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As it turned out Friday’s release of the results of the EU bank stress testing exercise proved not to be the event that would push the dollar/euro rate out of its recent range, with a move through the $1.30(resistance) level still eluding the single currency. While the results have brought some stability to the market, thus providing a bit of a lift for the euro, many are skeptical of how stringent the tests actually were, given that only a handful out of the total 91 banks failed. Dominating the end ...Forex Rate - Forex and Exchange rates

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The price of gold remains flat below $1,200 and not much above its 60-day low of $1,180 in mid-morning New York trade. The current gold price spot rate in New York is $1,190.70 per ounce after a closing price of $1,194.50 on July 22nd. Though not far removed from its mid-June all time high price of $1,261, gold prices have been in a consistent downward corrective mode in the last month. Generally perceived as one of the safest investments during economic uncertainty, gold has apparently reached a point in the short-term ...Forex Rate - Forex and Exchange rates

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On Monday, Federal Reserve Chairman Ben Bernanke, delivered the Monetary Policy Report to Congress. The highlight of the report was the Chariman’s characterization of the economic outlook as “unusually uncertain.” While Bernanke still anticipates growth in the economy, the rate of growth is now expected to be slower than previously thought. The Fed is forecasting GDP growth of 3 to 3.5 percent in 2010, and 3.5 to 4.5 percent in 2011 and 2012. The unemployment rate is expected to decline to between 7 and 7.5 percent by the end of ...Forex Rate - Forex and Exchange rates

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The British Pound extended the decline from the previous day and slipped to a low of 1.5174 during the European trade as the economic docket reinforced a weakened outlook for the U.K., and the exchange rate may continue to trend lower going into the North American session as investors hold a cautious outlook for the region. Key fundamental releases from the Uk overnight includes the report by the Bank of England which showed mortgage approvals by the major banks in Britain increased 48K in June after expanding 51K in the previous ...Forex Rate - Forex and Exchange rates

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The Euro continues its remarkable rebound against the dollar following a long-term low of $1.1876 in early June. Since that point, the Euro has bounced nearly 11 pips in about six weeks to a current rate of $1.2935. One Euro actually traded as high as $1.3009 in late European trade before opening in New York with a pullback. Since that early June low, which coincided with the pinnacle of fear regarding the European credit crisis, conditions in the US have become less uncertain thanks to ongoing unemployment and housing ...Forex Rate - Forex and Exchange rates

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World stocks slipped from a three-week high on Thursday after the Federal Reserve suggested additional measures may be needed to combat a weakening economy. This in turn has weighed down on price movement with the US Dollar. Minutes from the Fed’s June meeting showed officials were concerned with the pace of the economic recovery and felt they should be ready to consider additional steps if an already softening outlook took a noticeable turn for the worse. Concerns about the US economic outlook are weighing on the dollar which trades near a two ...Forex Rate - Forex and Exchange rates

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Forex markets accross the board were rather mixed after yesterdays close in London, with the Pound confined to tight ranges particularly as the Euro halted its 5 day rally against its counterparts. Sterling fell to a low against the dollar of $1.4946 in the wake of the release of the UK final Q1 GDP data, which highlighted the fragility of the UK’s economic recovery. It bounced back only to fall again in later trading after S&P announced that it was maintaining its negative outlook on the UK’s AAA credit rating. This ...Forex Rate - Forex and Exchange rates

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While sterling hit a two month high to the dollar in yesterday’s early morning trading, it again failed to hold a break above the $1.52 level and saw renewed weakness against the generally stronger euro which continues to correct itself against a number of its counterparts. Although many analysts viewed this as simply a corrective pullback against the majors and positive risk sentiment, the Euro continues to retrace its losses with a test of 1.2700 (High) with the EUR/USD pair. It is advised however that buyers proceed with caution, as the ...Forex Rate - Forex and Exchange rates

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The Euro and British Pound are among the global currencies making great strides against the slumping US dollar. One Euro is currently worth $1.2554 after reaching as high as $1.2613 in earlier Friday (July 2) trade, while a British Pound is fetching an even $1.52 after peaking at $1.5234 earlier in the day. The Euro has been retracing its recent fall to below $1.19 when the credit crisis peaked in Europe. As support and assistance programs were finalized, worst case concerns were relieved and helped stabilize the currency. ...Forex Rate - Forex and Exchange rates

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The dollar has quietly slipped against the yen in this week’s currency trade while remaining mostly flat against other major counterparts including the Euro and British Pound. A less than stellar round of economic reports Monday, Tuesday and Wednesday (June 30) morning have cast a dark cloud over optimism for economic recovery. After starting the week close to 90 yen, the dollar fell to as low as 88.39 yen in late European trade before a modest rebound to its current 88.59 yen rate in early New York trade. Wednesday’s weak report ...Forex Rate - Forex and Exchange rates

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