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Market Review - 16/11/2007 23:30 GMT
Dollar rebounds versus Japanese yen ahead of G20 meeting
The greenback rebounded against the Japanese yen from 109.77 to 111.34 on renewed cross selling in jpy as the global stocks markets stabilized after this week’s selloff due to credit-market losses. Euro, aussie and sterling rose against the Japanese unit on Friday from 160.45 to 163.26, from 96.95 to 99.42 and from 224.02 to 228.40 respectively.
U.S. Treasury Secretary Henry Paulson said he expected to discuss exchange rates at the Nov. 17-18 meeting of the G-20, which includes the largest developed nations and emerging markets such as China and India. European, Canadian and Japanese officials have criticized volatility in exchange rates and urged China to allow a faster pace of appreciation in the yuan to share in the burden of a weakening dollar.
Fed Governor Randall Kroszner said policy makers probably won't need to further lower borrowing costs from 4.5 percent to help the economy weather a ‘rough patch’ in the coming year.
The single currency rebounded from 1.4581 to 1.4674 against the dollar. The British pound tumbled to a three-week low of 2.0352 on speculation that the Bank of England may need to cut interest rates from 5.75 percent as early as next month. However, traders and investors took profit ahead of G20 meeting over the weekend and cable rebounded strongly to 2.0551. The greenback weakened to 12-year low of 1.1160 against the Swiss franc before rebounding later in the day.
Foreign investor demand for U.S. stocks and bonds rebounded in September after the Federal Reserve lowered its benchmark interest rate on Sept. 18 to combat a surge in mortgage defaults. Total holdings of equities, notes and bonds rose a net $26.4 billion after sales of a revised $70.6 billion in August, the Treasury Department said today in Washington.
On the data front, the Treasury International Capital report for September showed a lower-than-expected flow of long-term capital into the United States of $26.4 billion, below expectations of $70 billion. The U.S. industrial production decreased by 0.5% in October, much weaker than the expectation of a rise of 0.1%.
Next week will see the release of U.K. Rightmove house prices and U.S. NAHB housing market index on Monday; German PPI, U.K. CBI distribution trade, Canada CPI, U.S. building permits and housing starts on Tuesday; Japan’s trade balance, U.S. jobless claims, leading indicators and University of Michigan survey on Wednesday; German GDP and eurozone current account and industrial orders on Thursday; and German industrial production, eurozone PMI service and manufacturing and U.K. GDP on Friday.
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Market Review - 16/11/2007 23:30 GMT
Dollar rebounds versus Japanese yen ahead of G20 meeting
The greenback rebounded against the Japanese yen from 109.77 to 111.34 on renewed cross selling in jpy as the global stocks markets stabilized after this week’s selloff due to credit-market losses. Euro, aussie and sterling rose against the Japanese unit on Friday from 160.45 to 163.26, from 96.95 to 99.42 and from 224.02 to 228.40 respectively.
U.S. Treasury Secretary Henry Paulson said he expected to discuss exchange rates at the Nov. 17-18 meeting of the G-20, which includes the largest developed nations and emerging markets such as China and India. European, Canadian and Japanese officials have criticized volatility in exchange rates and urged China to allow a faster pace of appreciation in the yuan to share in the burden of a weakening dollar.
Fed Governor Randall Kroszner said policy makers probably won't need to further lower borrowing costs from 4.5 percent to help the economy weather a ‘rough patch’ in the coming year.
The single currency rebounded from 1.4581 to 1.4674 against the dollar. The British pound tumbled to a three-week low of 2.0352 on speculation that the Bank of England may need to cut interest rates from 5.75 percent as early as next month. However, traders and investors took profit ahead of G20 meeting over the weekend and cable rebounded strongly to 2.0551. The greenback weakened to 12-year low of 1.1160 against the Swiss franc before rebounding later in the day.
Foreign investor demand for U.S. stocks and bonds rebounded in September after the Federal Reserve lowered its benchmark interest rate on Sept. 18 to combat a surge in mortgage defaults. Total holdings of equities, notes and bonds rose a net $26.4 billion after sales of a revised $70.6 billion in August, the Treasury Department said today in Washington.
On the data front, the Treasury International Capital report for September showed a lower-than-expected flow of long-term capital into the United States of $26.4 billion, below expectations of $70 billion. The U.S. industrial production decreased by 0.5% in October, much weaker than the expectation of a rise of 0.1%.
Next week will see the release of U.K. Rightmove house prices and U.S. NAHB housing market index on Monday; German PPI, U.K. CBI distribution trade, Canada CPI, U.S. building permits and housing starts on Tuesday; Japan’s trade balance, U.S. jobless claims, leading indicators and University of Michigan survey on Wednesday; German GDP and eurozone current account and industrial orders on Thursday; and German industrial production, eurozone PMI service and manufacturing and U.K. GDP on Friday.
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