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Daily Market Outlook
Tue, Jul 22 2008, 02:10 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 -21/07/2008 20:43 GMT
Dollar falls as worries increase over the U.S. financial sector
The greenback gained initially versus the yen on Monday as Bank of
America posted better-than-expected second-quarter earnings (net income
fell to $3.41 billion, or 72 cents a share versus the forecast of 54
cents), however, the dollar dropped afterwards in U.S. session as fears
over the U.S. financial sector persisted and investors remained wary
ahead of a flurry of bank earnings due this week, including Wachovia on
Tuesday and also focused on the rescue plan for troubled U.S. mortgage
finance giants Fannie Mae and Freddie Mac. Although the DJI pared some
of its losses, the index still ended down 29 points and closed at
11,467. In late New York afternoon trading, the euro and sterling rose versus the dollar and closed near its session high of 1.5932 and 2.0039 respectively. Against the Japanese yen, the dollar slipped and fell from its intra-day high of 107.16 to 106.42 whilst the euro hit a record high at 169.91 versus the yen before easing. The Australian dollar also rose as much as 0.7 percent to an eight-month high of 104.46 versus Japanese yen on speculation the nation will retain its interest-rate advantage over Japan.
Elsewhere, the weakness of the dollar across the board on Monday pushed the price of its currency lower against the Swiss franc and Canadian dollar to 1.0171 and 0.9990 respectively. Crude oil prices for August futures also rose $2.39 to $131.27 per barrel as a tropical storm gained strength in the Gulf of Mexico, where oil rigs are located. Leading economic indicators dropped 0.1 percent in June after a revised 0.2 percent decline the prior month, the Conference Board reported yesterday.
On Tuesday, economic data releases include Japan all industry index, Switzerland trade balance, Canada retail sales, U.S. house price index and Treasury Secretary Paulson will make a speech about the U.S. markets in New York at 20:10GMT.
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Published on Tue, Jul 22 2008, 06:22 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.
Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. FXstreet.com has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.
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