The Canadian Dollar appreciated to a seven-month high versus its currency counterpart, the U.S dollar.The rise of the “loonie” was a result of speculation that the global growth outlook is on the mend,boosting prospects for Canada’s exports.
The Japanese Yen traded down versus the majority of its currency counterparts ahead of speculation that officials from the Bank of Japan will add stimulus measures at a policy meeting expected to take place this week.
The 17-nation euro appreciated against the majority of its currency counterparts during Tuesday’s trading as trio Spain, Italy and Holland managed to sell bonds. The fact that these euro nations sold bonds is extremely positive as no sooner then yesterday, investors believed the debt crisis in the Euro-zone was worsening.
The Pound appreciated against the 17 nation euro during Monday’s trading ahead of fresh concerns over Europe’s debt crisis. UK 10-Year Gilts climbed for the first time in 5 days as investors took to the sterling as a safety precaution as the French Presidential Elections and turmoil in the Dutch Government have made the British pound the more appealing “safe haven” currency.
The price of gold has weakened to a two-week low after a boost in the U.S dollar had made the metal less appealing as an alternative investment during Monday’s trading. Silver experienced even greater losses than that of gold after falling to a three-month low.
Despite Crude Oil’s gains towards the end of last week, the commodity during last weeks trading, saw no clear trend or any major movements.
At the end of last week,crude oil appreciated almost 0.8 percent to trade above the $103.00 level,although overall gains for the whole week were minimal.
Both gold and silver during last weeks trading did not show any major movements or solid directions, with the yellow metal weakening for the majority of the week whilst silver prices traded slightly up. During last week, gold prices fell 1.05 percent whilst its fellow metal silver slightly appreciated just over 1 percent.
The Euro made its biggest gains against the U.S Dollar during Friday’s trading due to an unexpected rise in German business confidence, resulting in investors leaning towards riskier assets.
Crude oil prices appreciated during Friday’s trading after figures showed that business confidence in Germany, the Euros strongest economic nation, has increased more then expected.
The British Pound made solid gains over the Euro on Thursday’s trading day after rumours that the Bank of England will bring next months stimulus program to a halt,as there are indications that the nation’s economy is improving.
The sterling dropped versus the U.S dollar after reaching a 5-month high, as minutes from the recent Bank of England meeting suggested that inflation may be closer then expected.
