Market review for 20.09.11: Investors are waiting for the results of the FOMC meeting.
Asian and European trading sessions:
Euro: Due to the fact that the S&P rating agency downgraded Italy's credit rating (from ?+/?-1+ to ?/?-1) and decreased its forecast to negative, the Euro began its trading day with substantial losses against the US Dollar.
During the Asian trading session the EUR/USD pair fell below the $1.36 level, yet didn't decrease further from this point and even set its session's maximums above the $1.3670 zone. Later on, against the background of the raising European stock market, and, subsequently, the US Dollar decrease, the Euro currency strengthened towards the $1.3750 area and recorded its daily highs at $1.3744. Also, the support for the Euro came after the publication of the Economic Sentiment Index from the German Institute ZEW, which in September decreased to the level -43.3 versus forecasted -45.
British Pound: The GBP/USD pair traded in the range of $1.5658 to $1.5735.
Japanese Yen: The USD/JPY pair began this day with losses against the US Dollar and traded mostly within the Y76.407-Y76.609 range. The USD/JPY pair showed its daily maximums at the Y76.71 area during the European trading session.
Australian Dollar: After the publication of the Australian Reserve Bank's Board of September Minutes, where is was mentioned that the Reserve Bank of Australia was not going to lower the discount rate, the Australian dollar strengthened substantially against the major currencies.
Swiss Franc: Against the backdrop of unjustified speculations relative to the fact that NBS would undertake actions to return its national currency to the 1.25 level against the Euro, the Swiss Franc dropped against all major currencies.
American trading session:
Oil: October's WTI contract increased and closed at the $86.89 level for barrel.
Gold: The Gold rose today to $1.800.95 price per ounce and performed +1.47%.
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