Among the top events of the day was Fed’s chairman Bernanke speech, who expressed his thoughts on the future of the US economy. According to him the main problem facing the US government is the handling of the growing budget deficit. Maintaining a high debt in percentage to the country’s GDP bears the risk of diminishing productivity and decreasing earnings in the private sector. In addition, Bernanke repeated his resolve to hold the interest rates at record lows till the end of 2014.
The euro experienced little daily change, closing at 1.3143 against the dollar. There was no change in EUR/CHF either, despite SNB’s Jordan announcement, that the peg of 1.20 will be defended with utmost determination.
The British pound depreciated from 1.5831 to 1.5804 after Adam Posen – member of the Bank of England, expressed his opinion that the economy of the UK needs further quantitative easing.
Gold’s uptrend from the past few weeks remained intact, as the precious metal reached new 2-month high at 1760 $ per troy ounce.
Investors’ interest during the last day of the week will be fixed upon the non-farm payrolls report from the USA. The consensus forecast calls for 150 000 job openings for January.
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Little Changes on the Fx Markets Ahead of Non-farm Payrolls
Published 02/03/2012, 09:48 AM
Updated 04/25/2018, 04:40 AM
Little Changes on the Fx Markets Ahead of Non-farm Payrolls
The session on Thursday did not bring significant changes in the currency pairs which traded in tight ranges
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