learn to trade forex currenies May 29 forex update

The dollar fell, heading for the biggest monthly drop this year against the euro, on speculation gains in stocks spurred demand for higher-yielding assets.

The dollar also weakened versus 14 of the 16 most-traded currencies after South Korea said its national pension fund plans to hold fewer U.S. Treasuries relative to other assets. The yen advanced against the dollar after a Japanese report showed industrial production rose the most in 56 years, fueling optimism funds will flow back into the nation’s stocks. The Australian and New Zealand dollars advanced for a third month as rising commodity prices boosted demand for the currencies.

The dollar declined to $1.4005 per euro as of 7:16 a.m. in London from $1.3941 in New York yesterday, heading for a 5.6 percent loss this month, the most since December. The U.S. currency dropped to 96.70 yen from 96.85. The yen slid to 135.43 per euro from 135.04.

Australia's currency advanced to 79.26 U.S. cents from 78.40 cents yesterday, after reaching 79.28 cents, the strongest since Oct. 2. It has risen 9.2 percent this month, the most since 1985. New Zealand’s dollar climbed to 63.12 U.S. cents from 62.33 cents. It strengthened 10 percent this month. 

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The euro approached the strongest level this year against the dollar on speculation European Central Bank council member Axel Weber will reiterate today that policy makers should refrain from further interest-rate cuts. Futures traders increased their bets to the most in 10 months that the euro will gain against the dollar, figures from the Washington-based Commodity Futures Trading Commission showed on May 22.

The yen weakened against the euro and the dollar after Yonhap News said North Korea launched a short-range missile, posing a threat to the region's security. North Korea’s official state media earlier said it also "successfully" tested a nuclear weapon underground.

The yen weakened to 133.38 per euro as of 3:05 p.m. in Tokyo from 132.67 in New York last week, after earlier rising as high as 132.07. Japan’s currency fell to 95.11 per dollar from 94.78. The dollar traded at $1.4004 per euro from $1.3998.

Due to bank holiday in the US and the UK, trading volume may be lower today. 

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The dollar declined to a four-month low against the euro and weakened versus the yen on speculation the U.S. may lose its AAA credit rating. The dollar headed for its biggest weekly drop in two months versus the euro after Standard & Poor’s yesterday cut its outlook on the U.K.'s AAA credit rating, and Pacific Investment Management Co.'s co-chief investment officer Bill Gross said the same will happen to the U.S. "eventually."

The yen rose to a nine-week high versus the dollar after Japan's Finance Minister Kaoru Yosano said the government won’t intervene in the currency market and the Bank of Japan raised its economic assessment.

The dollar declined to $1.3959 per euro as of 7:44 a.m. in London, after dropping to $1.3971, the weakest since Jan. 2. The U.S. currency has slumped 3.3 percent this week, heading for the biggest loss since the five days to March 20.

The yen advanced to 94.07 per dollar, after reaching 93.87, the strongest level since March 19. Japan’s currency is heading for a 1.2 percent gain this week. The yen fell to 131.40 versus the euro from 131.15. Norway’s krone advanced 0.8 percent to 6.3393 per dollar, the biggest gain among major currencies versus the greenback.

Gold traded near the highest in two months, set for a third weekly increase, as the dollar fell against the euro, boosting the appeal of the precious metal as an alternative investment. Immediate-delivery gold was little changed at $952.45 an ounce at 12:27 p.m. in Singapore after touching $956.55 yesterday, the highest since March 23. The metal has climbed about 7.2 percent this month and is about 19 percent higher than this year’s low of $802.59 an ounce. Silver, which dropped 0.2 percent to $14.49 an ounce, is still up 3.5 percent this week. 

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The dollar fell to an eight-week low against the yen on speculation the U.S. Federal Reserve will boost purchases of assets to counter the global slump, increasing the supply of the U.S. currency.

The dollar weakened against 14 of the 16 most-traded currencies after the Fed projected a deeper recession, sapping demand for the U.S. currency as a refuge. New Zealand’s dollar rose for a fourth day after a government report showed immigration growth accelerated. The euro traded near a four- month high against the dollar before a European manufacturing and services report that may back the case for the region’s central bank to keep interest rates unchanged.

The U.S. currency declined to 94.71 yen as of 7:26 a.m. in London from 94.88 yesterday in New York. It earlier fell to 94.29, the lowest since March 20. Japan’s currency rose to 130.62 per euro from 130.77. The euro traded at $1.3789 from $1.3780 yesterday, when it reached $1.3830, the strongest level since Jan. 5.

The dollar fell as low as $1.5817 per pound, the weakest since Nov. 10, before trading at $1.5791 from $1.5755 yesterday. The New Zealand dollar rose to 60.96 U.S. cents from 60.58 cents.

