Weekly Outlook – 4th September 2012

September 4, 2012

General Commentary

Last week’s currency trading review

The EUR/USD the Jackson Hole Speech failed to deliver the clear outlook on US monetary policy that some had hoped for but there was enough for the bulls to at least hold the gains leading into the announcement. The US data between now and the 14th September FOMC meeting will increase in importance with Friday Unemployment Rate critical for the US jobs outlook. EUR/USD is current sitting just under 1.2600 but has its own barrage of economic releases this week with the ECB meeting and EU data. The announcement of ECB Bond buying while unlikely at this meeting would be a huge boost to global risk appetite.

XAU/USD is surging on the back of ECB bond buying and US QE3 talk with the likelihood of both options increasing last week we saw Gold surge back to $1700oz. Investors flood into the alternative investment when Central Bank print money debasing their respective currencies. The outlook is for more gains as they whole world looks set to keep monetary policy very loose for an extended period of time.

Currency Movement last week

EUR/USD was up +0.49% closing at 1.2572, after opening the week at 1.2511.

USD/JPY was down -0.42% closing at 78.34, after opening at 78.67.

GBP/USD was up +0.38% closing at 1.5863 after opening at 1.5802.

AUD/USD was down -0.73% closing at 1.0327 after opening at 1.0402.

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