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Market Review - 28/03/2008 22:24 GMTDollar falls versus the Japanese yen on sagging U.S. stocks
The
greenback fell against the Japanese yen from 100.40 to 99.10 on sagging
U.S. stocks as investors worried that the credit crisis that has
fractured the U.S. financial sector is far from over. However, trading
was relatively thin on Friday as investors are waiting for Federal
Reserve Chairman Ben Bernanke's testimony before Congress and March's
non-farm payrolls report next week.
The British pound declined from 2.0090 to 1.9881 on Friday as March consumer confidence slumped to a 15-year low and U.K. Nationwide house prices fell by 0.6% in March (forecast was for a decrease of 0.3%) although U.K. current account came in better-than-expected. The single currency rallied to a record high of 79.29 against sterling.
European Central Bank council member Axel Weber said the bank ‘will act’ if its price-stability goal is threatened, adding to speculation that ECB would raise current benchmark rate of 4% if inflation accelerated. German consumer price inflation unexpectedly rose in March, giving support to the euro. The single currency rose from 1.5741 to 1.5840 on Friday, however, euro tumbled versus the Japanese yen from 158.35 to 156.56 on active cross-unwinding.
Next week will see the release of Japan’s manufacturing PMI, industrial production, eurozone business climate, economic sentiment and U.S. Chicago PMI on Monday; Japan’s tankan report, German retail sales, unemployment rate and PMI manufacturing, eurozone and U.K. PMI manufacturing respectively and U.S. ISM manufacturing and construction spending on Tuesday; U.K. PMI construction, eurozone PPI, U.S. ADP employment, factory orders and revised durable goods on Wednesday; German, eurozone and U.K. PMI service respectively, eurozone retail sales, U.S. jobless claims and ISM non-manufacturing on Thursday; German factory orders, U.S. unemployment rate, average hourly earnings and closely watched non-farm payrolls on Friday.
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Market Review - 28/03/2008 22:24 GMT
Dollar falls versus the Japanese yen on sagging U.S. stocks
The
greenback fell against the Japanese yen from 100.40 to 99.10 on sagging
U.S. stocks as investors worried that the credit crisis that has
fractured the U.S. financial sector is far from over. However, trading
was relatively thin on Friday as investors are waiting for Federal
Reserve Chairman Ben Bernanke's testimony before Congress and March's
non-farm payrolls report next week. The British pound declined from 2.0090 to 1.9881 on Friday as March consumer confidence slumped to a 15-year low and U.K. Nationwide house prices fell by 0.6% in March (forecast was for a decrease of 0.3%) although U.K. current account came in better-than-expected. The single currency rallied to a record high of 79.29 against sterling.
European Central Bank council member Axel Weber said the bank ‘will act’ if its price-stability goal is threatened, adding to speculation that ECB would raise current benchmark rate of 4% if inflation accelerated. German consumer price inflation unexpectedly rose in March, giving support to the euro. The single currency rose from 1.5741 to 1.5840 on Friday, however, euro tumbled versus the Japanese yen from 158.35 to 156.56 on active cross-unwinding.
Next week will see the release of Japan’s manufacturing PMI, industrial production, eurozone business climate, economic sentiment and U.S. Chicago PMI on Monday; Japan’s tankan report, German retail sales, unemployment rate and PMI manufacturing, eurozone and U.K. PMI manufacturing respectively and U.S. ISM manufacturing and construction spending on Tuesday; U.K. PMI construction, eurozone PPI, U.S. ADP employment, factory orders and revised durable goods on Wednesday; German, eurozone and U.K. PMI service respectively, eurozone retail sales, U.S. jobless claims and ISM non-manufacturing on Thursday; German factory orders, U.S. unemployment rate, average hourly earnings and closely watched non-farm payrolls on Friday.
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