Euro Approaches 3-Month High | IFCM
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Euro Approaches 3-Month High - 29.2.2012

US Dollar The dollar depreciated against its major peers, as the currency’s index dropped to the lowest level since 2 December 2011 – 78.09. The data from the United States was mixed yesterday, but still investors boosted demand for riskier assets. The Commerce Department reported yesterday that orders for durable goods fell in January by 4%, the most in three years, much more than economists expected, after a revised 3.2% gain in December. The Conference Board’s index of consumer sentiment in February on the other hand increased more than forecast to 70.8 from a revised 61.5 in January. Euro The single currency gained ground against the greenback and the yen on signs economic confidence in the region is improving. The gauge of executive and consumer sentiment in the euro area increased for the second straight month from 93.4 in January to 94.4 in February. The European Central Bank President Mario Draghi also mentioned “the very first signs of some improvement” for the average of the euro area. Nevertheless one of the key events of the agenda today is the European Central Bank allotment of three-year loans to banks. In December 2011 the central bank has already injected 489 billion euros in the economy and may announce a comparable amount today. The euro approached 1.35 against the dollar in Asian trading hours, targeting at its 3-month highs. Australian Dollar The Australian dollar accelerated its rally as well. The currency rose to 1.0825 against the greenback today, without breaking yet a key resistance at 1.0850. Along with signs of a modest stabilization in Europe, the aussie was also supported by some domestic data. The Bureau of Statistics reported today that retail sales increased by 0.3% in January from a month earlier, when they fell by 0.1 percent. British Pound The pound strengthened today versus the US counterpart to the highest level since 14 November 2011 – 1.5936. The pair has been mainly traded above 1.59 in Asian trading hours before the ECB publishes the LTRO allotment figures. The Confederation of British Industry also reported yesterday that its retail sales gauge rose in February to the highest level in eight months (from minus 22 to minus 2), giving some support to the national currency, which rose from 1.58 to above 1.59 against the dollar.
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