Forex and Gold Daily Report 07 January 2013

The dollar rallied to a two-and-a-half year high against the yen on Friday as expectations for more easing by the Bank of Japan remained intact, but turned lower against the euro following tepid U.S. non-farm payrolls data. In the week ahead, investors are likely to remain focused on U.S. political wrangling over fiscal policy, with negotiations raising the U.S. debt ceiling still to come. Market participants will also be anticipating monetary policy decisions by the European Central Bank and the Bank of England.

While  Gold futures fell to the lowest level since mid-August early Friday, before trimming losses following the release of tepid U.S. non-farm payrolls data, which suggested the Federal Reserve will continue its quantitative easing program in the near term. Futures prices ended the holiday-shortened week with a modest 0.3% loss, the sixth consecutive weekly decline.

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