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Daily Market Outlook

Tue, Nov 14 2006, 06:29 GMT

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Updating time :     13/11/2006 19:35 GMT

Dollar rises as investors reassess FX reserve outlook

Dollar rebounded broadly on Monday mainly due to investors reassessing the likelihood of foreign central banks dramatically cutting their U.S. currency holdings. The greenback had fallen last week on speculation the PBOC would decrease the buying of dollar-based assets. The U.S. Federal Budget deficit was in line with expectations at $49.2 billion in October and did not make any impact on the market. As a result, euro and cable fell to 1.2796 and 1.8998 respectively while the greenback rallied to 1.2460 against the Swiss franc.   
  
The greenback rose to an intra-day high of 118.30 versus the yen from the Asian low of 117.13 after the policy chief of Japan's ruling Liberal Democratic Party, Shoichi Nakagawa told a newswire that he opposed BOJ's hawkish stance regarding monetary policy.  
  
The Australian dollar registered its biggest daily loss versus the U.S. unit in nearly two months to 0.7615 after the Reserve Bank of Australia said the country's severe drought would hurt economic growth in FY 2006/07. The New Zealand dollar fell to 0.6585 after the weaker-than-expected New Zealand PPI output data for Q3 (0.7% vs. the forecast of 0.9%). The report supported the RBNZ's easing bias and is likely to put downward pressure on kiwi.  
  
Data to be released on Tuesday include Japan, German and Eurozone GDP for Q3, U.K. CPI and RPI, German ZEW report for November, as well as U.S. PPI and retail sales.

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Published on  Tue, Nov 14 2006, 06:29 GMT


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