Forex

The Japanese yen reached minimum values of the month against its counterparts

Asian and European trading sessions:

Euro: The EUR / USD pair fell to the previous day's low of $1.3088 during the Asian session on comments of the German Chancellor Mrs. Angela Merkel who said that the region's debt crisis will not be solved “in one breath”. Meanwhile, the French President Mr. Francois Hollande called for the EU to step forward towards the formation of the banking union in order to provide economic assistance to countries that are trying to rein in the budget deficit, and show investors that Greece will be able to stay in the monetary union, if it fulfills its obligations. The EUR / USD pair tried to recover during the European session strengthening up to $1.3128 area.

British Pound: The GBP / USD pair traded in a very narrow range of $ 1.6122-40 during the Asian session. The published today data on performance of the retail sales in country in September showed a significant growth, beating analysts’ expectations and supporting the pound. The GBP / USD pair rose sharply during the European session setting the maximum at $ 1.6170. The pair, however, was not able to hold this conquered level and dropped to the lows of the day.

Japanese Yen: Amid growing of Asian stocks and optimism associated with started today the two-day meeting of European Union leaders in Brussels the yen reached minimum values of the month against its counterparts. Markets were full of positive expectations about the announce of the solutions in resolving the Eurozone debit crisis. The pressure on the currency was also provided by the fact that on October 30 the central bank of Japan may announce another package of measures for stimulating the National economy. The USD / JPY pair rose to Y79.36 level updating its monthly high today.

Australian dollar: The Australian dollar strengthened against almost all its rivals after the publication of macroeconomic statistics in China showed that the growth of the gross domestic product in the III quarter of 2012 grew by 7.4% year on year coincided with the forecast of analysts and confirmed its good pace.

American trading session:

U.S. Dollar: On weakened investors’ confidence in the strength of the economic recovery, the U.S. dollar regained some lost yesterday’s positions. Also, the dollar rose after the Initial Jobless Claims report recorded that the number of applications for unemployment benefits in the U.S. rose more than expected. As it was reported by the Labor Department, the number grew to 388K in the week ended October 13 and exceeded the economists' estimates of 365K.

British Pound: The pound fell against the dollar to $1.6044 level correlating with the euro and stock markets negative trading dynamics

Gold: The futures of Gold fell today after the data from China were in line with the forecasts thus confirmed the increase in Chinese economic growth. The issue might ease the pressure on the government to announce new measures for stimulating the economy. The November futures of gold dropped to $1737.80 dollars per troy ounce on COMEX today.

Oil: The Oil prices suffered 1.7 % fall after the weak data on the U.S. labor market has been published. However, they were able to recover on the results of the report of index of the Philadelphia Fed business activity, which stands as leading indicators for business activity. The index in October was 5.7 points, beating the average forecast of analysts of 1.0 points and the September’s value of -1.9.The November futures price of WTI sort of oil closed at 91.96 dollars per barrel on the NYMEX today.