Daily FX Commentary
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Daily FX Commentary
Fri, Sep 12 2008, 10:23 GMT
Lehman sale boost boost risk appetite
The Euro remained on the defensive in European trading on Thursday with a decline to lows below 1.39 on a continuing re-positioning in global markets with the currency damaged by further selling on the crosses.
The US trade deficit rose to a 16-month high of US$62.2bn in July from a revised US$58.8bn previously. There was a strong monthly rise in energy imports as volume and prices both rose strongly. The export performance was still encouraging rising more than 3.0%.
The labour-market data again recorded a higher than expected figure for initial jobless claims at 445,000 in the latest week from an upwardly-revised 451,000 previously which will reinforce fears over the labour market. The retail sales evidence will be watched closely on Friday given that consumer spending trends will be very important for the economy as a whole.
The Euro found some support later in New York and pushed back to above 1.40 as it regained ground on the crosses with hopes for a sale of Lehman Brothers helping to push the Euro higher. The dollar held close to 1.40 in early Europe on Friday before weakening to 1.41 as the Euro gained further support on the crosses. Volatility is likely to remain higher in the short term.
Published on Fri, Sep 12 2008, 10:24 GMT
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Investica Ltd
http://www.investica.co.uk | tim.clayton@investica.co.uk
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Investica's market analysis is not investment advice and must not be taken as recommending particular market positions. Investica can take no responsibility for any actions taken by investors.Related reports
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