Asian and European trading sessions:
Euro: Today, on Thursday 21, the Euro currency fell against its competitors on the background of expectations of the negative results of the auction of Spain bonds and the reports on business activity in the manufacturing and service sectors of euro zone. The analysts were expected the worst in the last three years result for the euro region. The EUR / USD pair fell during the Asian session to the level of $1.2660. The pressure on the euro during the European session had a weak result of the report on business activity in the industrial sector in Germany and the Euro zone as a whole, which was below forecasts. In details, the German Purchasing Manager Index Manufacturing and the German Purchasing Manager Index Services dropped in June to 44.7 vs. forecasted 45.2 and 50.3 vs. forecasted 51.5 values respectively.The speculations that the results of audit of the Spanish banks would be much worse than market expectations meaning by this, that the amount of the recently approved financial assistance of 100 billion Euro for Spain will not be enough for covering all expenses, also put pressure on the currency. As the result, the EUR / USD pair traded dropped to the area of $1.2605.
U.S. Dollar: The demand for dollars remained limited on the Asian trading session because the Fed in its yesterday speech did not exactly rejected the possibility of the next round of quantity easing program. However, the European session showed strong demand for the currency due to the falling stock indices and growing of negative market sentiment.
Japanese Yen: The USD / JPY pair rose to yesterday's highs of Y79.74 during the Asian session.
The yen slightly declined during the European session on the published information which revealed that the percentage of lawmakers in the leading party in Japan who vote for taking additional measures for stimulating the economy has increased. The USD / JPY couple showed up above the level of Y80.00 during the European session.
New Zealand dollar: The New Zealand economy grew for the last quarter on the fastest pace in five years. This was informed by today's reports on the change of the GDP value during the three months ended March 3. The value rose by 1.1% compare with the previous quarter when it grew by 0.4%. The New Zealand dollar rose after this publication. However, its growth was limited due to the also published today reports from China the outcome of which was negative. The preliminary manufacturing PMI index provided by HSBC reached the mark of 48.1, against 48.4 in May thus continued its decline for the eighth consecutive month. The China's economic statistics usually very important for New Zealand due to the fact that China is the second largest trading partner of the country.
American trading session:
Euro: The EUR / USD pair dropped to the level of $1.2532 on information that the Moody's Rating Agency may downgrade ratings of the largest banks, including the British Banks.
Japanese Yen: The yen weakened to its lowest level against the dollar in nearly a month. The USD / JPY pair reached the Y80.32 area at the American trading session.
Gold: The Gold fell against weak macroeconomic statistics from the U.S., China and the euro zone which were published today. The July gold futures on the COMEX today fell to 1565.0 dollars per troy ounce
Oil: The Oil dropped below $ 80 a barrel for the first time in eight months today on the NYMEX against the backdrop of weak economic data, which increased the fears of slowing of the world economy thus decreased demand for the "black gold". The fact of the availability of commercial stocks of crude Oil in U.S at the record level for the last 22 years at 387.3 million barrels the level of July 1990 pressured the Oil prices all the way down to today's lows. The WTI closed this day falling to the region of $78 per barrel..
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