Forex and Gold Daily Report for October 19, 2012

The U.S. dollar traded mostly higher against the other major currencies Thursday, following mixed U.S. economic data, while investors awaited any indications that Spain is moving closer to a bailout as European Union leaders began a two day summit in Brussels.

While gold traders have been eying on EU Summit and anticipating that the Spanish government would ask for a full-scale sovereign bailout.

  • The Australian Dollar is steady against its U.S. counterpart since Thursday, trading close to a three-week high, after tepid Australian business confidence data as global growth concerns eased.
  • The Euro is steady against the U.S. Dollar on Friday. The euro slipped to a session low against the U.S. dollar on Thursday, as European leaders kicked off a two-day summit where a possible bailout for Spain and Greeceā€™s aid package are likely to feature on the agenda.
  • The pound slipped lower against the U.S. dollar on Thursday, as disappointing U.S. jobless data weighed on sentiment but manufacturing activity in Philadelphia expanded for the first time in six months in October.
  • The U.S. Dollar was higher against the Japanese Yen since Thursday, trading close to a one-month high, as market sentiment remained supported after Chinese growth data eased concerns over global growth, while expectations for more easing by the Bank of Japan weighed on the yen.
  • Gold futures were lower during U.S. morning hours on Thursday, holding on to overnight losses as investors looked ahead to the start of a two-day European Union summit in Brussels, amid ongoing concerns over Spain and Greece.

 

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