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Daily Market Outlook
Fri, Oct 10 2008, 04:28 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 - 09/10/2008 22:02 GMT
U.S. dollar up as cash is hoarded, market looks to G7
Despite coordinated efforts by many central banks this week to ease the credit crisis, the U.S. dollar edged higher again on Thursday as short term interest rates for dollars continued to rise on global money markets and fears of further bank failures continued to deter inter-bank lending and led corporations, funds, and banks to hoard cash.
Speculation that the Group of Seven meeting of finance ministers and central bankers on Friday in Washington D.C. would follow Wednesday's coordinated rate cuts with bold steps to unblock the flow of credit in global markets also helped the dollar’s gain. The Intercontinental Exchange's U.S. dollar index, which measures the dollar's value against major currencies, was last up 0.56 percent at 81.369, near its 14-month high of 81.745 seen earlier this week.
In late New York session, the euro was last traded down 0.3 percent at 1.3585, while the dollar was up 0.5 percent at 99.72 against the Japanese yen, after dropping to a six-month trough at 98.60 on Wednesday. The British pound fell against the dollar to another two-year low of 1.7065 in late U.S. session before stabilising.
The yen fell against the Australian and New Zealand dollars on Thursday. The Aussie dollar was last up 2.8 percent at 67.72 yen, while the Kiwi dollar rose 0.3 percent to 60.05 yen.
U.S. stocks fell for a seventh straight session to new five year lows as investors bet recent moves by authorities worldwide to thaw frozen credit markets would not be enough to avert a global recession. The Dow Jones industrial average tumbled 678 points, or 7.33 percent to ended at 8,579.19. The Standard & Poor’s 500 index dropped by 7.62 percent to finished at 909.92 while the Nasdaq Composite Index also plummeted 5.47 percent to close at 1,645.12.
Markets are looking to the G7 meeting, as well as a broader meeting of G20 countries over the weekend, for a more coordinated approach to the global financial crisis. Markets also expect central banks around the world to cut rates further after the Fed, the ECB and the central banks of Canada, England, China, Sweden and Switzerland cut rates simultaneously on Wednesday.
On Friday, economic data releases include Japan BoJ minutes, Switzerland’s unemployment rate, Canada unemployment rate and trade data, and U.S. trade data and Fed budget.
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Published on Fri, Oct 10 2008, 06:10 GMT
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