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Daily Market Report
This morning, strong euro zone economic data and hawkish comments from Trichet
Wed, Mar 26 2008, 12:39 GMT
by Wachovia Research Team
On Tuesday, the dollar fell broadly on news that U.S. Consumer Confidence dropped to the lowest level in 5 years. Adding to the dollar?s weakness, U.S home prices for January declined in 16 of the 20 regions. The euro posted its largest daily gain in 2 weeks; however, the gains were curbed by concerns about Germany?s IFO business sentiment survey. Both crude oil and gold finished slightly higher on the day and continued to strengthen overnight boosting higher yielding currencies.
This morning, strong euro zone economic data and hawkish comments from Trichet, the ECB President, on price stability sent the euro higher. The dollar also took a fall against the yen, Swiss franc, Canadian dollar and Australian dollar. The pound weakened against the dollar after a Bank of England policy maker indicated that risks to sterling were to the downside and the bias was for additional rate cuts. The Chinese yuan rose to the highest level since 2005 when the dollar peg was removed after China?s central bank set an unexpectedly strong mid-point.
Today?s release of new homes sales in the U.S. for February is expected to show the largest decline since 1995. Other important data released today in the U.S. includes Durable Goods.
Published on Wed, Mar 26 2008, 13:59 GMT
Archive
- The US dollar held gains against most major currencies on Tuesday
Published On Tue, May 13 2008, 12:26 GMT - U.S. stock futures leaned higher on Monday morning
Published On Mon, May 12 2008, 12:32 GMT - The US dollar weakened against most of its major trading partners yesterday and overnight
Published On Fri, May 9 2008, 12:11 GMT - The US dollar strengthened against most of its major trading partners overnight
Published On Thu, May 8 2008, 12:07 GMT - The US dollar is broadly stronger this morning after Fed presidents Fischer
Published On Wed, May 7 2008, 12:21 GMT
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