Markets

During Wednesday mid-day North American session, the UK sterling dropped from early morning session's highs against its key opponents during New York.

After hitting new multi-week high of 0.8956 by about 9:20 am ET, the pound reversed its direction against the euro in New York mid-day deals today. As of now, the pair is worth 0.8989, compared to yesterday's close of 0.9032.

During early deals in New York today the 16-nation currency lost ground across the board, however, European stocks surged. The euro thus fell to a near 3-week low against the pound and a 16-1/2-month low against the franc.

At about 10:32 am ET, France' CAC 40 rose by 18 points or 0.5%, Germany's DAX garnered 46 points or 0.8% and the UK's FTSE 100 added 26 points or 0.5%.

Wednesday, in Asia the greenback plummeted against its European rivals as a rise in Asian stocks diminished demand for the safe-haven greenback.

Asian stock markets strengthened Wednesday as US and Japanese central banks promised to maintain loose monetary policies, buoying hopes for recovery in the world's two largest economies.

During Asian deals on Wednesday, the Japanese that showed firmness started losing thereafter as investors reacted to the Bank of Japan's decision to ease its ultra-loose monetary policy further by expanding its three-month funding operation introduced in December. The yen thus plunged to a 6-week low against the NZ dollar and the franc, 2-day low against the euro and the aussie and a 5-day low against the loonie and the pound.

Wednesday, bullion prices continues climbing after having gained more than 1% the previous day as a US Federal Reserve decision to hold interest rates unchanged burnished the metal's investment appeal.

Spot gold was at $1,126.60 an ounce by 2:41 GMT, up $1.90 from New York's notional close on Tuesday, when it hit an intraday high of $1,128.45, its strongest since March, 8 within sight of a 6-½ week high at $1,144.60 hit in early March.

Tuesday, during early European session the US currency revealed mixed presence against its main counterparts ahead of the outcome of the US Federal Reserve's policy meeting later in the day. The dollar thus rebounded from a 6-day low against the yen, but pared recent gains against the European majors. The dollar eased from a 5-day high against the pound.

Tuesday in Singapore, bullion prices remained steady on persistent worries about Europe's debt problems; however some investors were reluctant to take positions ahead of a meeting of the US Federal Reserve, which could squeeze the dollar.

Spot gold, which hit a bid high of $1,110.25 an ounce, was at $1,108.85 by 2:48 GMT, that is up 75 cents from New York's notional close on Monday, when it firmed despite a stronger dollar and as sovereign credit worries ignited

The Japanese unit hit fresh multi-day highs against its major counterparts in early Asian deals on speculation the Bank of Japan may take further monetary easing steps.

During early European deals on Monday, the alpine franc rallied strongly against the currencies of Europe and UK. The franc jumped to a 1-year high against the pound and a 16- 1/2 -month high against the euro. However, the franc lost ground against the currencies of US and Japan.

Monday, during early European deals, the US currency soared against its Europwan counterparts on drop in most Asian and European stock markets, that pushed investors toward safe-haven dollar.

Most Asian and European stocks diminished amid uncertainty in global markets on further course of direction and concerns about China tightening measures impacted market sentiment.

In late Asian trading today the Japanese unit, that edged higher against its key counterparts in early deals, started losing ground.

The yen edged lower to 137.89 against the pound and 90.74 against the US dollar by 3:00 am ET from previous highs of 137.30 and 90.56, respectively. The Japanese currency that closed last week's deals at 137.41 against the pound and 90.47 against the greenback is currently quoted at 137.78 and 90.70, respectively.

Monday in Tokyo, bullion recovered from a two-week low hit late last week. However, gold still remains pressured by wariness over speculation European authorities may use their vast gold reserves to help euro zone states facing fiscal problems.

Spot gold inched up 0.4% to $1,104.00 an ounce as of 0200 GMT, against New York's notional close of $1,099.50.

Monday in Asia, the British pound firmed across the board, spiking versus its main rivals.

Challenging Friday's 2-week high, the pound inched slightly higher to 137.92 against the yen and 1.52 versus the dollar around 7:55 pm ET and this may be compared to last week's closing values of 137.41 and 1.5189, respectively.

Friday in Singapore, bullion prices flat as the dollar lost ground against the euro on worries the US retail sales for February could show a drop in consumer spending,denting prospects of a sustainable economic recovery.


Spot gold hit an intraday high of $1,111.40 an ounce and was at $1,109.30 by 2:37 GMT, unchanged from New York's notional close on Thursday, when it hit a low of around $1,100, its weakest since January, 25.

During early Friday deals in Asia, the UK sterling that showed firmness against its key counterparts, reversed its uptrend direction thereafter. The pound thus slid from a 4-day high against the dollar and the yen.