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Market Review - 19/11/2007 22:24 GMT
Japanese yen rallies on risk aversions due to the selloff in global stock markets
The greenback tumbled against the Japanese yen from 111.08 to 109.75 on active cross buying in jpy on Monday due the selloff in global stock markets which added concerns about the health of the U.S. economy.
Policy-makers from 20 industrialised and developing economies did not single out the dollar at a weekend meeting. France and Canada kept up pressure on China to allow the yuan to appreciate more at the meeting. ECB's Trichet did not pick China for criticism but only said that countries with surpluses 'could contribute to paving the way for sustainable growth through rebalancing domestic demand'.
The buck fell after the Gulf Cooperation Council, which includes Saudi Arabia, United Arab Emirates and Qatar, said members will discuss a proposal next month at a Dec. 3-4 meeting to change their fixed exchange rates to the U.S. dollar. However, Saudi Arabian central bank Governor Hamad Saud al-Sayari said that Gulf central bank governors agreed not to change their exchange-rate policies after discussing revaluation a few weeks ago. Merrill Lynch & Co. predicts either the United Arab Emirates or Qatar will cut their dollar peg within half a year. Standard Chartered Plc said the six Gulf Cooperation Council nations need to raise the value of their currencies by 20%.
On the data front, the National Association of Home Builders/Wells Fargo index of builder confidence came in at 19 in November, the lowest since records began in 1985. The single currency traded inside a relatively narrow range of 1.4621-1.4688 against the greenback as focus is on the Japanese yen. The British pound retreated from 2.0566 to 2.0451 due to active cross selling in sterling especially versus the euro and the Japanese yen.
However, the greenback rose against the Canadian dollar from 0.9700 to 0.9850 after the Bank of Canada Governor David Dodge raised the possibility of cutting interest rates from 4.5% because of rising 'risks' to global economic growth.
Tuesday will see the release of German PPI, U.K. CBI distribution trade, Canada's CPI, U.S. building permits and housing starts.
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Market Review - 19/11/2007 22:24 GMT
Japanese yen rallies on risk aversions due to the selloff in global stock markets
The greenback tumbled against the Japanese yen from 111.08 to 109.75 on active cross buying in jpy on Monday due the selloff in global stock markets which added concerns about the health of the U.S. economy.
Policy-makers from 20 industrialised and developing economies did not single out the dollar at a weekend meeting. France and Canada kept up pressure on China to allow the yuan to appreciate more at the meeting. ECB's Trichet did not pick China for criticism but only said that countries with surpluses 'could contribute to paving the way for sustainable growth through rebalancing domestic demand'.
The buck fell after the Gulf Cooperation Council, which includes Saudi Arabia, United Arab Emirates and Qatar, said members will discuss a proposal next month at a Dec. 3-4 meeting to change their fixed exchange rates to the U.S. dollar. However, Saudi Arabian central bank Governor Hamad Saud al-Sayari said that Gulf central bank governors agreed not to change their exchange-rate policies after discussing revaluation a few weeks ago. Merrill Lynch & Co. predicts either the United Arab Emirates or Qatar will cut their dollar peg within half a year. Standard Chartered Plc said the six Gulf Cooperation Council nations need to raise the value of their currencies by 20%.
On the data front, the National Association of Home Builders/Wells Fargo index of builder confidence came in at 19 in November, the lowest since records began in 1985. The single currency traded inside a relatively narrow range of 1.4621-1.4688 against the greenback as focus is on the Japanese yen. The British pound retreated from 2.0566 to 2.0451 due to active cross selling in sterling especially versus the euro and the Japanese yen.
However, the greenback rose against the Canadian dollar from 0.9700 to 0.9850 after the Bank of Canada Governor David Dodge raised the possibility of cutting interest rates from 4.5% because of rising 'risks' to global economic growth.
Tuesday will see the release of German PPI, U.K. CBI distribution trade, Canada's CPI, U.S. building permits and housing starts.
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