Forex and Gold Daily Report for December 05, 2012

U.S. dollar was broadly lower against the other major currencies on Tuesday as optimism over a Greek scheme to buy back debt boosted the single currency, while concerns over the U.S. fiscal cliff weighed on the greenback.

while,Gold futures tumbled more than 1% during U.S. morning trade on Tuesday, breaking below the key USD1,700-level for the first time in a month as a bout of technical selling set in after futures fell through key support levels, triggering a flurry of sell orders.

  • The Australian dollar rose to a three-day high against its U.S. counterpart on Tuesday, after the Reserve Bank of Australia cut interest rates by 0.25%, as newfound optimism over Greece and Spain’s financial situations supported sentiment.
  • The euro was trading up against the U.S. dollar, as bullish speculation regarding the Greek plan to buy back debt lifted the single currency, while worries over the U.S. fiscal cliff weighed on greenback demand.
  • The pound remained close to a one-month high against the U.S. dollar on Tuesday, as hopes for progress in tackling the euro zone’s debt crisis lifted market sentiment, but gains were capped by weak U.K. data and concerns over U.S. fiscal policy.
  • The U.S. dollar turned lower against the stronger yen on Tuesday, as weak U.S. manufacturing data and ongoing concerns over the U.S. fiscal cliff enhanced the safe haven appeal of the yen.
  • Gold futures came under heavy selling pressure during late Asian trade on Tuesday, with futures extending losses after falling through key support levels, triggering a flurry of sell orders.

To download complete report; Click: Forex and Gold Daily Report 05 December 2012

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