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 USD
Market Review - 31/10/2008 23:16 GMT
The greenback posts its biggest monthly gain since 1991
The greenback rose against a basket of six other major currencies on Friday and posted its biggest monthly gain in more than 17 years in October as investors sought safety due to concerns about a global recession. The ICE Futures' dollar index surged nearly 8.0 percent this month and closed at 85.768 on Friday.
The dollar traded down 0.1 percent at 98.50 against the yen but rose 1.3 percent versus the euro at 1.2732 in late New York session. The euro was down about 9.6 percent versus the dollar in October, the worst monthly performance since its launch in 1999.
Sterling fell more than 2 percent versus the dollar and closed at 1.6077 in late U.S. session after the GfK survey showed that U.K. consumer confidence in October declined to the lowest since 1974. The British pound dropped more than 14 percent against the dollar this month.
The Bank of Japan joined the global wave of rate cuts to contain financial crisis and lowered its interest rates for the first time in seven years, from 0.50 percent to 0.30 percent. However, speculation on the global economy slump encouraged investors to sell high-yielding assets versus low-yield ones. The single currency last traded down 1.3 percent at 125.41 versus the yen while Australian dollar and New Zealand fell 3 percent to 65.29 and 1.7 percent to 58.20 respectively.
In October, the Japanese yen rallied broadly and appreciated more than 7 percent against the U.S. dollar and about 19 percent versus euro. Other currencies such as the British pound, Aussie dollar and New Zealand dollar also fell versus the yen by 16 percent, 22 percent and 19 percent respectively.
On the data front, reports showed a steep drop in business activity in the U.S. Midwest and a record decline in consumer confidence this month. The Chicago PMI was 37.8 in October versus the forecast of 48.0 and the previous month's reading of 56.7 while data earlier this week showed the U.S. consumer confidence index had fallen to 38.0 this month from 59.8 in September.
Next Monday, markets in Japan will be closed due to Culture day and data releases from other nations include Australia retail sales and house price index, eurozone PMI manufacturing, Switzerland PMI, German manufacturing PMI, U.K. Halifax house price data and manufacturing PMI, and U.S. ISM manufacturing PMI and consumer spending.
***********************************************************************************
AceTrader M-T-D Intra-Day performance summary (as of 31 Oct)
USD/JPY +66 | EUR/USD +71 | USD/CHF +315 | GBP/USD +306 |
***********************************************************************************
The greenback posts its biggest monthly gain since 1991
The greenback rose against a basket of six other major currencies on Friday and posted its biggest monthly gain in more than 17 years in October as investors sought safety due to concerns about a global recession. The ICE Futures' dollar index surged nearly 8.0 percent this month and closed at 85.768 on Friday.
The dollar traded down 0.1 percent at 98.50 against the yen but rose 1.3 percent versus the euro at 1.2732 in late New York session. The euro was down about 9.6 percent versus the dollar in October, the worst monthly performance since its launch in 1999.
Sterling fell more than 2 percent versus the dollar and closed at 1.6077 in late U.S. session after the GfK survey showed that U.K. consumer confidence in October declined to the lowest since 1974. The British pound dropped more than 14 percent against the dollar this month.
The Bank of Japan joined the global wave of rate cuts to contain financial crisis and lowered its interest rates for the first time in seven years, from 0.50 percent to 0.30 percent. However, speculation on the global economy slump encouraged investors to sell high-yielding assets versus low-yield ones. The single currency last traded down 1.3 percent at 125.41 versus the yen while Australian dollar and New Zealand fell 3 percent to 65.29 and 1.7 percent to 58.20 respectively.
In October, the Japanese yen rallied broadly and appreciated more than 7 percent against the U.S. dollar and about 19 percent versus euro. Other currencies such as the British pound, Aussie dollar and New Zealand dollar also fell versus the yen by 16 percent, 22 percent and 19 percent respectively.
On the data front, reports showed a steep drop in business activity in the U.S. Midwest and a record decline in consumer confidence this month. The Chicago PMI was 37.8 in October versus the forecast of 48.0 and the previous month's reading of 56.7 while data earlier this week showed the U.S. consumer confidence index had fallen to 38.0 this month from 59.8 in September.
Next Monday, markets in Japan will be closed due to Culture day and data releases from other nations include Australia retail sales and house price index, eurozone PMI manufacturing, Switzerland PMI, German manufacturing PMI, U.K. Halifax house price data and manufacturing PMI, and U.S. ISM manufacturing PMI and consumer spending.
***********************************************************************************
AceTrader M-T-D Intra-Day performance summary (as of 31 Oct)
USD/JPY +66 | EUR/USD +71 | USD/CHF +315 | GBP/USD +306 |
***********************************************************************************
