Daily Market Report

Asian currencies were largely stronger this morning

Mon, Jul 21 2008, 12:17 GMT
by Wachovia Research Team

Wachovia


The pound declined versus the dollar after a Bank of England (BOE) policy maker said that the British economy was heading into a recession and that the BOE must cut interest rates to support the economy. Elsewhere in Europe, the euro was little changed this morning from Friday?s close.

The Australian dollar strengthened this morning amid renewed appetite for risk and concerns about weak U.S. company earnings. The New Zealand dollar initially declined early Monday morning on reports of falling consumer spending.

Asian currencies were largely stronger this morning, with the Chinese yuan and South Korean won bucking the trend. The yuan fell as investors speculated that the Central Bank of China is slowing the pace of the currency?s appreciation, while the South Korean fell largely due to U.S. dollar demand from importers.

Published on  Mon, Jul 21 2008, 12:22 GMT

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