Remember the LORD for it is he who gives you the ability to produce wealth and so confirms his covenant... Deut. 8:18

Wednesday, January 4, 2012

Aussie higher against Ringgit. Gold recover.

The Australian dollar has rallied for a third straight session, with positive economic data and a strong day on equity markets lifting the currency above 103 US cents and fresh highs against the euro.
The Australian dollar rose during overnight trading, after an encouraging US manufacturing report buoyed equity markets and lifted appetite for risk assets. Orders, production and employment were all up in a good sign that the US economy accelerated in the December quarter," ICAP senior economist Adam Carr said in a research note. (AAP)
Spot gold traded steady
on Wednesday, retaining most of the previous session's strong
gains on encouraging economic data from the United States and
Europe, and rising concerns on Iran also helped support
Bullion began the year by recouping all of last week's
losses to post its largest daily rise since Oct. 25
"Gold may not be a safe haven in financial turmoil, but it
does seem to function as a safe haven against real-world
geopolitical risks," said Nick Trevethan, Senior Commodity
Strategist at ANZ. (Reuters)

No comments: