European Session – Quiet trading ahead of US holiday, gold rebounds
October 14, 2013 12:51 pm
The dollar was stable during the European session, following moderate losses in the Asian session. The dollar lost an additional 0.06% against the Japanese Yen, to trade at 98.18. The yen managed to win back some of the ground it lost the previous 4 trading sessions.
The markets were still expecting news out of Washington as the 17th October deadline for raising the debt limit loomed. Although Democrats and Republicans started negotiating at the end of the previous week, there was no concrete sign of progress. US trading was expected to be slow because of the Columbus day holiday, although the stock market was going to be open.
In economic news, Industrial Production for the Eurozone posted month-on-month growth of 1.0% for August against expectations of a 0.8% rise. The latest data were in line with the recent theme of a modest recovery for the Eurozone. The data did not benefit the euro, which traded unchanged at 1.3563 versus the dollar. The dollar posted marginal gains against sterling, gaining 0.03% to trade at 1.5989.
Gold gained 1% to trade at 1286.32 dollars per ounce. The precious metal rebounded after marking a 3-month low of 1260 dollars on Friday, October 11.
The dollar was stable during the European session, following moderate losses in the Asian session. The dollar lost an additional 0.06% against the Japanese Yen, to trade at 98.18. The yen managed to win back some of the ground it lost the previous 4 trading sessions.
The markets were still expecting news out of Washington as the 17th October deadline for raising the debt limit loomed. Although Democrats and Republicans started negotiating at the end of the previous week, there was no concrete sign of progress. US trading was expected to be slow because of the Columbus day holiday, although the stock market was going to be open.
In economic news, Industrial Production for the Eurozone posted month-on-month growth of 1.0% for August against expectations of a 0.8% rise. The latest data were in line with the recent theme of a modest recovery for the Eurozone. The data did not benefit the euro, which traded unchanged at 1.3563 versus the dollar. The dollar posted marginal gains against sterling, gaining 0.03% to trade at 1.5989.
Gold gained 1% to trade at 1286.32 dollars per ounce. The precious metal rebounded after marking a 3-month low of 1260 dollars on Friday, October 11.
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