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Euro down in forex trading
Gold prices often move with euro prices, showing an inverse relationship to the US dollar. With the euro dropping, then, it is little surprise that gold prices are falling as well. Indeed, the euro has slipped below the 1.30 level today — and gold prices are approaching $1, 600 an ounce, and could very well fall below that level.
Commodities are struggling today as dollar strength improves on safe haven demand. With the US economic recovery offering a stark contrast to possible recession in the eurozone, as well as an alternative to a wobbling euro, it is little surprise that commodities are having a difficult time.
With what has been happening in Greece and France, it is little surprise that the US dollar is preferred. With all the uncertainty, the stability of the US dollar is being sought, and gold prices are following the euro lower.
- Euro in Forex Trading
Currency market news
- 05/03/09 -- Daily Forex Commentary for May 4, 2009
- 08/27/10 -- Bernanke Speech to Impact Dollar
- 06/10/09 -- Asian Session: USD Buying Continues
- 01/27/10 -- Tom MacNeill: Saskatchewan’s Resources Enriching the World
Source: Oakshire Financial
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Forex Technical Analysis - 08.06.12 — Forex Pros
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