DAILY ANALYSIS for 31.01, 2013
Asian and European trading
sessions:
Euro: After
making a 13-month high against
the dollar the euro fell amid results showed by the
report on German retail sales which fell last month
compared with the same period last year. Retail sales
adjusted for seasonal variations, the number of working
days and inflation fell in December by 1.7% compared
with November’s data. more than economists were
forecasted and leaded to damp the demand for the single
currency. However, the release of data that showed that
the unemployment rate unexpectedly fell in German in
January, down to the level of 6.8% from 6.9% supported
the currency. The number of unemployment people fell by
16K to 2.92 million, while the projected growth was at
8K. The EUR / USD pair fell to a new low of $ 1.3539
during the European session.
U.S.
Dollar:
The dollar slightly grew in
anticipation of today's release of statistics on
employment in the United States. Accordingly forecasts
of economists, the number of initial claims for
unemployment insurance would have grown by 21K, while
the previous data showed an increase of 351K. Yesterday,
the Fed officials in their final statement noted that
economic activity "took a break in recent months,"
mainly because of the weather conditions and time
factors. However, they added that they expect
continuation of growth in "moderate pace" and
improvement of the situation in the labor market. The
Fed also said it will continue on a monthly basis to buy
longer-term Treasury bonds and mortgage-backed
securities for the amount of $ 85
billion.
Japanese
Yen:
Amid falling of stock markets in
Asia and positive reports from Japan the Japanese yen
has regained a part of the recently lost ground against
major currencies. Accordingly todays released data, the
industrial production in Japan rose in December from the
previous month. The issue added a sign that the country
emerges from recession along with the world’s economy
gradual recovering. The USD / JPY pair fell to Y90.72
during the Asian session then grew to a maximum of
Y91.09 at the European one.
New Zealand dollar: The New Zealand dollar traded higher against
the background of the statements of the Reserve Bank of
New Zealand. The RBNZ left its key interest rate
unchanged at 2.50% and slightly more positively assessed
the economic outlook for 2013, however, making ??it
clear that there are still concerns about inflation in
housing prices.
American trading
session:
Euro: The euro
rose against the dollar getting very closely to the
level of $1.36 registering with the longest winning
streak in nearly a decade, as risk appetite improved on
speculation that the worst days of the crisis of
sovereign debt in the euro area are
over.
U.S.
Dollar:
The dollar index fell as the
report showed that the number of applications for
unemployment benefits rose more than expected. The
pressure on the index from yesterday's announcement by
the Federal Reserve continued to be existed. Accordingly
to the announcement the Fed would continue to buy
Treasury and mortgage bonds to stimulate the U.S.
economy and reduce unemployment
rate.
Canadian dollar:
The USD / CAD reached new lows after Canada's GDP grew
more than expected in November showing an increase by
1.3 % yearly versus 1.1 % y / y and 0.3 % monthly g
versus 0.2 %
Gold:
Gold prices lost more
then1%, falling sharply due to profit-taking after
yesterdays exceeded rise above the level of $ 1680 per
ounce. The price of gold on COMEX dropped today to
1657.80 dollars per ounce.
Oil: The cost of
the February futures the duration of which expire today
fell for the first time in four days, after data showed
that the number of initial claims for unemployment
benefits in the U.S. increased more than tey were
forecasted. The March futures of WTI fell to 96.82$ a
barrel on the NYMEX.
