Daily Market Report
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Today, the economic calendar is rather thin with the only major news being the release of the Beige Book
Wed, Jun 11 2008, 12:33 GMT
by Wachovia Research Team
The USD continued to strengthen against most currencies yesterday as the market digested Bernanke's comments from Monday evening and President Bush's USD bullish comments yesterday. It seems that the Administration is strongly concerned about the value of the USD and may try to intervene in the forex market to support it. The CAD was the only exception which gained nearly 1.2% against the USD immediately following an unexpected decision by the BoC to hold their lending rate at 3% instead of cutting by 25 bps.
Overnight, the USD lost some ground against major currencies relative to its levels at the end of the NY session. During the European session, another ECB official, Juergen Stark, stated that the ECB would do whatever is necessary to anchor inflation expectations causing the EUR to rise a bit. UK numbers released yesterday were not very positive as jobless claims and unemployment rose and wage growth slowed causing the GBP depreciate versus the USD; since then the USD has given back those gains.
Today, the economic calendar is rather thin with the only major news being the release of the Beige Book. But be sure to note the comments from the various Fed and ECB officials today as we have seen their comments strongly affect the market recently.
Published on Wed, Jun 11 2008, 12:49 GMT
Archive
- Risk aversion was the main theme of yesterday's trading session
Published On Fri, Jul 3 2009, 12:25 GMT - The US dollar and the yen fell against most major currencies
Published On Thu, Jul 2 2009, 13:25 GMT - The US dollar strengthened against the euro and the pound yesterday
Published On Wed, Jul 1 2009, 12:25 GMT - Daily Market Report
Published On Tue, Jun 30 2009, 12:50 GMT - The Swiss franc ended the week lower against the euro
Published On Mon, Jun 29 2009, 13:56 GMT
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