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Daily Market Report
The Euro rallied to near record highs against the USD
Thu, Mar 27 2008, 12:29 GMT
by Wachovia Research Team
The Euro rallied to near record highs against the USD yesterday in a move that was not driven by an obvious signal. ECB president Jean Claude Trichet made comments which maintain his hawkish stance on interest rates; implying rate cuts from the ECB will not be likely before year end despite the Fed's recent cuts. Also Germany's IFO numbers (a measure of business confidence) and positive economic releases from Europe show that recessionary concerns are not nearly as prevalent in the Euro zone as in the US.
The market saw a decent gain from both JPY and CHF as equities underperformed on the day. JPY traded in a fairly tight range overnight and opened this morning slightly higher. Japan moves into their fiscal year end which may result in more JPY buyers in the next few days.
Today initial jobless claims in the US will be released and are expected to be close to last month's number, 378k. Fourth quarter final GDP numbers will also be released. Also the Fed's Pianalto and Lockhart will comment on the economic outlook.
Published on Thu, Mar 27 2008, 12:31 GMT
Archive
- 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 - Overnight the US dollar was relatively unchanged against most currencies,
Published On Tue, May 6 2008, 12:03 GMT
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