In the USA, new home sales dropped 1.6 percent
to a 313, 000 annual pace, from a rate of 318,000 in the January, figures from the Commerce
Department showed. The yen increased the most since August after
Japan reported a trade surplus for last month. The yen rose against the US dollar amid speculation
that the Japanese central bank will boost stimulus and increasing concern about slowing
economic growth which is spurring investor appetite for safer assets.
The Japanese Yen was last trading at the level of 82.32, which is a decrease of -0.24%.
The Canadian dollar decreased for a third straight week, in its longest decline since
August as a rally in higher risk assets slowed, increasing demand for safe haven currencies,
including the Japanese yen and the US dollar. The Canadian Dollar was last seen trading
at the level of 0.9974, which is a decrease of -0.18%.
The British Pound strengthened after data coming out of the United Kingdom showed that
inflation slowed less than economists estimated in February as consumer prices rose 3.4 percent
from a year earlier. The British Pound was last trading at the
level of 1.5867, which is an increase of 0.31%. In Commodities the oil price rose after it
was reported that Iranian oil exports will decrease by 300,000 barrels a day this month
due to tighter sanctions on Iran. Oil was last trading at the level of 106.87
a barrel, which is an increase of 1.44%. Gold rose 1 percent on Friday but looked set
for a fourth consecutive weekly decline as decreased consumer demand dampened investor
demand for the precious metal. Speculation about decreased chances of the US Federal
reserve instigating a new round of government bond purchasing, in order to keep short-term
interests lower has affected this month’s decline in the price of gold.
Gold was last trading at the level of 1,661.02, which is an increase of 0.94%.
Well, that is all the time we have for today. I hope you’ve enjoyed this week’s review
and you’ll join us next week. Until then, be sure to visit us at UFXMarkets.com for
all of your online trading needs. For UFXMarkets,Good luck and happy trading.