Daily Market Report

The US dollar held gains against most major currencies on Tuesday

Tue, May 13 2008, 12:26 GMT
by Wachovia Research Team

Wachovia


The US dollar held gains against most major currencies on Tuesday as traders await the release of U.S. April retail sales and comments from several Federal Reserve officials.

US stocks fared well overnight, led by tech stocks, and falling oil prices also contributing to better sentiment. The US dollar advanced against 14 of the 16 most traded currencies and had its largest move against the British pound after an industry report showed London's real estate market had the steepest price decline in 14 years.

Bernanke will speak today on "Federal Reserve Liquidity Measures". Markets have been stable since the last FOMC meeting, and it has been widely speculated that Fed policy makers will signal inflation may prevent further reductions in interest rates.

In addition to Fed Chairman Bernanke, the Fed's Pianalto, Warsh, Plosser, Yellen, Hoenig, and Fisher will be speaking separately.

Published on  Tue, May 13 2008, 12:30 GMT

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