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 - 25/03/2009 22:02 GMT
The greenback falls against the euro and yen after U.S. Treasury Secretary's comments
The U.S. dollar slid versus the single currency and Japanese yen on Wednesday after a somewhat volatile trading day as investors interpreted comments from U.S. Treasury Secretary Timothy Geithner as an endorsement of China’s plan on Monday to eventually replace the dollar as the world’s reserve currency with the IMF’s SDR. China’s central bank governor said earlier this week that the world should consider the SDR (a basket of dollars, euros, sterling and yen) as a super-sovereign reserve currency. The dollar tumbled to as low as 96.90, 1.3653 and 1.4732 versus yen, euro and sterling respectively after his comments before stabilizing.
In New York afternoon trading, the greenback pared some of its losses after Geithner clarified his comments on the IMF special drawing rights and said the greenback would keep its status as the top reserve currency for a long time. The dollar index, which measures the greenback’s strength against a basket of six other currencies shed 0.45 percent and traded at 83.724 in late U.S. session, after falling to as low as 83.212 earlier in the day.
By the end of New York trading, the dollar was down 0.3 percent against the Japanese yen to 97.55 and 1.0 percent to 1.3584 against the euro. Sterling, however, fell versus the dollar by more than 1.0 percent to as low as 1.4515 and was last trading around 1.4550 as U.K. data earlier showed retail sales dropped more sharply than expected in March and a U.K. gilt auction failed for the first time since 2002.
U.S. stocks rose in a late rally on Wednesday as unexpectedly strong housing and durable goods data fueled hopes the economy is finally recovering from recession. The Dow Jones Industrial average gained 89 points, or 1.17 percent to 7,749 while Standard & Poor’s 500 index and Nasdaq Composite index added 0.96 percent and 0.82 percent to 813 and 1,528 respectively.
On Thursday, economic data releases include Japan CSPI, German Gfk index, U.K. retail sales data, and U.S. GDP, personal consumption, weekly jobless claims, and PCE data with New Zealand trade data due out at 21:45GMT...
The greenback falls against the euro and yen after U.S. Treasury Secretary's comments
The U.S. dollar slid versus the single currency and Japanese yen on Wednesday after a somewhat volatile trading day as investors interpreted comments from U.S. Treasury Secretary Timothy Geithner as an endorsement of China’s plan on Monday to eventually replace the dollar as the world’s reserve currency with the IMF’s SDR. China’s central bank governor said earlier this week that the world should consider the SDR (a basket of dollars, euros, sterling and yen) as a super-sovereign reserve currency. The dollar tumbled to as low as 96.90, 1.3653 and 1.4732 versus yen, euro and sterling respectively after his comments before stabilizing.
In New York afternoon trading, the greenback pared some of its losses after Geithner clarified his comments on the IMF special drawing rights and said the greenback would keep its status as the top reserve currency for a long time. The dollar index, which measures the greenback’s strength against a basket of six other currencies shed 0.45 percent and traded at 83.724 in late U.S. session, after falling to as low as 83.212 earlier in the day.
By the end of New York trading, the dollar was down 0.3 percent against the Japanese yen to 97.55 and 1.0 percent to 1.3584 against the euro. Sterling, however, fell versus the dollar by more than 1.0 percent to as low as 1.4515 and was last trading around 1.4550 as U.K. data earlier showed retail sales dropped more sharply than expected in March and a U.K. gilt auction failed for the first time since 2002.
U.S. stocks rose in a late rally on Wednesday as unexpectedly strong housing and durable goods data fueled hopes the economy is finally recovering from recession. The Dow Jones Industrial average gained 89 points, or 1.17 percent to 7,749 while Standard & Poor’s 500 index and Nasdaq Composite index added 0.96 percent and 0.82 percent to 813 and 1,528 respectively.
On Thursday, economic data releases include Japan CSPI, German Gfk index, U.K. retail sales data, and U.S. GDP, personal consumption, weekly jobless claims, and PCE data with New Zealand trade data due out at 21:45GMT...
