{"id":10506,"date":"2010-06-24T08:16:21","date_gmt":"2010-06-24T12:16:21","guid":{"rendered":"http:\/\/countingpips.com\/fx\/2010\/06\/24\/forex-market-review-06242010\/"},"modified":"2010-06-24T08:16:21","modified_gmt":"2010-06-24T12:16:21","slug":"forex-market-review-06242010","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/06\/24\/forex-market-review-06242010\/","title":{"rendered":"Forex Market Review 06\/24\/2010"},"content":{"rendered":"<p><strong>Market Analysis<span style=\"text-decoration: underline;\"> <a href=\"http:\/\/system.referforex.com\/processing\/clickthrgh.asp?btag=a_1391b_3739\" target=\"_blank\">by Finexo.com<\/a><\/span><\/strong><\/p>\n<p><strong>EUR\/USD<\/strong><br \/>\nThe Dollar fell for a second day in a row against the Euro after the Federal Reserve re-stated its pledge to hold the benchmark interest rate near zero for an \u201cextensive period\u201d.\u00a0 Moreover, the Fed downgraded its outlook for the U.S economy in noting areas of weakness in different sectors and stating that financial conditions &#8220;have become less supportive of economic growth&#8221; mostly due to the Euro Zone debt crisis.<\/p>\n<p>Later today, the U.S Department of Labor will release the number of Unemployment Claims. After another disappointing figure was released last week, with jobless claims increasing to 472K &#8211; a small drop to 461K is expected this week.<\/p>\n<p><strong>GBP\/USD<\/strong><br \/>\nThe Pound extended its rally against the Dollar to hit a six week high, as the Fed\u2019s decision to hold interest rates near zero for an \u201cextensive period\u201d pulled on the Dollar. The pair\u2019s rise can also be attributed to a possibility of an early than expected rate rise in Britain as the Bank of England is reportedly divided on when to raise the rates. Yesterday, the BOE\u2019s most recent policy meeting showed that one committee member voted to increase the rate from 0.5% to 0.75%.<\/p>\n<p><strong>AUD\/USD<\/strong><br \/>\nThe Australian Dollar rose to a high of $0.8771, from $0.8751, after news broke that the ruling Labor Party had elected Julia Gillard to replace the current Prime Minister Kevin Rudd. Rudd\u2019s popularity took a turn for the worse after he was criticized for imposing a 40% tax on mining profits. However, Julia Gillard announced this morning that she was \u201cthrowing open the government\u2019s door\u201d to renegotiate with the mining industry, rousing hopes that the government would compromise on the controversial levy that has unsettled foreign investors.<\/p>\n<p><span style=\"text-decoration: underline;\"><strong><a href=\"http:\/\/system.referforex.com\/processing\/clickthrgh.asp?btag=a_1391b_3739\" target=\"_blank\">Forex Market Review &amp; Analysis by Finexo.com<\/a><\/strong><\/span><\/p>\n<p>Disclaimer: Trading the foreign exchange (Forex) carries a high level           of risk, and may not be suitable for all investors. All      information     and  opinions contained on this website are to be used      for general      informational purposes only and do not consitute      investment advice.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Finexo &#8211; The Dollar fell for a second day in a row against the Euro after the Federal Reserve re-stated its pledge to hold the benchmark interest rate near zero for an \u201cextensive period\u201d&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-10506","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/10506","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=10506"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/10506\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=10506"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=10506"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=10506"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}