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Market Review - 06/11/2007 21:26 GMT
Euro rises to a fresh record high versus dollar on speculation of further rate-cut by the Fed
The single currency rallied to a fresh record high of 1.4571 against the dollar on speculation that the Federal Reserve will cut interest rates further later this year in order to relieve financial-company losses from U.S. subprime-mortgage defaults as Fed Governor Randall Kroszner said conditions for subprime-mortgage borrowers have potential to get worsen before they get better.
The dollar index dipped to 75.986, the lowest in its more than 30-year history. The greenback fell to a fresh record low of 0.9208 against the Canadian dollar although BOC's Jenkins said recent moves in Canadian dollar outside normal bounds, even with dollar's broad-based weakness. Jenkins said if the rise persists above projected levels, it will pose significant risks to Canada economy.
Cable rose to 26-year high of 2.0907 before retreating on cross unwinding as Bank of England Governor Mervyn King said it may take months before commercial banks publish their full losses from the U.S. subprime-mortgage slump.
Bernanke did not comment on outlook for economy or interests in speech on micro-finance on Tuesday. The greenback traded inside 114.26-114.79 range against the Japanese yen due to cross trading. Euro, aussie and sterling rallied against the yen from 165.47 to 166.98, from 105.26 to 106.43 and from 237.84 to 239.64 respectively.
Wednesday will the rates decision from he Reserve Bank of Australia which is widely expected to raise interest rates by a quarter-percentage point to 6.75% from 6.50%. U.K. will release its Nationwide consumer confidence while German will release its industrial production in September. U.S. labour cost, productivity and wholesales inventories are also due out.
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Market Review - 06/11/2007 21:26 GMT
Euro rises to a fresh record high versus dollar on speculation of further rate-cut by the Fed
The single currency rallied to a fresh record high of 1.4571 against the dollar on speculation that the Federal Reserve will cut interest rates further later this year in order to relieve financial-company losses from U.S. subprime-mortgage defaults as Fed Governor Randall Kroszner said conditions for subprime-mortgage borrowers have potential to get worsen before they get better.
The dollar index dipped to 75.986, the lowest in its more than 30-year history. The greenback fell to a fresh record low of 0.9208 against the Canadian dollar although BOC's Jenkins said recent moves in Canadian dollar outside normal bounds, even with dollar's broad-based weakness. Jenkins said if the rise persists above projected levels, it will pose significant risks to Canada economy.
Cable rose to 26-year high of 2.0907 before retreating on cross unwinding as Bank of England Governor Mervyn King said it may take months before commercial banks publish their full losses from the U.S. subprime-mortgage slump.
Bernanke did not comment on outlook for economy or interests in speech on micro-finance on Tuesday. The greenback traded inside 114.26-114.79 range against the Japanese yen due to cross trading. Euro, aussie and sterling rallied against the yen from 165.47 to 166.98, from 105.26 to 106.43 and from 237.84 to 239.64 respectively.
Wednesday will the rates decision from he Reserve Bank of Australia which is widely expected to raise interest rates by a quarter-percentage point to 6.75% from 6.50%. U.K. will release its Nationwide consumer confidence while German will release its industrial production in September. U.S. labour cost, productivity and wholesales inventories are also due out.
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