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Forex

The pound continued to suffer losses on the background of revaluation of the UK economy in Q1

January 14, 2014, Tuesday, 12:58 GMT | 07:58 EST | 17:28 IST | 19:58 SGT
Contributed by Forex-Metal

Asian and European trading sessions:
 
British Pound: The pound continued to suffer losses on the background of the revaluation of the UK economy in Q, which doesn’t work in pound’s favor. The recovery of UK tells that for now the growth will continue, but at a slower pace, limiting further strengthening of the GBP/USD couple. The pair from the opening level of $1.6489 slipped to week low of $1.6340.
 
Japanese Yen: The yen has risen considerably against the U.S. dollar, which is probably a reaction to the publication on Friday employment report in the U.S., which came after the close of Asian markets last week. Many analysts pointed to a lower Treasury yields after data on employment as a sign of a deeper decline of the dollar against the yen. The USD / JPY pair rose to Y103.59 during the European session.
 
Australian dollar: The Australian dollar reached a one-month high against the dollar after the volume of mortgage lending in Australia increased in November. The Australian Bureau of Statistics reported on Monday that the total number of mortgages in Australia rose to a seasonally adjusted 1.1% in November compared with the previous month and was 52 912.The main indicators coincided with economists' forecasts, after rising 1.0 % in October.
 
Total number of loans for the construction of new homes rose by 2.3 % to 5686. The credits for the purchase of new homes fell 4.3 % to 2856, while loans to purchase housing on the secondary market rose by 1.4 % to 44,370. The volume of loans rose to 1.7 %, remaining unchanged from the previous month and totaled 26.934 billion Australian dollars. Investment lending rose by 1.5 % for the month and amounted to 10.383 billion Australian dollars, slowing from growth of 8.5 % in October.
 
 
American trading session:
 
U.S. Dollar: The dollar rose slightly on the bidding comments influenced by the Atlanta Fed President Dennis Lockhart, who said that if the economy will confirm his expectations, so, probably it is expected that reducing the bond buyback program during the next months will continue.
 
Gold: The gold prices have stabilized today, little departing from the one-month high, as many experts have continued to analyze the weak U.S. data of employment. The February gold futures rose to $ 1248.90 per ounce on the COMEX today.
 
Oil: The oil prices fell today as Iran agreed to dismantle its nuclear program, starting on January 20 in accordance with the terms of the deal, which will facilitate some sanctions against the fifth- largest oil producer in OPEC. The February futures price of WTI fell to $ 91.99 a barrel on the New York Mercantile Exchange.