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Dollar was under pressure initially on Monday and fell to fresh 20-month low against euro in Australia on continued concern that eurozone's interest rate outlook was more favorable than in the United States. However, the U.S. unit pared its losses in morning European session after French and Spanish ministers expressed worries on the strength of the single currency and indicated that it would be discussed at a meeting of European finance ministers in Brussels. As a result, euro and cable rose to 1.3180 and 1.9476 before retreating to 1.3086 and 1.9307 respectively. The greenback also slipped to a low of 1.2019 against Swiss franc before recovering to 1.2111.
Later in the day, the greenback eased again after Eurogroup's chairman Jean-Claude Juncker said he was not concerned about euro's current level and the single currency was lengths away from the critical point. The president of top European business lobby, UNICE, also commented that he did not believe euro's present strength would damage business. Hence, euro and cable edged higher in U.S. afternoon and ended the day at around 1.3135 and 1.9378. Traders did not pay much attention on deputy director of Russian central bank who said the euro was the most important competitor to the U.S. dollar but that he did not see it overtaking the dollar.
The U.S. currency rebounded from a fresh 2-1/2 low of 115.40 to 116.40 against the Japanese yen mainly due to persistent carry trades of selling yen for other high yielders. Eur/jpy, therefore, rallied to a new historic high of 152.49. Some traders also covered their long yen positions ahead of the release of Japan's inflationary and growth data later this week.
Tuesday will see the release of Japan retail sales and German GFK sentiment index. Data to be released from U.S. include durable goods orders, building permits, consumer confidence and existing home sales. U.S. Treasury's Paulson and Fed's chief Bernanke will deliver speeches at 09:00GMT and 17:30GMT respectively. -------------------------------------------------------------
Updating time : 27/11/2006 19:16 GMT
Dollar was under pressure initially on Monday and fell to fresh 20-month low against euro in Australia on continued concern that eurozone's interest rate outlook was more favorable than in the United States. However, the U.S. unit pared its losses in morning European session after French and Spanish ministers expressed worries on the strength of the single currency and indicated that it would be discussed at a meeting of European finance ministers in Brussels. As a result, euro and cable rose to 1.3180 and 1.9476 before retreating to 1.3086 and 1.9307 respectively. The greenback also slipped to a low of 1.2019 against Swiss franc before recovering to 1.2111.
Later in the day, the greenback eased again after Eurogroup's chairman Jean-Claude Juncker said he was not concerned about euro's current level and the single currency was lengths away from the critical point. The president of top European business lobby, UNICE, also commented that he did not believe euro's present strength would damage business. Hence, euro and cable edged higher in U.S. afternoon and ended the day at around 1.3135 and 1.9378. Traders did not pay much attention on deputy director of Russian central bank who said the euro was the most important competitor to the U.S. dollar but that he did not see it overtaking the dollar.
The U.S. currency rebounded from a fresh 2-1/2 low of 115.40 to 116.40 against the Japanese yen mainly due to persistent carry trades of selling yen for other high yielders. Eur/jpy, therefore, rallied to a new historic high of 152.49. Some traders also covered their long yen positions ahead of the release of Japan's inflationary and growth data later this week.
Tuesday will see the release of Japan retail sales and German GFK sentiment index. Data to be released from U.S. include durable goods orders, building permits, consumer confidence and existing home sales. U.S. Treasury's Paulson and Fed's chief Bernanke will deliver speeches at 09:00GMT and 17:30GMT respectively. -------------------------------------------------------------
