Market Review 3.12.12

Source: ForexYard


Higher-yielding currencies and commodities saw significant upward movement during overnight trading, as news that Greece was closer to receiving a new round of bailout funds encouraged risk taking among investors.

The EUR/USD advanced close to 60 pips during the Asian session, eventually reaching as high as 1.3046, while the price of gold gained close to $10 an ounce. Crude oil moved up close to $0.50 a barrel when markets opened for the week, eventually reaching as high as $89.23, before staging a downward correction during morning trading. The commodity is currently trading around the $88.80 level.

Main News for Today

US ISM Manufacturing PMI- 15:00 GMT

• The PMI is forecasted to come in slightly below last month’s figure
• A worse than expected final result could lead to losses for the USD/JPY as well as the price of crude oil

Read more forex news on our forex blog

Forex Market Analysis provided by ForexYard.

© 2006 by FxYard Ltd

Disclaimer: Trading Foreign Exchange carries a high level of risk and may not be suitable for all investors. There is a possibility that you could sustain a loss of all of your investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with Foreign Exchange trading.