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Daily U.S. Forex Summary
The Japanese yen rose slightly against the dollar as investor risk appetite fell
Wed, Nov 11 2009, 06:02 GMT
by Union Bank of California Team
Union Bank of California | View company's profile
The US dollar strengthened vs. most major currencies on speculation that demand for higher-yielding assets may fall. The dollar will look to continue to be a gauge on investor risk appetite as the appetite for risk moves opposite the dollar.
The euro weakened against the dollar as some economic data came in lower than expected. The ZEW Center for European Economic Research said that Eurozone expectations of economic growth had a reading of 51.8, lower than forecast at 58.0. In Germany, Europe’s largest economy, economic confidence came in at 51.1, lower than the previous reading of 56.0.
Sterling fell against the dollar after Fitch Ratings said the UK’s sovereign credit rating is the most at risk among top-rated nations. David Riley, Fitch’s head of global sovereign ratings, said that the country needs “the largest budget adjustment” among countries it rates AAA. Standard and Poor’s currently has a “negative” outlook on the country. The Office for National Statistics reported the biggest budget deficit for any September since records began in 1993. The deficit grew to 14.8 billion pounds from a deficit of 8.7 billion pounds a year earlier. House prices fell 4.1%, beating forecasts of a 4.9% fall.
The Japanese yen rose slightly against the dollar as investor risk appetite fell.
The Canadian dollar traded higher against the dollar as crude oil rose above $80 a barrel earlier in the session.
The Australian and New Zealand dollars declined against the greenback as investors took profit from yesterday’s strong gains. Business confidence in Australia rose to 16 in October, near its highest level in six years. With economic conditions continuing to improve, the Reserve Bank of Australia is expected to raise interest rates from 3.5%. Benchmark interest rates in New Zealand are currently 2.5%, making both currencies attractive against the dollar and yen whose countries have interest rates of 0-0.25% and 0.1% respectively.
Published on Wed, Nov 11 2009, 06:11 GMT
Union Bank of California
http://www.uboc.com | info@uboc.com
Archive
- The US dollar strengthened against the euro
Published On Fri, Mar 19 2010, 05:40 GMT - The euro edged higher and hit a fresh five-week high against the dollar overnight
Published On Thu, Mar 18 2010, 05:45 GMT - The British pound recouped early losses aided by robust housing data and opinion polls
Published On Wed, Mar 17 2010, 05:57 GMT - The loonie rally is also due to oil and gold prices rising
Published On Mon, Mar 15 2010, 05:33 GMT - The euro is trading within a tight range as investor's appetite for risk alternates
Published On Fri, Mar 12 2010, 05:38 GMT
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