Markets

The Euro zone single revealed firmness versus its key opponents in late European deals as traders are expecting the release of European Central Bank's interest rate announcement. The 16-nation single thus reached a fresh 3-week high against its UK counterpart. On the other hand, the euro that fell in early European session against the dollar, yen and the franc reversed its direction after 3:40 am ET.

During early European deals, the US major revealed mixed performance across the board as investors' remained wary ahead of the ECB interest rate announcement and various US economic reports.

Thursday, in early European trading, the British pound edged down against most majors as a report from the Nationwide Building Society showed that house prices in UK dropped more than expected in August. The UK currency was also diminished by decline in European stocks after an early surge. 

The alpine franc gained ground versus its main opponents in early European session today, following the release of a better-than-expected second quarter GDP report from Switzerland. The franc thus recovered from a 2-day low against the dollar and the yen.

Thursday in Shanghai, bullion prices appeared to be slightly stronger and are supposed to stay on the rise as global economic prospects remain unreliable, while investors watch for more labour data out of the US.

Spot gold thus added $2.5, or 0.2%, to $1,246 an ounce by 3:31 GMT, after having hit a two-month high of $1,254.65 on Wednesday, which is just $10 below the all-time high.

In early Asian trading on Thursday, the Japanese unit revealed firmness on a weaker-than-expected Australian trade surplus data that prompted traders to seek for safe-haven yen.

During early New York deals today, the alpine franc spiked across the board, hitting the highest level since January 5, 2009 versus its UK rival. 

 As of 8:25 am ET, the franc touched 1.5546 against the British pound, reaching the highest level since January 5, 2009. On the upside, the domestic unit may find target around the 1.5360 level.

During Wednesday's early European session, the 16-nation currency climbed against its main opponents as risk appetite emerged in market after reports showed earlier in the day that China's manufacturing growth picked up in August and Australia's economy expanded more than expected in the second quarter. The euro thus jumped to a 12-day high against the dollar and a 3-week high against the pound.

In early European deals today, the UK sterling tumbled after a report unveiled UK's manufacturing PMI to unexpectedly decline in August. The pound thus plunged to a 3-week low against the euro and it pared the gains made in Asian session against the dollar, yen and the franc.

During early Asian trading, the Japanese unit slid versus its main rivals as investors bet on higher-yielding assets after reports that unveiled China's manufacturing activity to recover in August and Australia's second quarter GDP to rise better-than-expected.   The yen thus pared some of the gains it made yesterday.

Wednesday in Shanghai, bullion prices slid as modest growth in US consumer confidence and improved home prices eased some worries of another downturn in the US.

Spot gold prices eased by 0.3% or $3.19, slipping to $1,245.80 an ounce by 2:56 GMT, easing from a two-month peak of $1,249.90 hit on Tuesday. Precious metal’s prices slid after touching a two-month high on Tuesday as investors continued to worry about the prospects of the global economy and sought refuge in the yellow metal.

Tuesday in early European trading, the single euro zone major exhibited mixed presence versus its key counterparts. While the euro tumbled to a new record low against the franc, it strengthened to a 4-day high against the pound. Against the dollar and the yen, the euro recovered from an Asian session's 6-day low during this time.

The alpine franc spiked across the board in early European session today, as concerns about the global economic recovery pushed risk averse traders to buy safe-haven currencies. The franc thus jumped to a new record high against the euro and new multi-month highs against the dollar and the pound. At the same time, the franc hit new record high against the euro and new multi-month highs against the dollar and the pound. E, the Swiss franc recovered from an Asian session's 5-day low against the yen.

Tuesday in Tokyo, bullion prices steadied as investors considered US economic data due this week for clues to the strength of the world's largest economy while looking at equities to gauge investor risk appetite.

Spot gold was trading at $1,235.25 an ounce as of 5:29 GMT, compared to $1,236.66 an ounce late in New York on Monday. On Monday, gold rose, starting its fifth straight week in positive territory.

In early Asian trading the Japanese unit spiked across the board, touching new multi-day highs versus its main opponents as traders shrugged off the latest policy decisions from the Bank of Japan, which were perceived as too timid to stem the rapid rise of the yen.