Market review for 15.09.11: Euro continues its rally.
Asian and European trading sessions:
Euro: The Euro lost part of the won yesterday positions against major currencies during the Asian session and traded in the range of $1.3701 - $1.3750 against the US Dollar. However during the European session the currency strengthened against the backdrop of yesterday's comments by French President Nicolas Sarkozy and German Chancellor Angela Merkel, who expressed their confidence that Greece would remain in the EC. In addition to that, the positive Euro dynamics was supported by the results of the Spain Government Bonds sale. For these reasons, the EUR/USD raised to its session maximums at $1.3910 area.
British Pound: The GBP/USD pair traded in range of $1.5730 - $1.5837. The European trading session showed maximums at the $1.5847 zone.
Japanese Yen: The trading range of USD/JPY was quite narrow this morning and laid between Y76.55 to Y76.79 excluding the end of European session when the daily high was established at Y76.93. Its maximum was set at the Y77.30 area.
Swiss Franc: Swiss franc retreated against the euro after the SNB has expressed readiness to take additional measures to limit the strengthening of the national currency. At the end of the meeting, the SNB left a 3- month LIBOR rate at the fixed range of 0.00-0.25%, which corresponded with expectations.
American trading session:
US Dollar: The most important news of this session were reports of the 5 main central banks, in particular: ECB, the FRS, Swiss National Bank, Bank of Japan and Bank of England which confirm that dollar liquidity would be provided by their coordinated actions, as an attempt to boost liquidity across the Euro-zone. On the background of these news, the greenback dropped against its competitors. The EUR/USD pair showed its daily high at $1.3930 and the GBP/USD recorded the level of $1.5867.
Oil: Oil showed maximums above the $90 mark per barrel.
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