Market review for 27.10.11: Positive wave has covered markets.
Asian and European trading sessions:
Euro: During the Asian trading the euro showed dynamic growth, which was supported by the results of the EU summit. The reached agreement means enlargement of the stabilization fund of the EU countries to $1 trillion from the current EUR 440 billion and it also involves the cancellation of 50% of the nominal value of Greek debt to private creditors.
The EUR/USD pair was rising during both sessions and climbed to its pick of $1.4220 area.
US Dollar: Rising risk appetites led to the decline of the US Dollar against all types of assets. Decreased demand for the safe haven currencies and stock markets rising pressured the US Dollar during all day.
British Pound: The pair had a narrow trading range during the Asian session between the $1.5977 - $1.6033 levels, and showed maximums at $1.6116 against the overall positive background.
Japanese Yen: The Japanese yen continued to strengthen, despite the fact that the Bank of Japan decided to enlarge the program of asset purchases by 5 trillion yen. The USD/JPY pair confirmed its new lows today at Y75.653 area.
American trading session:
British Pound: The pound weakened against most major currencies after the director of the Bank of England, Paul Fisher, said that the UK economy was probably declining.
Gold: Gold declined to $1.707 during the beginning of the day, but in the last few hours of the American trading secession the gold rehabilitated to 1.750 dollars per ounce.
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