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The U.S. dollar rose to a one month high against the yen
Wed, Jul 23 2008, 12:21 GMT
by Wachovia Research Team
The U.S. dollar rose to a one month high against the yen and a basket of other currencies following a drop in oil prices. The Canadian dollar fell late yesterday after a report showed slowing consumer inflation, quelling speculation that the central bank will hike interest rates. The Mexican dollar strengthened materially as investors bet that Mexican policy makers will raise rates for a third time to curb inflation that is at the highest in three years.
In Europe, the Great British pound rose this morning after the Bank of England (BoE) released their minutes. The minutes were more hawkish than expected, with one policy maker seeking a rise and the rest seeking to keep rates steady. Since dropping late yesterday, the euro has traded in a relatively narrow band.
Australian inflation rose to its fastest pace in 17 years, though the numbers were expected. This caused the Australian dollar to drop as the outlook for a rate increase was lowered.
At 2:00 PM, the Fed?s Beige Book will come out. Additionally, at 5:00 PM EST, the Reserve Bank of New Zealand will release its rate decision.
Published on Wed, Jul 23 2008, 12:23 GMT
Archive
- The Korean Won climbed to one week high against the USD
Published On Mon, Oct 13 2008, 12:52 GMT - Equities plunged yesterday and overnight
Published On Fri, Oct 10 2008, 13:35 GMT - The markets had mixed reactions to yesterday's unilateral central bank rate cuts
Published On Thu, Oct 9 2008, 12:13 GMT - Economic data out today includes pending home sales and MBA mortgage applications numbers
Published On Wed, Oct 8 2008, 12:24 GMT - The British pound fell to its lowest level against the dollar in 2 ½ years
Published On Tue, Oct 7 2008, 13:43 GMT
Wachovia Corporation
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