Market Brief : Global Drop in Equities Reduced Demand for Higher-Yielding Assets

01 September 2009 @ 04:37 am EDT

The Loonie fell the most against the U.S dollar as oil prices fell below $70, and the release of GDP showed a contraction of 3.4% in the economy for Q2 2009 sending the USD/CAD to 1.1090 high. The Euro was strong considering the risk aversion which was controlling the markets, rising to 1.4367 against the Dollar. The U.S. positive data helped in lifting the Euro as Chicago PMI rose more than expected to 50.0 in August. Sterling gained modestly as a Home track report showed UK home prices rose for the first time since 2007, but remained trading in a range.

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