Hi, I’m … and this is your UFX Markets
Week in Review. Today, we will cover some of the major events of the past week and discuss
how they impact the global currency markets. The US Dollar dropped against the higher-yielding
currencies on reports of an improving economic recovery, decreasing demand for safety. In
the USA manufacturing probably increased for a fourth straight month in February, as consumer
confidence improved, economists said reports will show this week. Unemployment claims remained
at a four year low, according to data released last week. The Chairman of the Federal Reserve,
Ben Bernanke, will deliver his semi-annual monetary policy report to Congress this week
and he is expected to say that the Central Bank is likely to keep interest rates low
through late 2014. The Euro increased against the US Dollar as
the accord reached on a second bailout for Greece decreased concern that the region’s
debt crisis will worsen, preventing a Greek sovereign default in March. The Euro benefited
after a report showed that German business confidence increased to its highest level
in seven months, as the Ifo institute reported that its business climate index rose to 109.6
from 108.3 in January, its highest level since July. The European Central Bank will offer
unlimited 3 year loans to banks next week. The Euro was last seen trading at the level
of 1.3445, which is an increase of 0.56%. The British Pound rose against the safe haven
of the US Dollar as currencies perceived as riskier rallied after the German business
sentiment survey bolstered expectations that the euro zone’s strongest economy could
avoid a recession. The British Pound was last trading at the
level of 1.5873, which is an increase of 0.83%. In Commodities, the rise in the price of oil,
benefited commodity-linked currencies. Oil had its biggest rally since January 2010 as
rising tension with Iran threatens oil supplies and amid further indicators of a global recovery.
Crude Oil was last seen trading at the level of 109.77 a barrel which is an increase of
1.80%. Gold traded lower on Friday, although a weaker
US Dollar indicated a positive sentiment after improving economic data in the USA and Germany
pushed the price of Gold to a high of three months in the previous session.
Gold was last seen trading at the level of 1,771.90 an ounce, which is a decrease of
– 0.47%. Well, that is all the time we have for today.
I hope you’ve enjoyed this week’s review and you’ll join us next week. Until then,
be sure to visit us at UFXMarkets.com for all of your online trading needs. For UFXMarkets,
I’m …. Good luck and happy trading.