The U.S. Dollar rose to a high in the forex trading market this Thursday mostly on the back of strong economic statistics released on Wednesday the 17th. The Euro meanwhile continued to be uncertain and almost fell to the seven month low that it reached earlier in February against the U.S. Dollar. Gold prices meanwhile fell at the back of the higher U.S. Dollar and also the IMF’s decision to sell gold in the open market which also caused commodity prices to fall in general.
With the CPI data to be released tomorrow, the U.S. Dollar looked to being doing very well in the forex currency trading market all across the board but particularly against the weak Euro. The EUR/USD forex currency trading rate fell to $1.3566 though it has since recovered somewhat to $1.3628 at the moment and the same is true for the Aussie which fell as low as $0.8951 in the AUD/USD forex currency trade rate but has since recovered to $0.90050.
The forex currency trading market has been in turmoil throughout February with regards the Euro which as we have mentioned before is very uncertain due to the lack of support and concrete plans for a bailout for Greece if required. Furthermore rising tensions between Greece and other Euro nations, in particular Germany have aided in further causing uncertainty regarding the Euro in the forex currency trading market.
Oil prices fell below US $77 a barrel today as the rising U.S. Dollar in the forex currency trading market and high inventories once again came into effect.
Gold prices meanwhile also fell as price of the U.S. Dollar rose at the back of strong economic data on Wednesday. Further downward pressure on gold prices came into effect as IMF announced its resolution to sell almost 200 tonnes of gold into the open-market perhaps because of week off-market demand from the various Central Banks of the world. The IMF however made it clear that it means to sell the gold in a phased manner over time. Gold prices later stabilized to about $1,100 an ounce.
The forex currency trading rate for the U.S. Dollar have however now started falling against other currencies after reports released today showed that jobless claims rose above market expectations. The weakening of the U.S. Dollar in theforeign exchange market though not serious was further compounded by a higher than expected PPI.
Analysts now await the CPI report to be released tomorrow to see what the outlook for the economic recovery for the U.S. will be as well as the performance of the U.S. Dollar in the forex currency trading market.
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