Daily Market Report
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Tropical Storm Gustav strengthened to a Category 1 hurricane yesterday
Wed, Aug 27 2008, 12:21 GMT
by Wachovia Research Team
Volatility in the foreign exchange market continued last night with the dollar losing the gains made early Monday morning. Factors prompting the dollar's losses include higher crude oil prices and concerns that more US banks will falter and the FDIC will have to borrow funds from the Treasury Department to cover the failures. FOMC minutes were released yesterday, the details of which did little to reassure the market of the Fed's next move. Most market participants expect the Fed to leave interest rates at 2% for the time being, with the next move being an eventual increase. European Central Bank official Axel Weber also commented yesterday that rate cut expectations are premature, which could provide the euro some support if interest rates are not cut as quickly as investors expect them to be.
Tropical Storm Gustav strengthened to a Category 1 hurricane yesterday and the latest forecasts from NOAA indicate the storm should move into the Gulf of Mexico late this weekend or Monday morning. Depending on the storm's strength and path, crude oil may trade higher which could weaken the dollar in the short term.
Data released today include MBA Mortgage Applications and Durable Goods Orders. Fed official Lockhart will speak on inflation at Georgia State at 8:30AM.
Published on Wed, Aug 27 2008, 12:25 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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