USD/Yen Tumbled Down on Thursday –Daily Recap May 17

The Euro/USD continued its descent as the news of Moody’s downgrade of the major Spanish Banks didn’t help the Euro. On the other hand the disappointing news of the decline in the Philly Fed Index reignited the speculation around QE3 by the Fed. The Japanese Yen spiked against the USD, plausibly over the better than expected GDP growth rate in Q1 2012. On the other hand, the Canadian dollar and other currencies such as the GBP kept depreciating against the USD. The safe haven currency CHF also slightly depreciated against the U.S dollar. Gold and silver prices changed direction and spiked on Thursday; finally, crude oil price (WTI) decreased yesterday.

Here is a summary of the changes of major currencies for May 17th:

Forex Market:

The Euros to US Dollar edged down by 0.14% to 1.2698; during the month, the EUROS/USD decreased by 4.09% Australian Dollar to US Dollar also slipped by 0.26% to 0.9888.

The U.S dollar to Canadian dollar increased by 0.73% to 1.020. During the month so far the USD/CAD exchange rate rose by 3.29%.

The GBP to USD also fell by 0.71% to 1.5797; from the beginning of the month the GBP to USD decreased by 2.69%.

Finally, the U.S Dollar/ Yen tumbled down by 1.31% to 79.28.

Commodities Market:

Gold price bounced back on Thursday and rose by 2.49% to $1,574.9. During the month, gold price fell by 5.37%.

WTI oil price slipped by 0.27% and reached $92.56 per barrel; during the month so far the WTI decreased by 11.74%.

A Summary of the Changes in Exchange Rates for May 17th:

The table below includes: closing prices, daily percent change, and daily changes:

For further reading:

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