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Daily Market Outlook
Tue, Jul 15 2008, 00:40 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 -14/07/2008 21:41 GMT
Dollar rebounds on U.S. emergency plan for Fannie Mae and Feddie Mac
The greenback rebounded from near a record low against the euro on
Monday after U.S. Treasury Secretary Henry Paulson announced that
government may buy stakes in mortgage finance giants Fannie Mae and
Freddie Mac if needed, to restore financial markets' confidence. The emergency plan helped calm market concerns about the health of the U.S. financial and housing sectors, since the two companies as mentioned above fund half of all U.S. mortgages. By late afternoon, though, the dollar had pared some of its gains, with the euro rising back above 1.5900. The euro was down 0.2 percent and closed at 1.5910 versus the dollar after slipping to an intra-day low at 1.5841. Against the Japanese yen, the dollar fell from Monday’s high at 106.81 to 106.10, while euro also retreated from a fresh record high at 169.69 to 168.79.
Elsewhere, cable extended marginally to 1.9963 in U.S. session before easing and closed at 1.9940 and the Australian dollar rose to a 26-year high at 0.7936 on speculation that the domestic economy will withstand losses among U.S. financial institutions.
Investors are watching to see how the latest developments affect Fed Chairman Ben Bernanke's views on monetary policy and the economic outlook when he testifies before the Senate Banking Committee on Tuesday.
Money markets have scaled back their expectations for monetary policy tightening from the Fed and now don't expect it to start hiking rates until the final months of the year. The Dollar Index traded on ICE futures in New York, which tracks the greenback against the currencies of six U.S. trading partners, fell for a fourth day, dropping to 71.915.
On Tuesday, economic data releases include New Zealand CPI, Bank of Japan rate decision and its economic report, U.K. BRC retail sales, RICS house balance, CPI and RPI data, German and eurozone Zew survey, U.S. PPI data, retail sales and business inventories and Bank of Canada rate decision. Federal Reserve Chairman Ben Bernanke will testify before the Senate Banking Committee at 14:00GMT on Tuesday.
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Published on Tue, Jul 15 2008, 00:45 GMT
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Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management.
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