Daily Market Report
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Major economic releases today include US Nonfarm Payrolls and the US Unemployment Rate
Fri, Dec 5 2008, 12:55 GMT
by Wachovia Research Team
Traders' reluctance to take large positions ahead of a major US employment report resulted in the dollar remaining relatively unchanged yesterday against a basket of major currencies. The euro strengthened against the US dollar as investors bought the currency following the European Central Bank's (ECB) rate cut. Investors praised the ECB for its proactive efforts to avoid a deep recession in the Euro Zone. The British pound, however, did not strengthen like the euro, even though the Bank of England cut rates to their lowest level since 1951. The pound ended the day marginally lower as investors remained concerned about the health of the British economy. Lower oil, metal, and other commodity prices weighed heavily on the Canadian dollar yesterday, causing it to depreciate materially.
Most currencies are largely unchanged overnight and this morning as traders await US economic data. The euro and New Zealand dollar are down slightly from yesterday's close, while the pound and Australian dollar remain at the same levels. Meanwhile, the Canadian dollar continued to depreciate after poor economic data showed that Canadian employment fell the most since 1982.
Major economic releases today include US Nonfarm Payrolls and the US Unemployment Rate.
Published on Fri, Dec 5 2008, 12:59 GMT
Archive
- Risk aversion was the main theme of yesterday's trading session
Published On Fri, Jul 3 2009, 12:25 GMT - The US dollar and the yen fell against most major currencies
Published On Thu, Jul 2 2009, 13:25 GMT - The US dollar strengthened against the euro and the pound yesterday
Published On Wed, Jul 1 2009, 12:25 GMT - Daily Market Report
Published On Tue, Jun 30 2009, 12:50 GMT - The Swiss franc ended the week lower against the euro
Published On Mon, Jun 29 2009, 13:56 GMT
Wachovia Corporation
| P.O. Box 025383 Miami, FL 33102-5383
http://www.wachovia.com | sam.bullard@wachovia.com
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The information and opinions herein are for general information use only. Wachovia Corporation and its affiliates, including Wachovia Bank, N.A., do not guarantee their accuracy or completeness, nor does Wachovia Corporation or any of its affiliates, including Wachovia Bank, N.A., assume any liability for any loss that may result from the reliance by any person upon any such information or opinions. Such information and opinions are subject to change without notice, are for general information only and are not intended as an offer or solicitation with respect to the purchase or sales of any security or any foreign exchange transaction, or as personalized investment advice. Securities and foreign exchange transactions are not FDIC-insured, are not bank-guaranteed, and may lose value.Related reports
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