The unemployment in Germany dropped to 6.7% in April; however, the Euro continued to fall.,,

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DATE REVIEW : 31.05, 2012

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*Asian and European trading sessions:*

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*Euro*: During the Asian trading session the EUR / USD pair has slightly
recovered from yesterday's big sell off day. There were couple reasons
for this growth as well. First, the Euro strengthened against the
backdrop of conducted in Ireland vote for the budget pact which will
establish the austerity measures for the country within the fiscal pact
of EU. Also, the fact of taking profit on short positions at the end of
the month supported the currency growth. As the result, the EUR / USD
pair rebounded above $ 1.2402. The published today macroeconomic data
from Europe did not provide any significant impact on the Euro currency
trading dynamics. The reports came out with mixed results except the one
on the labor market in Germany which showed a decline in unemployment in
this country in April to 6.7% against the forecasted value of 6.8%.
However, the selling pressure on the Euro currency was still strong; the
EUR / USD pair pulled back towards the yesterday's lows of $1.2370 area.

*U.S. Dollar*: The dollar during the Asian session fell against major
currencies on the background of taking profits on long positions on this
currency as well as on anticipation of the publication of the block of
important macroeconomic statistics on the U.S. economy.

*British Pound*: The Pound was trading lower against all its
competitors. The GBP / USD pair tried to recover during the sessions by
rising up to $ 1.5530 level, however after the new sellers came in the
couple fell sharply and updated new lows by breaking many support levels
on its way down to the $1.5390 area.

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*Japanese Yen*: There were more and more investors who began to buy the
Japanese currency against the flow of negative news from the euro zone.
As the result the Yen rose against all major currencies. Indeed, the
demand for the yen as for the safe-haven currency grew today on fears
about the banking problems in Spain as well as on the negative fact of
strengthening yields of the Spanish and Italian bonds to the critically
high level. The USD / JPY pair had slightly dropped to Y78.70 during the
Asian session before getting into a deep intraday sell off during the
European session. The pair reached the Y78. 45 area by the end of the
session.

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*American trading session:*

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*Gold: *The trading dynamics of the Gold were depended on published US
economy macroeconomics data. The number of Americans who first applied
for unemployment benefits grew to 383K versus the forecasted values of
370K and the number of jobs in non-agricultural sectors of the U.S.
economy grew in May only to 133K positions vs. predicted 150K. The cost
of the June Gold futures was kept in the range of $ 1552.8 - $ 1573.6
per troy ounce today on the COMEX.

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*Oil: *After the publication of the report on amount of oil in US
inventories from U.S. Department of Energy the Crude oil futures fell
increasing their previous day's losses. As it was reported, the
stockpiles of Crude oil rose for the week of May 25 by 2.2 million to $
384.7 million thus showing the 10th consecutive weekly increase. This
amount was equal to a 22- year high. Also the Oil fell on speculation
that the debt crisis in Europe will slow down the U.S. economic growth
and therefore reduce demand for fuel. The cost of the July WTI futures
fell to $ 85.84 per barrel on the NYMEX today.

*Silver: *The silver's spot prices (XAGUSD) showed today mixed trading
dynamic and were kept in the range of $27.55 to $28.21per troy ounce.

Source : https://forex-metal.com <https://forex-metal.com/>