FXstreet.com (Barcelona) - Gold have risen above 1,000 level again today's session, fueling its commodity related pairs as well as oil, which is rising 1.90% so far today to trade close to 68.00 USD/barrel. AUD/USD has jumped to 13-month high at 0.8835, NZD and Cad is trading at intra-week high against the Greenback.
Valeria Bednarik, FXstreet.com collaborator, comments the actual situation: No doubts, lots of things are going on in markets this end of September. Despite usually we have quiet days by the end of the month, markets are far from quiet. Asian session, dollar fell across the board, mounted on a strong recovery in gold prices, and U.S. futures, along with local shares market. Dollar fell to intraday lows of 1.6110 against GBP and 1.4680 against EUR, bringing back to markets optimism on global economic recovery. Gold regained the 1.000/oz level, and triggered risk appetite across the board, that last till U.S. Opening.
Australian Dollar strengthening against the US Dollar has continued today with the pair extending its bounce at 0.8585 low on Monday and upside movement sharpened on Wednesday's Asian and European sessions as the Aussie rallied from 0.8700 to 0.8835, fresh 13 month high on better then expected Australian retail sales figures. During the European and American time, Aussie has been testing 0.8835 high on the back of gold rising above 1,000 level again.
Commerzbank, in the report published by its Technical analyst Karen Jones, affirms that Aussie maintains the upside pressure: AUD/USD continues to inch slowly higher and we remain on course for the .8875/July 2007 high then .8940/.9030. This represents the 76.4% and the 78.6% retracement of the 2008 -2009 sell off - it is our short term target and we would expect to see profit taking at this zone.
NZD/USD has risen 60 pips in the last hour from 0.7178 to break previous highs at 0.7220 and post new intra-week high at 0.7240.
USD/CAD has capped its recovery at MA200 in hourly chart level at 1.0800 and pair has fallen to test intra-week lows at 1.0710 again. According to Tomas Cedavicius, This pair showed the strength today from bears side and even though bulls want to get up, bears are still controlling the situation.
In line of Commodities and country producers, Augusto de la Torre, Chief Economist for Latin America and the Caribbean for The World Bank, comments in the The Americas Conference that the worst of the crisis is over in Latin America, According to Market Wire's press releases, De la Torre affirmed: Latin America is well positioned and can help the world more than people think. The Latin American economy as a whole is nearly as big as China, but with larger consumption. In order to take best advantage of the recovery, Latin America needs to step up its productivity-oriented agenda as it still lags behind Asia in terms of innovation and productivity.