The U.S. dollar was trading at multi-month highs against the yen on Wednesday, while the Euro and Great Britain pound remained supported by hopes that an agreement on a delayed bailout payment for Greece is near.
Gold prices rose in on Wednesday, reversing earlier losses sustained from uncertainty surrounding U.S. fiscal health and Greece’s financing issues, which sent investors chasing the dollar.
- The Australian dollar fell to a three-day low against its U.S. counterpart on Wednesday, as renewed concerns over the handling of Greece’s sovereign debt crisis weighed on demand for risk related assets.
- The euro traded flat against the U.S. dollar Wednesday, as Greek bailout hopes lifted sentiment for the single currency.
- The pound held steady against the U.S. dollar on Wednesday, as earlier comments by the Bank of England continued to weigh on demand for sterling, amid sustained concerns over Greece’s financial crisis.
- The U.S. dollar was trading at multi-month highs against the yen on Wednesday, as investors remained camped out in the safe-haven currency awaiting word of progress over the U.S. fiscal cliff.
- Gold futures edged higher on Wednesday, but gains were limited as comments by Federal Reserve Chairman Ben Bernanke on the U.S. fiscal cliff and hopes for a ceasefire between Gaza and Israel kept the precious metal inside its recent trading range.
To download complete report; CLICK: Forex and Gold Daily Report 22 November 2012