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Daily Market Outlook
Tue, Aug 19 2008, 00:05 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 - 18/08/2008 21:34 GMT
The greenback eases against yen on the rebound in gold and falling stocks
The greenback retreated on Monday after posting a seven-month peak
against the Japanese yen last week at 110.67, halting an 11-day advance
against a basket of currencies due to profit taking on the back of
falling stocks and a rebound in gold. The dollar index on the ICE Futures Exchange dipped to as low as 76.776, retreating from a seven-month high of 77.268 set last Friday and ending its 11 consecutive trading days of gains. The index was last down almost 0.3 percent at 77.072. U.S. stock markets declined on Monday due to prospect of more losses from the mortgage crisis as U.S. home finance providers Fannie Mae and Freddie Mace reminded investors that the credit crisis and housing slump was 'far from over'. The Dow Jones industrial average index dropped more than 1.5 percent, ending down 180 points at 11,479.
On the other side, gold's rebound led commodities price higher with the spot price rising from Friday’s low at $774.00 to a session high of $803.90 per ounce whilst crude oil for September delivery ended steady and was last trading slightly lower at $112.93 per barrel, down $0.62.
The euro rebounded to a session high of 1.4768 but retreated later in the day and ended flat at 1.4694 by New York closing. The cable also rebounded from its multi-month low of 1.8510 (set on Aug 15), climbed to as high as 1.8723 and was last trading at 1.8653. The dollar erased some of its gains versus the Japanese yen and ended at 110.13 whilst euro dropped to 161.68 on unwinding in carry trade related to falling U.S. stocks.
Elsewhere, the rebound in commodity prices led the aussie and kiwi higher on Monday. The aussie touched a session peak of 0.8756, on pace for its strongest one-day gain in almost four weeks whilst the kiwi jumped 0.8 percent to 0.7162. These two currencies have slumped in recent sessions as investors priced in expectations of interest rate cuts as their domestic economies falter.
On Tuesday, economic data release includes German PPI data and ZEW index, U.S building permits, housing starts and PPI data, as well as Canada wholesale sales.
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Published on Tue, Aug 19 2008, 00:08 GMT
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