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Daily Market Outlook
Wed, Aug 20 2008, 01:49 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 - 19/08/2008 22:05 GMT
Greenback falls from six-month high versus euro on tumbling U.S. stocks and rising oil prices
The greenback fell for a second day on Tuesday, hit by a bout of
profit-taking after recent sharp gains due to rising crude oil prices
and falling stocks on Wall Street which renewed worries about the U.S.
financial sector. The DJI declined more than 130 points or 1.14 percent
to 11,348 and the dollar index, traded on the ICE Futures Exchange,
closed lower for a second day to 76.753, down 0.4 percent. Although the dollar got some support initially on expectations that Fed would increase interest rates later this year after the release of U.S. producer prices, which climbed 1.2 percent in July and posted the biggest annual jump since June 1981 to 9.8 percent, those gains evaporated on concerns that slower economic growth would restrain the central bank's hand. Other data also showed that U.S. home building projects started in July fell 11 percent to the lowest annual rate in more than 17 years and building permits tumbled 17.7 percent.
Futures on the Chicago Board of Trade showed a 19 percent chance the Federal Reserve will raise the 2 percent target rate for overnight lending between banks by at least a quarter-percentage point by its December 16 meeting, down from 37 percent odds a week ago.
Crude oil closed higher on Tuesday after a three-day fall, with delivery price for September ending almost 2 percent higher at $115.10. The rising crude oil prices helped the euro to recover from its six-month low against the dollar set on earlier at 1.4630 and the single currency climbed to a session high of 1.4794 in late New York trade, closing up 0.5 percent at 1.4776. The British pound also rebounded from its multi-month low at 1.8538 and cable closed at 1.8670.
Against the Japanese yen, the dollar dropped to a session low of 109.55 and was last trading down 0.3 percent to 109.72 whilst the strength in euro pushed the pair higher from its three-month low at 160.86 to an intra-day high of 162.40 before easing.
On Wednesday, economic data release includes Japan all industrial index, Australia Westpac leading economic index, U.K. BoE MPC vote outcome, PSNCR and CBI industrial trend, Canada leading indicators and retails sales.
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Published on Wed, Aug 20 2008, 01:52 GMT
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