Indication of higher demand for commodities gives investors further hope that the recovery is in full swing. This is prompting investors to buy higher risk currencies, allowing the Euro to gain on the USD.
The dollar trades heavy during Asia on reports that China is not ready to allow the CNY to strengthen just yet. EURUSD only respite from buying interest was when EURJPY was sold for the Tokyo fix. Gold continues its upward move testing the 1134 target zone, trades as high as 1131.00. USDJPY and Yen crosses somewhat subdued.
- US Retail Sales numbers are due to be released later today and is expected to show a slight improvement on the previous month
- UK CPI numbers are due for release on Tuesday, and US CPI is set to be released the following day
Major Economic News