The dollar softened against most major currencies on Wednesday as investors sold the currency for profits as a risk-off rally for the greenback began to weaken.
While Gold prices rose slightly on Wednesday, erasing earlier losses sustained from a Moody’s decision to downgrade ratings held by regional Spanish governments on top of soft corporate earnings in the U.S.
- The Australian dollar rose in Asian session on Wednesday on positive data by Australia and its major trading partner China. while it edged lower against its U.S. counterpart on Tuesday, after disappointing economic data from Australia and as concerns over a global economic slowdown persisted.
- The euro traded lower against the dollar Wednesday after Moody’s downgraded regional governments in Spain, while weak corporate earnings in the U.S. dampened investor appetite for risk as well.
- The pound remained lower against the U.S. dollar on Tuesday, trading close to a six-week low as investor confidence remained pressured by concerns over the handling of Spain’s financial crisis.
- The U.S. dollar was lower against the yen on Tuesday, easing off a three-month high hit earlier in the session after comments from Japan’s Finance Minister dampened expectations for more monetary easing by the Bank of Japan later this month.
- Gold prices rose on Wednesday, erasing earlier losses sustained from a Moody’s decision to downgrade ratings held by regional Spanish governments on top of soft corporate earnings in the U.S.
To download complete report; CLICK: Forex and Gold Daily Report for October 24, 2012