Asian and European trading sessions:
Euro: The Euro gaped up strongly against most major currencies on the background of the news that the European governments have agreed on providing financial assistance to Spain. The EU stabilization fund expected that Spain needs will require up to 100 billion Euros. Moreover, unlike other countries, Spain in exchange for receiving assistance aid would not need to make any retrenchments. The requirements for providing this help would apply only to its financial sector. The EUR / USD pair was trading around $ 1.2637 during the Asian session slightly lower than the level of its move after opened today gap, level of $ 1.2665.
U.S. Dollar: The Dollar fell against the backdrop of falling demand for save heaven assets, in connection with the growth of the Asian stock indices as well as on good news from Spain.
British Pound: The GBP / USD pair rose during the Asian session supporting by positive market sentiment, towards its last week highs. At the European session the couple remained within the $ 1.5522 – $ 1.5578 levels.
Japanese Yen: The USD / JPY pair traded in a range of Y79.34-Y79.70 during the Asian session. The Yen as a Dollar was not at demand at earlier Asian session due to the positive market sentiment which was based on good news from Spain.
Australian dollar: The Australian dollar rose on the reports from China which came out with mixed results. In details, the reports showed decrease in inflation and in industrial production yet demonstrated the strong results on exports and imports which reduced concerns about the slowing of the Chinese economy in the nearest future.
American trading session:
Euro: The Euro could not hold on reached levels and fell steeply down at the European session to the lows of 1.2530 against the U.S. Dollar. The reason for this fall was a still remained pressure on the currency due to the coming this Sunday, June 17 parliamentary elections in Greece. Greece will be forced to leave the EU if by the end of elections the parliament would fail again to form a government of country.
Gold: The positive investors ‘sentiment on news of providing the loan of 100 billion Euros to Spain for recapitalizing it the banking sector pushed the Gold prices to the 1608.0 dollars per troy ounce at the earlier Asian. However, the prices were not able to hold this level and move higher. The June Gold futures fell to 1583.0 dollars per ounce on the COMEX at the American session.
Silver: The June Silver futures fell to 28.3 dollars per ounce on the COMEX at the American session.
Oil: The Oil fell on concerns that the plan of salvation of Spain will not be able to calm the crisis the euro area. which slows growth and inhibits the consumption of fuel. The cost of the July futures on U.S. light crude oil WTI (Light Sweet Crude Oil) on the NYMEX today declined to $ 83.11 a barrel.