Good Afternoon
Another quiet morning in the currency market with not a lot of
data released today after the Australian decision to cut interest rates. This
will be a slow week with all focus on the Employment Rate which will be
released on Friday, without a lot of movement expected before then. The
Canadian Dollar is a little stronger continuing its move towards parity as the
day goes on.
As one of the
largest producers of Gold the decision by the Reserve Bank of Australia, which
has lowered the value of the Australian Dollar, has lowered the value of gold
along with it.
As mentioned The
Euro strengthened after the announcement on the German Factory orders report but has since erased
its gains moving back to the level it was trading
at yesterday’s close, it is
once again difficult for the Euro to hold onto any strength.
Have a great evening
Yonah
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