Gold and silver prices didnt do much during the passing week as they have
zigzagged around their levels form a week earlier. The news from Greece
regarding its struggle to receive the next bailout package from the EU, and the
announcement of Moodysto downgrade the credit rating of several EU countries
didnt seem to affect much forex and commodities traders. The news of the
contraction of the EU GDP by 0.3% in the fourth quarter was also something that
didnt catch traders by surprise as the Euro only slightly declined that day;
furthermore, this news didnt even pull down gold and silver prices upon
publication. Finally, during last week there were several U.S. reports that came
out and showed a slight improvement in the economic situation including a rise
in the Philly Fed index, a growth in the housing starts and building permits and
a moderate increase in U.S. retail sales. Nevertheless, these news items didnt
seem to have much of an effect on the forex market or the precious metals
market.
No comments:
Post a Comment