The USD traded mixed against major currencies in late New York trading Wednesday as the Euro rebounded on speculation that the European Central Bank (ECB) may take action to curb the recent losing streak.
The euro bounced back to above 1.31 against the “Greenback” Wednesday after slumped to nearly 3-month yesterday, .
A US official said the US would be ready to support the extension of the European Financial Stability Facility via an extra commitment of money from the International Monetary Fund, also helped bolster the Euro.
In late Wednesday trading, the dollar bought 84.19 Japanese Yen, comparing with 83.66 late Tuesday, and the Euro rose 1.3141 to USDs from 1.3012.
Gold held firm and Silver rose on the Day
Gold futures on the COMEX Division of the New York Merc extended the winning streak to 3rd straight session Wednesday, as players continued to purchase Gold as a hedge against widening Europe debt issues, and inflationary pressures in Asia. A weaker USD also helped push up Gold prices. Silver and Platinum advanced too.
The most active Gold contract for February delivery added 2.2, or 0.2%, to 1,388.3 oz. Earlier the prices reached 1,398.30 oz in electronic trading overnight, the highest price mark since November 12.
Meanwhile, the upbeat economic data of China and Germany also offered a strong boost to gold earlier in the session. A report showed that China’s measures of manufacturing activity rose in November, increasing expectations of rising inflationary pressure.
Silver futures for Mar delivery climbed 20.1c, or 0.7%, to 28.413 oz. Jan Platinum rose 17.6, or 1.1%, to 1,684 oz.
