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The Fed Board, different from FOMC and held to consider regional banks' requests to change the rate that governs emergency Fed loans to banks, generally agreed that core-inflation was higher than desirable but did not consider inflation pressures sufficient to require additional firming, party due to recent drop in energy prices. As a result, euro and cable rose from 1.2798 and 1.8963 to 1.2855 and 1.9005 respectively while the greenback fell from 1.2451 to 1.2397 against Swiss franc.
Traders continued to put their focus on carry-trades due to lack of key U.S. economic releases. Early in the day, usd/jpy and eur/jpy rose to 118.26 and 151.55 respectively after the minutes from the BOJ's Oct. 12-13 policy meeting indicated that the central bank would raise rates only gradually. However, the greenback slipped to 117.74 in late U.S. trading on dollar's broad-based weakness.
Elsewhere, the U.S. unit rose briefly against the Canadian dollar to 1.1495 after the worse-than-expected Canadian ex-auto retail sales for September (-0.9% vs. the forecast of -0.3%). However, the pair retreated in late U.S session to 1.1444 on the back of monthly selling by petroleum industry.
Data to be released on Wednesday include Japanese trade balance and all industry index, U.K. MPC vote outcome, eurozone industrial new orders, Canadian CPI data, as well as U.S. jobless claims and University of Michigan consumer sentiment index. -------------------------------------------------------------
Updating time : 21/11/2006 19:17 GMT
Dollar retreats on position adjustment ahead of Thanksgiving holiday
The Fed Board, different from FOMC and held to consider regional banks' requests to change the rate that governs emergency Fed loans to banks, generally agreed that core-inflation was higher than desirable but did not consider inflation pressures sufficient to require additional firming, party due to recent drop in energy prices. As a result, euro and cable rose from 1.2798 and 1.8963 to 1.2855 and 1.9005 respectively while the greenback fell from 1.2451 to 1.2397 against Swiss franc.
Traders continued to put their focus on carry-trades due to lack of key U.S. economic releases. Early in the day, usd/jpy and eur/jpy rose to 118.26 and 151.55 respectively after the minutes from the BOJ's Oct. 12-13 policy meeting indicated that the central bank would raise rates only gradually. However, the greenback slipped to 117.74 in late U.S. trading on dollar's broad-based weakness.
Elsewhere, the U.S. unit rose briefly against the Canadian dollar to 1.1495 after the worse-than-expected Canadian ex-auto retail sales for September (-0.9% vs. the forecast of -0.3%). However, the pair retreated in late U.S session to 1.1444 on the back of monthly selling by petroleum industry.
Data to be released on Wednesday include Japanese trade balance and all industry index, U.K. MPC vote outcome, eurozone industrial new orders, Canadian CPI data, as well as U.S. jobless claims and University of Michigan consumer sentiment index. -------------------------------------------------------------
