Forex and Gold Daily Report for November 06, 2012

The U.S. dollar was broadly higher against the other major currencies on Monday, as investors remained jittery ahead of U.S. presidential elections on Tuesday and a critical Greek parliamentary vote later in the week.The dollar was little changed after a report showed that the rate of growth in the U.S. service sector slowed in October, as new orders declined.

While Gold prices rose on Monday as bottom fishers snapped up nicely priced positions in the yellow metal on sentiments a recent selloff sent the commodity falling too far.

  • The Australian dollar was higher against its U.S. counterpart on Monday, after the release of positive economic data from Australia.
  • The euro traded sharply lower against the U.S. dollar Monday, as Tuesday’s U.S. presidential elections and a critical Greek austerity vote pressured the risk on trade.
  • The pound remained lower against the U.S. dollar on Monday, after data showed that the U.K. service sector grew at the slowest pace in nearly two years in October, while uncertainty over U.S. elections also weighed.
  • The U.S. dollar slipped lower against the yen amid profit taking on Monday, but losses were limited as expectations for further easing by the Bank of Japan continued to weigh on the yen.
  •  Gold futures edged up from a two-month low during U.S. morning hours on Monday, holding above its 200-day moving average close to USD1,660-an-ounce, as investors focused on Tuesday’s U.S. presidential elections.

To download complete report; CLICK: Forex and Gold Daily Report 06 November 2012

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