Daily Market Report

The U.S. dollar fell against most major currencies this morning

Tue, Jul 22 2008, 12:18 GMT
by Wachovia Research Team

Wachovia


The U.S. dollar fell against most major currencies this morning. The Great British pound closed relatively unchanged yesterday, though it rallied marginally overnight and early today following negative bank earnings that have led to renewed concerns about the U.S. economy. The euro closed higher yesterday and has traded in a narrow band overnight and this morning.

Ahead of Thursday?s Reserve Bank of New Zealand?s rate decision, the New Zealand dollar was little changed in the past 24 hours. Market expectations regarding a rate change are mixed. The Australian dollar was broadly steady on Tuesday, supported by its higher yield. Investors await an important Australian inflation report that could have a major impact on future rate decisions.

At 8:10 AM, Treasury Secretary Paulson is expected to speak in New York on the U.S. economy. Economic reports out today include CAD Retail Sales at 8:30 EST, USD House Price Index at 10:00 EST, and USD ABC Consumer confidence at 17:00 EST.

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

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