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Daily Market Outlook
Mon, Sep 29 2008, 00:25 GMT
by AceTrader Team
AceTrader
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Market Review -
26/09/2008 22:32 GMT
The greenback falls versus yen amid bailout plan uncertainty
The U.S. dollar fell against the Japanese yen on Friday, as anxiety
over the government's proposed $700 billion bailout plan and the
seizure of Washington Mutual Inc prompted investors to shun risky
trades. Traders sold high-yielding currencies such as the Australian
dollar in Asian session and bought the low-yielding, safe-haven yen as
Republican and Democratic lawmakers clashed over the financial rescue
plan in Washington. Meanwhile, U.S. President George W. Bush
acknowledged that there were disagreements, but expressed optimism that
Congress and the White House would come together on the proposal to
rescue the troubled U.S. financial system.
The market still
has a sense of optimism that some sort of deal would be done over the
weekend and helped the U.S. stock markets to rebound, major stocks
closed mostly higher on Friday and provided some support for the
greenback. The Dow Jones industrial average index ended up 121 points,
or 1.10 percent at 11,143.
Against the yen, the dollar was
down 0.3 and traded at 106.09 yen in late New York, having dropped to
as low as 105.03 yen earlier in the day. The Australian dollar and euro
fell to session lows of 86.87 yen and 153.48 yen before recovering,
ended down 1 percent at 88.15 and 0.5 percent at 154.91 respectively by
New York closing. The euro was came under some pressure after European
sources said market expectations about European Central Bank rate cuts
early next year or even sooner are reasonable. The euro declined to as
low as 1.4555 against the dollar and ended the week down down 0.1
percent at 1.4614.
Earlier in NY session, the Commerce
Department said the U.S. economy expanded at an annual rate of 2.8
percent in the second quarter, slower than the previous estimate. Other
reports showed on Thursday that sales of new homes fell to a 17-year
low in August and orders for durable goods dropped more than forecast.
The
dollar index on the ICE Futures Exchange, a measure of the greenback's
value against six major currencies, recovered from it session low of
76.695 and ended little changed at 76.956. Overall, currency trading
was lacking liquidity and direction with traders staying on the
sidelines awaiting the outcome of the bailout package next week.
Economic
data releases on Monday include New Zealand trade data, Japan retail
sales, eurozone business climate, economic sentiment, and U.S. PCE
data, personal spending, personal income and Midwest manufacturing.
Traders will wait for more clues on dollar’s direction as U.S. non-farm
payrolls report and unemployment rate will be released on Friday.
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Published on
Mon, Sep 29 2008, 01:15 GMT
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