EU Morning Report - Eurozone's master plan
|Written by Easy-Forex|
|Friday, 08 June 2012 07:25 GMT|
The euro (EUR) produced mixed signals against most of its major counterparts as intense risk aversion does not retreat. Spain’s 4 and 10-year bond yields rose, however market demand for the nation’s debt was more than its target. There is much talk in the markets about a master plan that will aim to tackle eurozone woes decisively. Any reports that will hit the newswires concerning this plan, will move the single currency significantly. Versus the British pound (GBP), the euro dropped to 0.8096 from 0.8122.
The US dollar (USD) appeared strong versus a basket of currencies, as the Fed Chairman Bernanke highlighted once again the headwinds that lie ahead and kept all policy options open. Against the Canadian dollar (CAD), the US dollar dived to 1.0210 from 1.0285, but that level acted as resistance where the pair rebounded back to 1.0273. A break below yesterday’s low is needed to pave the way for the pair to reach lower lows.
Gold (XAU) dived to 1578.48 from 1628.53 US dollars an ounce. The pair is exhibiting unprecedented daily volatility over the past few months, and market participants aim to take advantage of it. Against the euro, gold plunged to 1257.49 from 1294.01 euro an ounce.
Oil prices dropped to 83.57 from 85.05 dollars a barrel. Silver (XAG) moved down to 28.5945 from 29.4469 dollars an ounce. Stay in tune throughout the day with foreign exchange bullets!
1 data generated by Trading Central™, 2 data obtained from easy-forex Inside Viewer™
3 at the time of writing