EU Morning Report - Obama's reelection weakens dollar
By NikolasX | November 7, 2012 8:07 PM EST
The euro (EUR) is strengthening against most of its major counterparts, following the US Presidential Election results. President Barack Obama secured a second 4-year term, which translates to at least two more years of Ben Bernanke as the Chairman of the Federal Reserve. Market participants should monitor and anticipate the outcome of the Greek parliamentary vote on the latest austerity measures due tonight. The government is expected to pass the reforms but any surprise or uncertainty throughout the day could move the market considerably.
§ Gold (XAU) is advancing versus a weakening US dollar (USD). The precious metal is currently above 1725 US dollars an ounce, having started the day yesterday at 1685.67.
§ The Australian dollar (AUD) is strengthening across the board. The Aussie is now trading around 1.0460 having recorded a 6-week high at 1.0480 late in the Asian session
§ The US dollar (USD) against the Canadian dollar (CAD) produced a near monthly low at 0.9874.
Stay in tune throughout the day with foreign exchange bullets!
|.||EURUSD||1.2810||LONG @ 1.2810||53% of deals buy EUR|
|.||USDJPY||79.90||LONG @ 79.90||52% of deals buy USD|
|.||GBPUSD||1.5965||LONG @ 1.5965||47% of deals buy GBP|
|.||AUDUSD||1.0405||LONG @ 1.0405||30% of deals buy AUD|
|.||GOLD||1705||LONG @ 1705||61% of deals buy GOLD|
|.||OIL||87.30||LONG @ 87.30||63% of deals buy OIL|
|.||EUR||10:00||Retail Sales m/m in September||-0.1%|
|.||EUR||11:00||German Industrial Orders m/m in September||-0.5%|
|.||OIL||15:30||Crude Oil Inventories||1.8mil|
Silver (XAG) produced a stellar surge versus the US dollar (USD) as the markets participants started digesting the results of the US election. The precious metal rose from 31.1865 to 32.3000, a staggering 3.5% daily rise. There is momentum and this trend is likely to continue throughout the day, but investors should be cautious of retracements.
Most Popular Slideshows
- Prince William & Kate Middleton Caught Flirting In A Countryside Dinner Date [PHOTOS]
- Kate Middleton’s Mom Accused Of Being A Social Climber, Prince George Not Seen By Relatives
- Angelina Jolie & Brad Pitt’s Top Secret Wedding Tramps Jennifer Aniston’s ‘Friends’ Reunion & Pregnancy Talks [PHOTOS]
- 2014 US Open: Hottest Male Tennis Players To Watch [PHOTOS]
Join the Conversation
- Pricey iPhone 6 on Release Date Likely but with 3X Retina Resolution & Mobile Payment Service – Reports
- 5.5-Inch iPhone 6 is iPhone Air on Sept 19 Release Date: 5 Things to Consider Before Buying
- Google Nexus 8 Confirmed as HTC T1 aka Volantis/Flounder with Freshly-Leaked Specs & Features – Reports
- PlayStation 4 Killing Xbox One Costing Microsoft Millions But It's Fine
- Europe, US Next on ISIS’ Hit List, Says Saudi King; Seized ISIS Laptop Reveals Terrifying Bio-Warfare Plans
- iPhone 6 On Release Date To Feature Qualcomm MDM9625M LTE, 1GB RAM, Mobile Payment Deal With AMEX, 1334x750 Display
- Nexus 6 Release Date Update: Moto X+1 Look Leaked, Nexus X or Shamu Moved to Demo Phase