Euro:
Demand for the euro was limited during the Asian session amid worsening of the economic situation in Europe. The EUR / USD pair sat down to yesterday's lows. The euro got pushed lower against the publication of the report of performance of the German Consumer Price Index, which showed that consumer prices fell in November by 0.1%, resulting in line with economists’ forecasts. Also, the released today data on the euro area showed that the growth rate of the monetary aggregate M3, compared with a revised downward estimates for the previous month at around 2.8 % and economists’ expectations of drop to 2.8% level, rose in October to a level of 3.9%. The ECB uses this indicator as a measure of future inflation level. The EUR / USD pair dropped sharply and set the new low of $ 1.2882.
U.S. Dollar: The dollar index rose by 0.1% during the sessions, registering growth to 80.50 areas.
Japanese Yen: The yen rose against all major currencies on increased demand for safe-haven assets due to the background of weakening of the Asian stock indices, and the political struggle between U.S. lawmakers on reaching consensus on the budget, a solution to the problem of so-called "financial cliff ". In details, the currency strengthened after the leader of the Democratic majority in the U.S. Senate, Mr. Reid expressed his disappointment on the lack of progress in the negotiations on avoiding a "financial cliff ". The USD / JPY pair tested for two times the low of Y81.70 today.
American trading session:
U.S. Dollar: The U.S New Home Sales suffered significant reduction to 0.368 million versus 0.369 million for the previous period and expectations of 0.390 million in October. Despite his fact, the dollar index fell for the first time in three days amid the speech of U.S. House Speaker Mr. Boehner who said that his party is ready to discuss about tax revenues, if it would be accompanied with mutual concessions on spending cuts. The speech has inspired the markets and increased demand for the risky assets. The markets were full of hope that the problem of "financial cliff” may be solved soon.
Euro: The euro weakened against the dollar after surprisingly weak data on the U.S. new home sales which provoked decreasee in demand for risky assets at the beginning of the session. However, the dynamics of the currency has changed and the euro covered all losses against the dollar when the stock markets jumped on speculations that investors will buy out the bonds of Greece for the prices that below the market price.
Gold: The Gold prices declined by 1.7 %, as the euphoria about the Greece situation was over and investors remembered threat of the "financial cliff” for the U.S. markets. The December futures price of gold fell to 1705.50 dollars per ounce on COMEX today.
Oil: The price of WTI Oil rebounded from the lows of 85.36, the lowest level since November 16 after the Energy Department report showed that the supplies unexpectedly fell last week. According to data in the U.S. Crude oil the amount of Oil in inventories fell by 0.347 million barrels with expected increase by 0.317 million barrels. The WTI managed to move up to 86.76 dollars a barrel on the NYMEX.
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TCHNICAL ANALYSIS FOR 29.11, 2012
EURUSD
The pair is trading between 1.30277 and 1.28630.
Resistance: 1.30277, 1.31674, 1.33143
Support: 1.28630, 1.26897, 1.25690
GBPUSD
The pair has risen to the resistance level at 1.60322 and rolling back to the Moving Average (100) at 1.59529.
Resistance: 1.60322, 1.62050, 1.63316
Support: 1.58543, 1.56722, 1.54842
USDCHF
The pair is aiming to the median line at 0.92026.
Resistance: 0.93069, 0.93949, 0.95074
Support: 0.92026, 0.91079, 0.89635
USDJPY
The pair is trying to stay above 82.219. The indicators warn the possible corrections. First aim is at 81.399.
Resistance: 82.219, 83.065, 83.933
Support: 81.399, 80.438, 79.707
AUDUSD
The pair has broken 1.04407 and aiming to test 1.05332.
Resistance: 1.05332, 1.06164, 1.07005
Support: 1.04407, 1.03535, 1.02558
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