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Market Review - 13/03/2009 21:32 GMT
Euro rises versus greenback on Friday as U.S. stocks close higher
The single currency strengthened against the greenback on Friday as U.S. stocks wrapped up their best week since November, prompting investors to take on more risk and liquidate long positions on U.S. dollar. In late New York trading, the euro edged up 0.1 percent against the dollar to 1.2930 and posted a 1.9 percent gain for the week.
The Dow Jones industrial average rose 53 points or 0.75 percent and ended at 7,223 after Citigroup Chairman Richard Parsons said the bank did not need any more government aid. The Standard & Poor’s 500 index and the Nasdaq Composite index also closed higher, ending up 0.77 percent to 756 and 0.38 percent to 1,341 respectively.
In other currencies, sterling ended up 0.4 percent versus the dollar on Friday and was trading around the 1.4000 level while Australian dollar and New Zealand also traded higher against the greenback, up 0.62 percent to 0.6582 and 0.92 percent to 0.5251 respectively in late New York trading.
Concerns that the Bank of Japan may intervene to weaken its currency after the Swiss National Bank sold the franc to combat Switzerland’s worst recession in three decades put pressure on the Japanese yen. The U.S. dollar, euro, sterling and Australian dollar rose to as high as 98.67, 127.65, 138.35 and 64.98 versus the yen respectively.
On the data front, U.S. showed a narrower trade deficit in January, which shrank to $36.0 billion versus $39.93 billion in the previous month, its smallest since October 2002, while another report, University of Michigan survey, showed U.S. consumer sentiment improved unexpectedly in March from 56.3 to 56.6.
Over the weekend, the G20 finance ministers and central bankers will meet in England to cover the latest developments in the world economy and international efforts to tackle the global financial crisis and stimulate growth.
Other data due out in the upcoming week include eurozone HICP and U.S. Empire state manufacturing on Monday, U.K. DCLG house prices, U.S. PPI, building permits and Housing starts on Tuesday, BOJ rate decision, U.S. CPI data and FOMC rate decision (18:15GMT) on Wednesday, U.K. CBI industrial trend and Philadelphia Fed survey on Thursday, and German PPI and eurozone industrial production data on Friday.
Euro rises versus greenback on Friday as U.S. stocks close higher
The single currency strengthened against the greenback on Friday as U.S. stocks wrapped up their best week since November, prompting investors to take on more risk and liquidate long positions on U.S. dollar. In late New York trading, the euro edged up 0.1 percent against the dollar to 1.2930 and posted a 1.9 percent gain for the week.
The Dow Jones industrial average rose 53 points or 0.75 percent and ended at 7,223 after Citigroup Chairman Richard Parsons said the bank did not need any more government aid. The Standard & Poor’s 500 index and the Nasdaq Composite index also closed higher, ending up 0.77 percent to 756 and 0.38 percent to 1,341 respectively.
In other currencies, sterling ended up 0.4 percent versus the dollar on Friday and was trading around the 1.4000 level while Australian dollar and New Zealand also traded higher against the greenback, up 0.62 percent to 0.6582 and 0.92 percent to 0.5251 respectively in late New York trading.
Concerns that the Bank of Japan may intervene to weaken its currency after the Swiss National Bank sold the franc to combat Switzerland’s worst recession in three decades put pressure on the Japanese yen. The U.S. dollar, euro, sterling and Australian dollar rose to as high as 98.67, 127.65, 138.35 and 64.98 versus the yen respectively.
On the data front, U.S. showed a narrower trade deficit in January, which shrank to $36.0 billion versus $39.93 billion in the previous month, its smallest since October 2002, while another report, University of Michigan survey, showed U.S. consumer sentiment improved unexpectedly in March from 56.3 to 56.6.
Over the weekend, the G20 finance ministers and central bankers will meet in England to cover the latest developments in the world economy and international efforts to tackle the global financial crisis and stimulate growth.
Other data due out in the upcoming week include eurozone HICP and U.S. Empire state manufacturing on Monday, U.K. DCLG house prices, U.S. PPI, building permits and Housing starts on Tuesday, BOJ rate decision, U.S. CPI data and FOMC rate decision (18:15GMT) on Wednesday, U.K. CBI industrial trend and Philadelphia Fed survey on Thursday, and German PPI and eurozone industrial production data on Friday.
