Major traded in a narrow range

Comments
Rating Unrated (0)

EMAIL
PRINT
RSS
SHARE
TEXT SIZE: A A A

04 May 2012 @ 02:06 am EDT

The major currencies traded with slightly movements during Asian session after the heavy fluctuations. Asian currencies declined to the lowest level in more than a month after the worse projections for global economic recovery.

Moreover, the Australian dollar has continued its biggest losses against the greenback in a week after the RBA cut the interest rate by 50 basis points to 3.75% during May, damping the outlook for economic growth forecasts.

AUD/USD pair dropped heavily yesterday after the nation's jobless rates increased to the highest level since 2010, where the pair recorded lowest level in more than three months at 0.7986. The pair trades in a narrow range recorded a high of 0.8018 and a low of 0.8003.

Moving to Japanese yen, USD/JPY pair also traded with slightly movements for a third straight day, which trades around 80.10.

For more forex information, go to www.ecpulse.com

Click!