Forex and Gold Daily Report for November 16, 2012

The U.S. dollar remained broadly lower against the other major currencies on Thursday, after the release of mixed U.S. economic reports dampened demand for the greenback.

While Gold futures inched lower during European morning hours on Thursday, as renewed tension in the Middle East and mounting fears over the looming fiscal crisis in the U.S. kept investors on edge.

  • The Australian dollar fell to an eight-day low against its U.S. counterpart on Thursday, after the release of disappointing economic data from Australia, while investors eyed the release of key euro zone reports later in the day.
  • The euro traded higher against the U.S. dollar Thursday, as the release of weak U.S. data weakened greenback demand, although sustained euro zone debt concerns continued to weigh on the single currency.
  • The pound erased losses against the U.S. dollar on Thursday, bouncing off a two-month low as disappointing U.S. economic data weighed broadly on demand for the greenback, although euro zone debt concerns remained.
  • The U.S. dollar rose to a fresh six-and-a-half month high against the yen on Thursday, after the release of a flurry of U.S. economic data, while mounting speculation that the Bank of Japan may be pressured into implementing additional easing measures continued to weigh on the yen.
  • Gold futures trimmed losses during U.S. morning hours on Thursday, coming off the lowest levels of the session after data showed the number of people who filed for unemployment assistance in the U.S. last week surged to the highest level since April 2011.

To download complete report; CLICK:   Forex and Gold Daily Report 16 November 2012

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