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Daily Market Outlook
Fri, Jun 13 2008, 04:13 GMT
by AceTrader Team
AceTrader 1-wk TRIAL
www.AceTraderFX.com 24-Hr Real-time Signals Consistent Performance Intra-day, Daily, Weekly. with Email Alerts Function Try 1-week for $25 USDMarket Review - 12/06/2008 21:07 GMT
Dollar strengthens across the board on better-than-expected U.S. retails
The dollar strengthened to a one-week high on Thursday against the euro
as U.S. retail sales advanced in May by twice as much as economists'
forecasts, raising speculation the Federal Reserve may increase
interest rates from the current 2 percent this year. Although the
dollar was cashing in on reduced ECB rate hike expectations, some
analysts said the markets' predictions regarding the Fed were also
looking overdone with the possibility of three rate hikes having
already been priced in by year-end FEDWATCH. In U.S. session, the euro was down to 1.5379, on track for its biggest weekly loss in percentage terms since early June 2005. The dollar hit a 3-1/2-month high versus a basket of six major currencies at 74.038 and rose to a session peak of 108.08 against the Japanese yen, the highest since late February.
The euro fell initially versus Japanese yen to 165.65 but then rose back to 166.58 in late U.S. session. South Africa's rand weakened against all of the other major currencies as the central bank raised its target lending rate by a half-percentage point to 12 percent, less than the 1 percentage point forecast by most economists. The rand dropped to 8.1500 against the dollar. It has declined by 6 percent since May 30.
The Australian dollar dropped to as low as 0.9327 and 100.54 versus U.S. dollar and Japanese yen respectively after the Bureau of Statistics reported that employers unexpectedly eliminated jobs last month (-19.7K in May versus +37.5K in April).
The U.S. dollar index traded on ICE futures in New York increased as much as 1.1 percent to 74.038, the highest level since Feb. 28, after the retail sales report. Retail sales increased 1 percent in May as Americans used their tax rebates to shop, the Commerce Department reported (the median forecast was for a 0.5 percent increase). The gain followed a revised 0.4 percent advance the prior month.
The dollar also rose after InBev NV, the world's biggest brewer by volume, offered $46.3 billion in cash for Budweiser maker Anheuser-Busch Cos.
Speculation that Irish voters may not support a new European Union governing treaty in a referendum today weighed on the euro. A defeat would kill the Lisbon agreement, which requires unanimous approval of all 27 EU nations.
The U.S. currency was supported by speculation that finance ministers from the Group of Eight countries might make comments discouraging the currency's decline at meetings in Osaka, Japan, this weekend.
On Friday, economic data releases include New Zealand retail sales, Japan industrial production, capacity utilization and the BOJ report, Germany CPI and HICP data, eurozone labour cost and employment, U.S. consumer price index, real earnings and the University of Michigan consumer sentiment survey.
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Published on Fri, Jun 13 2008, 05:06 GMT
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Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
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