NEWS FROM MRC
Overview of the financial markets for August 26
08.30.2011
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The past day on the forex market was marked by the significant fall of the dollar, US Dollar index fell and closed at 73.81 points. As a result of the falling dollar the market saw a corresponding movement in all USD currency pairs; by the end of the trading day on Friday the pairs EUR/USD, GBP/USD, AUD/USD, NZD/USD strengthened, and USD/CAD, USD/JPY weakened respectively.
The falling of the US dollar, as usual, aided the growth of the dollar value of most financial assets globally; by the end of the trading day on Friday gold, silver, palladium, platinum, oil, gas, most agricultural futures, practically all stock indices gained.
In his speech on Friday, the Chairman of the Federal Reserve Ben Bernanke did not mention any specific measures that might be taken for quantitative easing and supporting the economic growth in the USA. Bernanke said that the tempo of economy growth in the USA were lower than expected. The low GDP value released on Friday shows the same. The Chairman of the Fed does not expect the US inflation rate to exceed +2.0% per year. Bernanke stated that all possible measures of the economy stimulating were to be discussed at the next meeting of the Fed’s Open Market Committee in September.
US Dollar index continues trading sideways, for over 5 trading weeks already there was no case of dollar moving in the same direction for more than two consequent days, this being the reason of the absence of any trend in dollar. After the growth of USDX on Wednesday and Thursday, dollar did not manage to continue this trend and fell on Friday quite substantially to hit 73.81 points.
The falling of the US dollar, as usual, aided the growth of the dollar value of most financial assets globally; by the end of the trading day on Friday gold, silver, palladium, platinum, oil, gas, most agricultural futures, practically all stock indices gained.
In his speech on Friday, the Chairman of the Federal Reserve Ben Bernanke did not mention any specific measures that might be taken for quantitative easing and supporting the economic growth in the USA. Bernanke said that the tempo of economy growth in the USA were lower than expected. The low GDP value released on Friday shows the same. The Chairman of the Fed does not expect the US inflation rate to exceed +2.0% per year. Bernanke stated that all possible measures of the economy stimulating were to be discussed at the next meeting of the Fed’s Open Market Committee in September.
US Dollar index continues trading sideways, for over 5 trading weeks already there was no case of dollar moving in the same direction for more than two consequent days, this being the reason of the absence of any trend in dollar. After the growth of USDX on Wednesday and Thursday, dollar did not manage to continue this trend and fell on Friday quite substantially to hit 73.81 points.
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