• Market Anticipates Today’s Reports
  • Market Anticipates Today’s Reports

    David Sumner | 07:20 | 25/06/13
    The U.S. Dollar rallied against most of its Forex trading peers in anticipation of today’s releases on U.S. durable goods orders and house prices which are expected ...

The U.S. Dollar rallied against most of its Forex trading peers in anticipation of today’s releases on U.S. durable goods orders and house prices which are expected to show improvements and therefore serve as further evidence for the Federal Reserve to begin cutting back on monthly asset purchases. The greenback benefitted further from a decline in risk appetite brought on by a steep drop in Chinese stocks. However, it retreated from session highs against the Yen as demand for refuge rose on worries over a potential “credit crunch” in China. This came about after officials from China’s People’s Bank stated that lenders must do more to remain liquid.

Other foreign currency reports indicated that Australia’s currency traded at the lowest level since September of 2010 just days after the U.S. Federal Reserve Chairman, Ben Bernanke, suggested that the central bank may reduce stimulus this year and may even put an early end to the program by 2014 if the U.S. economy continues to show signs of improvement. But demand for both the Aussie and New Zealand Dollars increased after China’s People’s Bank issued comments suggesting the country should “fine-tune” its monetary policies.

Hedge funds reduced their wagers on the likelihood that gold prices may go up by the most since February, especially after the U.S. central bank indicated that it intends to cut back on stimulus. Gold Futures for August delivery settled at $1,283.70 as of 11:40 am EST on the Comex Division of the New York Mercantile Exchange.

Dow Jones
0.09%
17122.00
Nasdaq
-0.02%
4569.62
S&P 500
0.01%
2000.12
DAX
-0.19%
9569.71
Hang Seng
-0.62%
24919.00
Nikkei
0.09%
15535.00

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