Gold does it again setting a new high to 1,097.72. Oil also broke back over $80 a barrel to an intra-day high of $81.06. Gold advanced following India's tremendous purchase from the IMF yesterday while Oil strengthened on the back of the Oil Reserve Reports indicating reserves were down in the U.S.
Global Equity Markets were in the black for Wednesday which of course spells trouble for the greenback. The dollar gave up over 1% today to 7 of the G10 currencies. Adding to the dollars troubles was the FOMC announcing that they will continue to keep rates on hold for the foreseeable future, thus enabling the U.S Economy time to rebound.
It will be another busy day on the economic data release front for Thursday. In Switzerland, CPI is set to print while in Australia Trade Balance figures are due out. However, the 2 releases that will garner the most attention are the rate decision from both the ECB and BOE. Although, both are expected to keep rates on hold it will be the accompanying statements that potentially provide the market volatility.
Upcoming Forex Events for November 5, 2009
USD ADP Nonfarm Employment Change Actual -203.00K Forecast -190.00K Previous -227.00K
USD Interest Rate Decision Actual 0.25% Forecast 0.25% Previous 0.25%
NZD Unemployment Rate Actual 6.50% Forecast 6.40% Previous 6.00%
JPY Monetary Policy Meeting Minutes