Market review for 20.10.11: Positive UK fundamentals supported the pound today.
Asian and European trading sessions:
Euro: During the Asian trading session the euro continued its yesterday's negative rally to the $1.3675 area. The disagreements between France and Germany regarding the concept of the European financial help fund increase pressured the euro. However, during the European session the euro rose against major currencies due to the growing optimism about a possible resolution of the situation with the debt crisis in Europe. The EUR/USD pair rose above the $1.3830 area and set its daily high at $1.3841 level.
British Pound: The published UK retail sales reportwhich surprisingly grew by 0.6% in September, against the forecasted decrease of -0,1%. The GBP/USD pair strengthened in a region of $1.5803.
Japanese Yen: The Japanese yen traded in a narrow range ahead of announcement by the Japanese government at the end of this week. The Asian session trading range of the USD/JPY pair remained at the Y76, 64 - Y76, 83 levels.
American trading session:
Against the background of increased demand for the currency with the status "safe haven", the Swiss Franc revealed today its maximum growth against most of major currencies. In particular, the Swiss Frank grew for the first time in three days against the euro, showing an increase of 1%.
US Dollar: Dollar showed increase against the yen for the first time in four days, since the Philadelphia production index grew more than it was expected.
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