Forex and Gold Daily Report for November 14, 2012

The U.S. dollar was steady against the other major currencies on Tuesday, as amid ongoing uncertainty over aid payments to Greece and concerns over the U.S. fiscal cliff.

While Gold futures traded down during U.S. trading hours on Tuesday, as persistent worries over the outlook for the euro zone and the U.S. fiscal cliff prompted investors to seek the relative safety of the U.S. dollar.

  • The Australian dollar was lower against its U.S. counterpart on Tuesday, as euro zone finance ministers and the International Monetary Fund failed to agree on a long-term plan to reduce Greece’s debt, preventing the release of immediate aid to Athens.
  • The euro turned higher against the U.S. dollar Tuesday, following German media reports that Greece could receive its next three installments of bailout aid in one lump sum.
  • The pound held steady against the U.S. dollar on Tuesday, as markets were jittery amid uncertainty over whether Greece will soon receive its next tranche of financial aid, while concerns over U.S. fiscal policy persisted.
  • The U.S. dollar was lower against the yen on Tuesday, as worries over a delayed bailout payment for Greece and ongoing concerns over U.S. fiscal policy supported safe haven demand.
  •  Gold futures remained lower during U.S. morning hours on Tuesday, as a combination of concerns over the outlook for the euro zone and the U.S. fiscal cliff prompted investors to seek the relative safety of the U.S. dollar.

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