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Daily Market Report
The US dollar strengthened against most of its major trading partners overnight
Thu, May 8 2008, 12:07 GMT
by Wachovia Research Team
The US dollar strengthened against most of its major trading partners overnight, notably the euro fell to an 8 week low and the pound to a 10 week low. The dollar performed well as investors anticipate the European Central Bank to signal concern about economic growth and take a less hawkish stance for future meetings. Both banks kept rates on hold, seeking to keep inflation in check but remaining conscious of their respective weakening economies.
Crude oil posted a new all time high yesterday; though commodity linked currencies could not find momentum to rally against the US dollar. The Australian dollar remains near its recent highs and the Canadian dollar appears well supported.
Data released today includes Initial Jobless Claims, Continuing Claims, and Wholesale Inventories.
Published on Thu, May 8 2008, 12:10 GMT
Archive
- Despite an almost 3% drop in the DJIA, the U.S. dollar continued its strengthening trend yesterday
Published On Fri, Sep 5 2008, 12:17 GMT - This morning, the Bank of England announced that it was keeping rates steady at 5.00%
Published On Thu, Sep 4 2008, 12:18 GMT - The U.S. dollar is again stronger this morning
Published On Wed, Sep 3 2008, 12:08 GMT - The dollar hit a seven month high against the euro
Published On Tue, Sep 2 2008, 12:12 GMT - Yesterday afternoon, the dollar strengthened as oil prices fell 3%
Published On Fri, Aug 29 2008, 12:12 GMT
Wachovia Corporation
| P.O. Box 025383 Miami, FL 33102-5383
http://www.wachovia.com | sam.bullard@wachovia.com
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