Currency Updates:
U.S. Dollar Trading (USD) sustained its recent rally as share markets ended the week mixed, and further fears of Eurozone growth continued recent demands for the USD. US leading index rose to 0.9% above expectations of 0.6%, yet that may have been capped with doubt the “Super Committee” may agree on measures to reduce deficit by Thursday’s scheduled deadline. In US share markets, the Dow Jones rose by 0.2%, whilst the S&P and the NASDAQ eased -0.5% and -0.6% respectively.
The Euro (EUR) initially rallied off lows near 1.3465 to 1.3615, before ending the week closer to 1.3520 as European share markets closed at 6 week lows, with the DAX losing 0.9%. Market sentiment was not aided by comments from German Chancellor Merkel, ruling out support for the ECB to pose as a lender of last resort. In other news, Italy Industrial orders fell by 8.3% in September.
The Japanese Yen (JPY) fell to its lowest level for the month of November of 76.57, before rebounding back above 77.01
The Sterling (GBP) trade in line with most majors, rebounding of key support level of 1.5740 to levels just shy of 1.5900, before sentiment reversed sharply in late European trading the ensure the GBP ended lower. In local share markets the UK FTSE fell by 1.1% on Friday.
The Australian Dollar (AUD) fell to fresh 5 week lows of 0.9964 on Friday before regaining the $1 level. With little data due, the AUD remained pressured to ever growing pessimism in regards to global growth outlook.
Oil & Gold (XAU) rebounded by US$4.90 an ounce to US$1.725, yet ended the trading week down 3.5%. Crude oil on the other hand fell by US$1.41 to US$97.41 a barrel, on fear of global slowdown
