Daily Market Report
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The US dollar strengthened overnight against the Euro
Fri, Aug 22 2008, 12:24 GMT
by Wachovia Research Team
The US dollar strengthened overnight against the Euro, recovering from some of yesterday's loses after a government report showed that European industrial orders fell the most in six years in June, adding to the speculation that the Euro-zone is heading for a recession.
The British pound also dropped versus the dollar as economic data released overnight showed that GDP for the latest quarter was flat quarter over quarter, ending a record expansion and putting further pressure on the BoE to cut rates in November. In addition, falling oil prices this morning have helped fuel the dollar's strength.
The Korean won hit the lowest level in four years on speculation that government intervention will not be able to keep the currency from sliding. The currency rallied yesterday as the government bought the local currency. However, local refiners are buying dollars to import oil and overseas investors are selling local stocks. The government said that it is still closely monitoring the currency.
No major data releases are expected today. Fed Chairman Bernanke will be speaking in Kansas City on financial stability at 10AM EDT.
Published on Fri, Aug 22 2008, 13:32 GMT
Archive
- The US dollar appreciated against most currencies overnight
Published On Wed, Dec 3 2008, 13:22 GMT - The Australian dollar rallied after the RBA lowered rates by 100bp (25bp more than anticipated) to 4.25%
Published On Tue, Dec 2 2008, 13:30 GMT - The British pound depreciated by 2% against the US dollar after the release of dismal UK manufacturing
Published On Mon, Dec 1 2008, 13:31 GMT - The pound strengthened against the dollar
Published On Fri, Nov 28 2008, 13:15 GMT - Yesterday, for the 3rd straight day, the U.S. dollar fell against a basket of its major trading partners
Published On Wed, Nov 26 2008, 13:15 GMT
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