Market review for 06.09.11: Franc dropped after the announcement of the National bank of Switzerland.
Asian and European trading sessions:
Euro: After the National Bank of Switzerland established minimum exchange rate of CHF at the 1.2000 level against the Euro, the EUR/USD pair rapidly grew to its session maximum at the $1.4280 area. However, during the European trading session the pair fell to the region of $1,4110 against the background of reduction in demand for high-risk assets in the region, when the party of German Chancellor Merkel was defeated in local elections.
US Dollar: The negative dynamics in the stock markets boosted demand for safe assets and supported the US Dollar, which resumed its rise against major currencies.
British Pound: The GBP/USD couple showed its highs above the $1,6200 level, but wasn't able to keep it and fell back onto the minimum of both sessions at $1.6060 area.
Japanese Yen: The USD/JPY pair jumped above the maximums of Y77, 00 and marked its session high at Y77,69 area.
Swiss Franc: According to the official publication of the National Bank of Switzerland , current significant rise in price of Franc not only threatens the Swiss economy, but also carries risks of deflation. As a result, the National Bank of Switzerland tied the exchange rate of Swiss Franc to 1.20 against to Euro and stated its purpose as, "a significant and sustainable weakening of the Franc".
Australian Dollar: Meanwhile, the main news of the morning session was the outcome of the meeting of the Reserve Bank of Australia. As expected, the central bank left the main interest rates unchanged at 4.75%.
Oil: Oil price strengthened around the $86.00 level per barrel.
Gold: Gold grew to the $1,898.10 level per ounce. A new record-breaking maximum was set at the $1,923.70 mark per ounce.
American trading session:
Japanese Yen: The yen incurred losses against the greenback after the statement of the Minister of Finance of Japan, who proposed to discuss the issue of the strong influence of the yen growth on the world economy during the upcoming G7 summit.
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