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Hi, I’m Martin Smith and this is your UFX Markets Week in Review. Today, we will cover
some of the major events of the past week and discuss how they impact the global currency
markets. The euro declined against the dollar, as reports
indicate that Spanish unemployment rose to record levels and German business confidence
fell amidst the three year old debt crisis in Europe. The US dollar increased against
the euro as the Federal Reserve maintained asset-purchase programs without indicating
that it’s closer to boosting stimulus, thus reducing concern that stimulus measures could
result in debasing the currency. The euro was last trading at the rate of 1.2936
against the dollar, which is an increase of 0.03%.
The Japanese Yen fell versus the Greenback for a second week on speculation that the
Bank of Japan will expand monetary stimulus at a policy meeting on October 30th. A Labor
Department report next week may indicate that the US unemployment rate rose in October.
The Japanese Yen was last seen trading at the level of 79.63 against the dollar, which
is a decrease of -0.81%. The Canadian dollar decreased versus the Greenback
for a third week, which is the longest stretch since June amid debate about the central bank’s
interest-rate stance. The Canadian dollar was last trading at the
level of 0.9969 versus the dollar, which is an increase of 0.23%.
Crude Oil increased on concern that the approaching storm in the USA could disrupt refinery production
on the East Coast and as the US economy shows signs of growth. According the Commerce Department,
the gross domestic product grew at a 2 percent annual rate in the third quarter, which exceeded
analysts’ expectations. The better-than-forecast US economic figures fueled speculation that
energy demand from the world’s largest crude user will increase.
Oil was last trading at the level of 86.28 a barrel last Friday, which is an increase
of 0.27%. Gold traders are the most bullish in three
weeks as the bullion holdings of investors rose to a record on speculation that central
banks might add stimulus to increase economic growth. Central banks including Europe, China
and the USA have pledged to do more to bolster economic growth.
Gold was last trading at the level of 1,711.05 per ounce which is a decrease of -0.04%.
Well, that is all the time we have for today. I hope you’ve enjoyed this week’s review
and you'll join us next week. Until then, be sure to visit us at UFXMarkets.com for
all of your online trading needs. For UFXMarkets, I’m Martin Smith. Good luck and happy trading.