and Oil under pressure
according to Forex Market Review (Asian Session) – Dollar extends decline; aussie rallies after RBA; oil under pressureFacebook Google Plus TweetThe dollar was broadly weaker and the yen gained on safe haven demand.
This news combined with a broadly weaker dollar helped cable rise to a session high of $1.2949.
Oil prices extended declines on escalating tensions in the Middle East, after four Arab nations, including Saudi Arabia, cut ties with Qatar.
The markets took comfort from the RBA statement and this helped the aussie erase earlier losses to reach a session high of $0.7495.
Gold extended gains to reach $1289.38 an ounce, helped by a broadly weaker dollar and safe haven demand.