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Aussie gains ground during the Asian trading session

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AUD/USD – The Australian dollar gained ground during the Asian trading session and is trading around 0.8820 after the Chinese industrial production has shown better results than those estimated. A Chinese report showed that economic growth fell less than expected last quarter. China is the largest trading partner of Australia. China’s GDP grew by 7.3% in the third quarter compared to last year.

USD/JPY – The dollar lost ground against the Japanese yen during the Asian session and is trading around 106.30 since it is a growing demand for the Japanese currency as a safe haven because of growing concerns about the fact that the recovery in the USA does not seem so solid. The dollar strengthened against instead of the other major currencies in recent weeks on the basis of predictions that the monetary policy of the United States will begin to be less conciliatory while in Europe and in Asia, central banks are moving in the opposite direction.

The Bundesbank announced that the country’s economy grew in the third quarter while industrial production has slowed down and the level of confidence has deteriorated.

Equities worldwide have lost 4300 billion in value in the last four weeks causes of concerns about slowing economic growth. European equities are continuing to lose ground for more than a month while the S & P rose 0.9% after four weeks at a loss.

Commodities

GOLD – The gold price rebounded during the Asian session and is trading at 1250.00 with the market focused on data from China and the United States to seize if the global economy shows signs of strengthening.

CRUDE OIL – the price is trading around 82.00 during the Asian session. The Institute will publish today the American oil supply data.

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