According the RBA, the Australian economy is dealing relatively well with the current crisis due to the structure of their financial system. Governor Glenn Stevens stated yesterday that the pace of contraction is slowing in their region and that they do expect 2010 to be a better year for their economy.
The AUD/USD and the NZD/USD both increased during the session, propelled by the bank’s comments and an overall weakening Dollar. One should note that the NZD/USD is still fighting with major resistance of $0.6000.
The Dollar index also took a major dive yesterday, dropping by 0.75% to reach 82 points. Even though there wasn’t any major movement on any of the traded markets, risk appetite continued to dominate the markets, as investors are still speculating that the worst of the current crisis is now behind us.
The British pound grabbed Forex trader’s attention yesterday as inflation data showed that the U.K economy is still not feeling major inflationary pressures. CPI (yy) showed a 2.3% figure, down from last month’s 2.9%, while the monthly figure showed a mere 0.2% compared to its expected 0.4%. The GBP/USD sparked a major intraday rally after breaking resistance of $1.5356, making a new high for the year.
GBP/USD daily chart
The AUD/USD and the NZD/USD both increased during the session, propelled by the bank’s comments and an overall weakening Dollar. One should note that the NZD/USD is still fighting with major resistance of $0.6000.
The Dollar index also took a major dive yesterday, dropping by 0.75% to reach 82 points. Even though there wasn’t any major movement on any of the traded markets, risk appetite continued to dominate the markets, as investors are still speculating that the worst of the current crisis is now behind us.
The British pound grabbed Forex trader’s attention yesterday as inflation data showed that the U.K economy is still not feeling major inflationary pressures. CPI (yy) showed a 2.3% figure, down from last month’s 2.9%, while the monthly figure showed a mere 0.2% compared to its expected 0.4%. The GBP/USD sparked a major intraday rally after breaking resistance of $1.5356, making a new high for the year.
GBP/USD daily chart
