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Daily Market Outlook

Thu, Jul 10 2008, 00:17 GMT
by AceTrader Team

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Market Review - 09/07/2008 20:14 GMT

The greenback falls broadly on negative global sentiment

The greenback fell against the euro on Wednesday on the news that Iran test-fired nine missiles, which halted steep drop in oil prices, and also on fears that the losses at Fannie Mae and Freddie Mac (the largest U.S. home loans company) will deepen. The negative global sentiment toward the greenback and drop in stocks market (DJI tumbled 236.77 and closed at 11,147.44) caused investors to seek out safe-haven currencies such as the Japanese yen and Swiss franc.   
  
On Wednesday, the dollar fell against the euro and British pound to 1.5750 and 1.9834 respectively whilst Japanese yen and Swiss franc advanced versus both dollar and euro as investors shed their holdings of high-yielding assets that were funded by low-yielding loans. The Japanese yen rose to 106.67 against the dollar and 168.00 versus the euro. Swiss franc also strengthened versus dollar and euro to 1.0280 and 1.6180 respectively in New York session.   
  
On the other side, oil recovered some of Tuesday's sharp drop with U.S. crude oil prices gaining nearly $2 to rise above $138 a barrel, before settling at $135.62 a barrel at the closing. Pressure on the U.S. currency was also exerted by lingering fears of more credit-related write-downs at some financial institutions. The New York Board of Trade's dollar index, which tracks the dollar's performance against six currencies, fell to a session low of 72.574.  
  
On Thursday, economic data releases include Japan Domestic CGPI, trade balance and current account, Australia unemployment rate and employment change, U.K. Halifax house prices, U.K. Bank of England’s rate decision, and U.S. jobless claims. ECB will publish their monthly report at 8:00GMT whilst Federal Reserve Chairman Ben Bernanke and U.S. Treasury Secretary Paulson testify at 14:00GMT, and later on at 17:45, ECB President Jean-Claude Trichet will speak at Munich.

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Published on  Thu, Jul 10 2008, 00:25 GMT

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