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Daily Market Outlook
Fri, Jan 9 2009, 00:20 GMT
by AceTrader Team
AceTrader
Market Review - 08/01/2009 18:38 GMT
Dollar weakens broadly on renewed risk aversion due to the decline in global stock markets
Dollar weakened against the Japanese yen from 92.92 to 90.83 yesterday
on active cross buying in jpy due to renewed risk aversion as global
stock markets continued to decline. Aussie and sterling tumbled from
66.20 to 63.95 and from 140.25 to 137.33 against the Japanese currency
respectively.
The single currency rallied to a 3-week high
of 1.3801 against the dollar despite retreating briefly earlier in the
day to 1.3534 after the release of much weaker-than-expected German
exports in November which showed an unprecedented 10.6% fall
month-on-month versus the expectation of a decrease of 2.8%. European
Central Bank President Jean-Claude Trichet said he sees a ‘significant’
worsening in the economic environment and indicated it is clear that
there is a significant deterioration of the real economy.
The
British pound rallied to 1.5374 after the Bank of England cut interest
rates by 50 basis point as expected to 1.5% from 2.0%. The BOE
statement expressed concerns about the weak pound's impact on the
economy's imports, suggesting the central bank may have to slow the
pace of its rate cuts. The single currency fell sharply from 0.9063 to
0.8894 against the sterling.
U.S. President-elect Barack
Obama outlined on Thursday some measures to ease the pain for the
ailing U.S. economy, however, there was little impact on the dollar.
Friday
will see the release of Japan’s leading indicators, German retail
sales, U.K. industrial and manufacturing production, PPI, eurozone
retail sales, U.S. non-farm payrolls, unemployment rate and wholesales
inventories. The U.S. unemployment rate is expected to rose 7 percent
in December from 6.7% in November with non-farm payrolls are forecast
to decline by 550,000.
Published on
Fri, Jan 9 2009, 00:26 GMT
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