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Market Review - 27/11/2008 18:04 GMT
Dollar moves sideways amid thin trading conditions with U.S. market closed for Thanksgiving
Although the greenback fell initially in Asian and European sessions against other major currencies (especially sterling), dollar then rebounded by European closing amid thin trading due to the Thanksgiving holiday in the U.S. The low-yielding Japanese yen rose versus the dollar and euro on Thursday as investors worried about the cost of fiscal stimulus packages and whether they would succeed in limiting a global recession. In addition, strength in Asian and European equities also helped lift the single currency in European morning.
By the end of European trading, the dollar fell 0.2 percent against the yen to 95.48, while the euro weakened by 0.2 percent to 123.05 yen. However, other currencies such as British pound and Aussie dollar rose versus the yen, up by 0.3 percent at 147.00 and 0.7 percent at 62.95 respectively.
On the data front, the Nationwide house price index came in better than expected and showed that U.K. house prices dropped at a more moderate pace in November, falling by 0.4 percent month on month and 13.9 percent year on year, against analysts' forecast of -1.6% and -14.9% respectively. Cable rose throughout the London session, reaching an intra-day high of 1.5512 before retreating as traders booked profits.
The ICE Dollar Index, which measures the strength of U.S. dollar against a basket of other major currencies dipped as concerns over the weak U.S. economy and the impact of fiscal stimulus measures on the nation's balance sheet weighed on the greenback. The index last traded down by 0.06 percent at 85.702.
Later in the day, currencies moved in tight ranges as most investors chose to stay on the sidelines during the U.S. Thanksgiving holiday. The euro and the British pound were steady against the dollar at 1.2885 and 1.5375 respectively, while the Swiss franc also moved narrowly, trading at around 1.2028.
On Friday, economic data to be released includes Japan manufacturing PMI, household spending, National CPI, Tokyo CPI, unemployment rate, industrial production, retail sales, construction spending and housing starts; U.K. Gfk survey and CBI distribution trade; eurozone unemployment rate and HICP data; Switzerland Kof indicator and Canada PPI and current account.
Dollar moves sideways amid thin trading conditions with U.S. market closed for Thanksgiving
Although the greenback fell initially in Asian and European sessions against other major currencies (especially sterling), dollar then rebounded by European closing amid thin trading due to the Thanksgiving holiday in the U.S. The low-yielding Japanese yen rose versus the dollar and euro on Thursday as investors worried about the cost of fiscal stimulus packages and whether they would succeed in limiting a global recession. In addition, strength in Asian and European equities also helped lift the single currency in European morning.
By the end of European trading, the dollar fell 0.2 percent against the yen to 95.48, while the euro weakened by 0.2 percent to 123.05 yen. However, other currencies such as British pound and Aussie dollar rose versus the yen, up by 0.3 percent at 147.00 and 0.7 percent at 62.95 respectively.
On the data front, the Nationwide house price index came in better than expected and showed that U.K. house prices dropped at a more moderate pace in November, falling by 0.4 percent month on month and 13.9 percent year on year, against analysts' forecast of -1.6% and -14.9% respectively. Cable rose throughout the London session, reaching an intra-day high of 1.5512 before retreating as traders booked profits.
The ICE Dollar Index, which measures the strength of U.S. dollar against a basket of other major currencies dipped as concerns over the weak U.S. economy and the impact of fiscal stimulus measures on the nation's balance sheet weighed on the greenback. The index last traded down by 0.06 percent at 85.702.
Later in the day, currencies moved in tight ranges as most investors chose to stay on the sidelines during the U.S. Thanksgiving holiday. The euro and the British pound were steady against the dollar at 1.2885 and 1.5375 respectively, while the Swiss franc also moved narrowly, trading at around 1.2028.
On Friday, economic data to be released includes Japan manufacturing PMI, household spending, National CPI, Tokyo CPI, unemployment rate, industrial production, retail sales, construction spending and housing starts; U.K. Gfk survey and CBI distribution trade; eurozone unemployment rate and HICP data; Switzerland Kof indicator and Canada PPI and current account.
