General Commentary
Last week’s currency trading review
The EUR/USD continued to be pressured for another week with the markets unhappy that Spain is stalling in officially asking for a European bailout. Some investors see such a move as unavoidable so are unsure as to what gamesmanship is being played by Spain in delaying a request. The other looming issue is the Greece Troika report but traders are more hopeful Greece will receive its next bailout payment.
GOLD movement last week became more erratic in a topside range with lots of false breaks on both the top and downside. We began at $1760 before moving to fresh week lows at $1735 early in the week. A stunning reversal ensued and we rallied to just under year highs at $1780 only slightly under $1785 and the key $1800 level. The Bulls need this rally to continue or we face a substantial pull back given the large rally seen on QE3 and the European Bond Buying plan.
Currency Movement last week
EUR/USD was down -1.04% closing at 1.2850, after opening the week at 1.2983.
USD/JPY was down -0.32% closing at 77.88, after opening at 78.13.
GBP/USD was up -0.48% closing at 1.6150 after opening at 1.6227.
AUD/USD was up -0.70% closing at 1.0378 after opening at 1.0450.
