Forex and Gold Daily Report for November 20, 2012

The U.S. dollar was broadly lower against the other major currencies on Monday, as optimism over signs of progress in resolving the U.S. fiscal cliff and hopes that Greece will soon receive its next aid installment dampened demand for the greenback.

Whereas Gold futures extended early gains during U.S. trading hours on Monday, as the U.S. dollar weakened amid optimism U.S. lawmakers will reach a deal to avert the looming fiscal cliff crisis.

  • The Australian dollar hit session highs against the U.S. dollar on Monday, buoyed by hopes for a resolution to the U.S. fiscal cliff, while investors looked ahead to a speech by Reserve Bank of Australian Governor Glen Stevens today.
  • The euro advanced against the U.S. dollar Monday, lifted by speculation for an agreement on a delayed bailout payment for Greece and signs of progress in resolving the U.S. fiscal cliff.
  • The pound rose to session highs against the U.S. dollar on Monday, as risk appetite was boosted by hopes for headway in resolving the U.S. fiscal cliff and optimism that Greece will soon secure its next installment of bailout funding.
  • The yen remained under pressure ahead of Japanese elections on December 16 which are likely to see the opposition party, which advocates more aggressive monetary easing measures by the Bank of Japan, come to power.
  • Gold futures extended early gains during U.S. morning hours on Monday, as the U.S. dollar weakened amid optimism U.S. lawmakers will reach a deal to avert the looming fiscal cliff crisis.

To download complete report; CLICK:  Forex and Gold Daily Report 20 November 2012

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