The home prices in 20 U.S. cities rose to the six years high, signaling U.S. economys recovery
Asian and European trading sessions:
Euro: The euro was under pressure during morning sessions and fell against the major currencies against the bunch of bad news that came out of Europe. First, the statements addressed by the Moody's rating agency to the Irish were not too positive; the negative outlook on the country's banking system has remained unchanged since 2008 and the French labor minister called the country bankrupt, second: Mr. Wrens offers to reduce the deficit targets of Spain were ignored by Madrid. Also, the published today data showed that the volume of retail sales in Spain fell in December by 10.7 % in yearly versus -7.8% in the previous report. Meanwhile, import prices in Germany in December fell by 0.5% in monthly term, and French consumer confidence index was at around 86 in January, confirming the forecast. The positive today was provided by the report of Gfk, recording that the February German consumer confidence index improved to 5.8 against 5.7 in January. The EUR / USD pair fell to a new low of $ 1.3410 during the European session the, but then recovered to $ 1.3450 area.
U.S. Dollar: The dollar was not in favor of investors today. The dollar index fell in anticipation of the publication of data on consumer confidence in the U.S. economy and the decisions of the Federal Reserve meeting on January 29-30.
Japanese Yen: The Yens little lost against major currencies occurred amid growing Asian stock markets. On the European session, however, the currency grew against the dollar after the cabinet of Prime Minister Shinzo Abe approved a draft budget for the 2013 fiscal year to a record $ 92.6 trillion yen ($ 1 trillion). The new administration is trying to quickly stimulate the economy instead of reducing the deficit of the country. The USD / JPY pair fell to a new low Y90.33 during the European session.
New Zealand dollar: The New Zealand dollar rose recovering from a three-day decline, after the publication of positive data on the trade balance of the country. The Bureau of Statistics said that the annual trade deficit narrowed to NZ $ 1.208 billion ($ 1 billion) for the 12 months ended in December, compared with a revised deficit on at NZ $ 1.393 billion a month earlier. The projected by economists deficit was at NZ $ 1.87 billion.
American trading session:
Euro: The euro broke the important technical level of 1.3470 in the EUR / USD pair, the strongest level against the dollar since December 2011due to an increase in risk appetite among investors. The single currency also strengthened against the background of rising of the European stock markets that have reached the highest level in the last two years.
Canadian dollar: After falling into four days the Canadian dollar strengthened against the U.S. dollar. Technically, the recent drop of the currency against the U.S. was too big.
British Pound: The pound retreated from a five-month low against the dollar; the GBP / USD pair moved up to around $ 1.5770 after the Bank of England's representative David Miles said that the economic growth in the United Kingdom in the next 18 months might increase to about 2-2.5 % pace.
Gold: The price of gold has increased after four down days, but growth has been limited, as many market participants were focused on the upcoming Fed statement, which will be presented tomorrow. The February futures price of gold today rose to 1665.80 dollars per ounce on COMEX.
Oil: The prices of March futures price of U.S. light crude oil WTI rose today to a new high of 97.85 dollars a barrel on the NYMEX. The prices were up showing their four day of growth after home prices in 20 U.S. cities rose to the six years high, signaling that the country's economic recovery is accelerating.
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