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Gold may rise to a record, possibly driven higher by weakness in the dollar, should the precious metal first clearly hold above $950 an ounce. Gold, which tends to move in the opposite direction to the U.S. currency, reached a record $1,032.70 an ounce on March 17, 2008 and last rose to more than $950 an ounce on March 23. The precious metal traded today at $928.15 an ounce at 2:22 p.m. in Singapore, about 2.3 percent less than the $950 threshold.

The yen and the dollar advanced against higher-yielding currencies after economic reports showing the global recession may be prolonged spurred demand for the relative safety of the two currencies. The yen rose versus all 16 of the most-traded currencies after Japan reported that the world's second-largest economy shrank at a record pace. The euro slid against the dollar after a German report showed producer prices fell at the fastest rate in almost 22 years.

Japan's currency advanced to 130.03 per euro as of 7:48 a.m. in London, from 130.81 in New York yesterday when it fell to 131.85, the weakest level since May 13. The dollar rose to $1.3604 per euro from $1.3630. The yen climbed to 95.63 per dollar from 95.97. 

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The yen weakened against higher-yielding currencies as an advance in Asian stocks and optimism the global recession is easing damped demand for safer assets. The Nikkei 225 Stock Average surged 2.8 percent and the MSCI Asia-Pacific Index of regional shares climbed 2.3 percent after the Standard & Poor's 500 Index rose 3 percent yesterday. Sony Corp., which gets a quarter of its sales from the U.S., jumped 3.3 percent.

The yen fell against all of the 16 most-traded currencies before a U.S. government report that may show housing starts climbed from near a record low, boosting the appetite for riskier investments. The dollar fell to the lowest level this year against the British pound as demand for the relative safety of the U.S. currency eased.

The yen fell to 58.08 against the New Zealand dollar as of 7:55 a.m. in London from 57.28 in New York yesterday. It weakened to 12.9242 Korean won from 13.0768. Japan’s currency declined to 131.34 per euro from 130.61, and dropped to 96.58 per dollar from 96.30.

The euro rose to $1.3593 from $1.3562 yesterday. The pound climbed to $1.5440 from $1.5348, after earlier rising to $1.5443, the highest since Dec. 18. The Swiss franc fell for the third time in four days against the euro. The franc weakened to 1.5120 per euro by 7:07 a.m. in Zurich, from 1.5110 yesterday. It was little changed at 1.1146 versus the U.S. dollar.

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The euro fell against the dollar and extended a weekly loss versus the yen after a German government report showed Europe's largest economy contracted last quarter by more than economists estimated. Germany's gross domestic product dropped a seasonally adjusted 3.8 percent in the first quarter from the fourth quarter, when it fell 2.2 percent, the Federal Statistics Office in Wiesbaden said today. That's the deepest slump since quarterly data were first compiled in 1970 and compares with the 3 percent decline estimated by economists in a Bloomberg survey.

The euro also headed for its first weekly loss in a month versus the dollar on concern a European report today will show the region's economy shrank at the fastest pace in at least 13 years.

The euro declined to $1.3593 as of 7:36 a.m. in London from $1.3639 in New York yesterday, heading for 0.3 percent loss this week. Europe's currency fell to 129.93 yen from 130.67 yen, and was set for a 3.2 percent decline this week. The dollar bought 95.59 yen from 95.80 yen.

Gold headed for a second weekly gain as the dollar extended its decline and global stocks were poised for their first weekly slump in ten, boosting demand for haven investments. Gold for immediate delivery was at $926.92 an ounce at 2:18 p.m. in Singapore. The metal climbed to $930.90 an ounce May 13, the highest since April 1. Silver was unchanged at $14.06 an ounce, a gain of 0.4 percent this week. 

The dollar gained for a second day against the euro as Asian stocks extended a global slump, spurring demand for the relative safety of the U.S. currency.The euro declined to the lowest level in almost a week against the dollar on speculation European Central Bank officials will today signal they plan to take further unconventional measures to keep down borrowing costs. Asian currencies weakened on concern a U.S. jobs report today will show the global economy continues to deteriorate, damping the appetite for emerging-market assets.The dollar advanced to $1.3584 per euro as of 7:44 a.m. in London from $1.3600 yesterday in New York. It earlier rose to $1.3526, the strongest level since May 8. The U.S. currency climbed to 95.70 yen from 95.30. The yen traded at 129.83 per euro from 129.61, after earlier climbing to 128.87, the highest level since April 29.The Dollar Index, which the ICE uses to track the U.S. currency against the euro, yen, pound, Swiss franc, Canadian dollar and Swedish krona, rose for a second day, gaining 0.3 percent to 82.746. 

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