Forex and Gold Daily Report for November 29, 2012

The U.S. dollar remained slightly higher against the other major currencies on Wednesday, after the release of weak of U.S. economic data, as concerns over Greece’s ability to handle its new debt targets and U.S. fiscal policy decisions continued to dominate.

While Gold futures were lower for the third consecutive day on Wednesday, as investors piled in to the relative safety of the U.S. dollar amid concerns over the looming fiscal cliff crisis in the U.S.

  • The Australian dollar edged higher against its U.S. counterpart on Wednesday, but gains were seen to be limited as concerns over U.S. fiscal policy and the handling of Greece’s new debt target weighed.
  • The euro slipped lower against the greenback Wednesday, after the release of disappointing U.S. economic data, while worries regarding Greece’s new debt target and U.S. fiscal policy decisions continued to weigh.
  • The pound remained lower against the U.S. dollar on Wednesday, after the release of weak U.S. new home sales data, while U.S. “fiscal cliff” worries and uncertainty over the handling of Greece’s new debt targets continued to dampen risk sentiment.
  • The U.S. dollar fell to a one-week low against the yen on Wednesday, as concerns over the handling of Greece’s new debt target and U.S. fiscal decisions boosted demand for the safe haven yen.
  • Gold futures tumbled more than 1.5% in a matter of minutes during U.S. morning hours on Wednesday, with some traders citing a “fat finger” occurred at a large U.S. bank.

To download complete report; CLICK:   Forex and Gold Daily Report 29 November 2012

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