The major currencies are showing a slight recovery. If you look at the weekly charts of the pairs which are trading against the U.S. dollar we can see a doji figure, almost closing the price earlier this week. That is a sign of indecision, because of uncertainty widespread in the leading countries in the world economy.
For example: in the U.S., Bernanke is insisting on the flexibility to include a plan to buy $ 40 billion a month of mortgage-backed securities, in order to stimulate growth and reduce an unemployment rate of 7.9%.
This week, the Japanese yen was in bearish mood, because the Japanese government downgraded its view of the economy for the fourth month, the longest streak since the global financial crisis, because exports are falling and weak demand threatens to overturn the country into recession. Thus, we can see that the yen in just 2 days moved 206 pips is the maximum recording 81.45 as well all its crosses.
Gold futures fell to the level of 1,704 U.S. dollars per troy ounce. Meanwhile, silver fell 0.58% to trade at 32.483 a troy ounce, while copper rose 0.02% to trade at 3468 dollars a pound.
The material has been provided by Instaforex Company - instaforex.com
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