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Daily Market Outlook
Mon, Jul 21 2008, 04:21 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 -18/07/2008 21:49 GMT
The greenback heads for weekly gain versus euro as banks weather credit turmoil
The greenback rose for another day on Friday, heading for its largest
weekly gain versus the euro in a month as strength in stock markets
gave support to the dollar. The DJI ended in positive territory after a
smaller-than-expected quarterly loss from Citigroup Inc eased worries
about the U.S. financial sector, with the index closing at 11,496, up
49.91 points. In late afternoon trading in New York, the dollar index,
which tracks the greenback's performance against a basket of six major
currencies, was up 0.2 percent at 72.19. The single currency rose initially to 1.5888 versus the dollar in Europe but its upside was capped by European Central Bank President Jean-Claude Trichet's comments published on Friday that eurozone growth is likely to be weak in the second and third quarters before staging a recovery. The euro slipped 0.1 percent and closed at 1.5848 against the dollar on Friday, well off its record high of 1.6040 set on Tuesday. However, the positive sentiment in stock markets pushed the euro higher versus the Japanese yen as investors get funds in a country with low borrowing costs and buy assets where returns are higher, the pair climbed to a session high of 169.44, near to its record high at 169.69.
The dollar advanced and was up 0.7 percent against the Japanese yen to 106.97 on Friday whilst cable edged down by 0.2 percent to 1.9973 on speculation that the U.K. government would increase borrowing.
Outlook for the dollar is still shaky as the currency came under heavy pressure earlier this week after turmoil as Fannie Mae and Freddie Mac heightened concerns about the stability of the U.S. financial sector and Federal Reserve Chairman Ben Bernanke said U.S. financial markets and institutions remain under "considerable stress."
On Monday, economic data releases include U.K. Rightmove house prices in July, Australia second quarter PPI, Switzerland combined PPI data in June and U.S. leading indicator for June.
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Published on Mon, Jul 21 2008, 04:36 GMT
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