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Daily U.S. Forex Summary
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The Canadian dollar remained in a tight trading pattern in holiday trading
Fri, Dec 26 2008, 08:13 GMT
by Union Bank of California Team
The US dollar continued to trade weaker against a basket of currencies in thin holiday trading after a set of grim economic data. Jobless claims rose to a 26 year high while consumer spending and durable orders continue to shrink.
Yesterday’s report of home data revealed housing is at its worst since the great depression. Liquidity remains thin during the holiday season and market participants are seeing choppy price movement.
The euro traded in a tight range after comments from an ECB member stating that the central bank would do what is necessary to maintain price stability but refrained from commenting on its stance on rates.
The British pound continued to trade at 2 week lows against the dollar after a bleak housing forecast report was released. The Royal Institute of Chartered Surveyors stated that home prices would fall 10% in 2009. The BOE has stated recently that the benchmark rate could fall to near zero, from the current 2%.
The Japanese yen strengthened against the dollar after Japan’s government announced its biggest ever budget starting April 2009. The total amount will be approximately $980 billion which will boost overall spending. Market participants are expecting the central bank to reduce rates from 0.1% to zero.
The Canadian dollar remained in a tight trading pattern in holiday trading. Oil prices fell almost 4% to $37/barrel after reports that US inventories rose for the 12th time in 12 weeks.
Both the Australian dollar and the New Zealand dollar remained steady in holiday trading.
The Mexican peso weakened against the US dollar after reports that the US economy continues to weaken, Mexico’s biggest trading partner.
Published on Fri, Dec 26 2008, 08:17 GMT
Archive
- The euro stayed mostly flat against the dollar after a mix of news
Published On Fri, Nov 6 2009, 05:42 GMT - The Japanese yen weakened against the dollar overnight
Published On Thu, Nov 5 2009, 05:41 GMT - The US dollar strengthened vs. most major currencies
Published On Mon, Nov 2 2009, 05:32 GMT - The Eurozone Business Climate Indicator was down 1.78 in October
Published On Fri, Oct 30 2009, 05:33 GMT - The single currency continues to extend its losses as it remains a proxy for risk appetite
Published On Thu, Oct 29 2009, 05:34 GMT
Union Bank of California
http://www.uboc.com | info@uboc.com
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