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Market Review - 16/11/2009 22:24
All times in GMT
Dollar declines broadly as Fed chief Bernanke repeats that interest rates wud remain low in near future
Dollar fell across the board on Monday as Fed Ben Bernanke signaled interest rates will stay low for 'an extended period'. Bernanke also said that the Fed was attentive to implications of changes in value of the dollar and he drew a link to the weakness of the greenback and inflation risks. Investors questioned his ability to boost the dollar and sold the U.S. currency again in late New York trading. Earlier in U.S. morning, U.S. New York Fed manufacturing came in at 23.51 in November, lower than economists' expectation of 30.00 and the previous reading of 34.57. U.S. retail sales rose by 1.4% in October, much higher than the expectation of a rise of 1.0%.
The single currency dropped briefly but sharply to as low as 1.4880 after Benanke's strong dollar comments. However, euro then rose to an intra-day high of 1.5017 before easing in late New York trading. Earlier, eurozone final HICP in October came in at 0.2% m/m and -0.1% y/y respectively. Inflation excluding food and energy were 0.3% m/m and 1.0% y/y. Similar to euro, usd/chf rebounded to 1.0145 before falling to 1.0047 in New York afternoon.
The British pound dipped from 1.6753 to 1.6670 earlier in the day. Buying interest on dips pushed cable to as high as 1.6879 in New York afternoon. Cross buying on sterling versus euro lifted cable as eur/gbp tumbled from 0.8979 to 0.8873.
The dollar index, which measures the dollar's strength against a basket of six major currencies, fell to a fresh 15-month low of 74.679 in New York afternoon. Dow Jones industrial average index ended the day up 136 points at 10,407, while S&P 500 and Nasdaq Composed Index gained 16 points to 1,109 and 30 points to 2,198 respectively.
Data to released on Tuesday include Japan Tertiary industry index, Australia RBA's November Minutes, U.K. CPI and RPI, eurozone trade balance, U.S. PPI, foreign treasury buys, net LT TIC flows, capacity utilisation and NAHB housing market index.
Dollar declines broadly as Fed chief Bernanke repeats that interest rates wud remain low in near future
Dollar fell across the board on Monday as Fed Ben Bernanke signaled interest rates will stay low for 'an extended period'. Bernanke also said that the Fed was attentive to implications of changes in value of the dollar and he drew a link to the weakness of the greenback and inflation risks. Investors questioned his ability to boost the dollar and sold the U.S. currency again in late New York trading. Earlier in U.S. morning, U.S. New York Fed manufacturing came in at 23.51 in November, lower than economists' expectation of 30.00 and the previous reading of 34.57. U.S. retail sales rose by 1.4% in October, much higher than the expectation of a rise of 1.0%.
The single currency dropped briefly but sharply to as low as 1.4880 after Benanke's strong dollar comments. However, euro then rose to an intra-day high of 1.5017 before easing in late New York trading. Earlier, eurozone final HICP in October came in at 0.2% m/m and -0.1% y/y respectively. Inflation excluding food and energy were 0.3% m/m and 1.0% y/y. Similar to euro, usd/chf rebounded to 1.0145 before falling to 1.0047 in New York afternoon.
The British pound dipped from 1.6753 to 1.6670 earlier in the day. Buying interest on dips pushed cable to as high as 1.6879 in New York afternoon. Cross buying on sterling versus euro lifted cable as eur/gbp tumbled from 0.8979 to 0.8873.
The dollar index, which measures the dollar's strength against a basket of six major currencies, fell to a fresh 15-month low of 74.679 in New York afternoon. Dow Jones industrial average index ended the day up 136 points at 10,407, while S&P 500 and Nasdaq Composed Index gained 16 points to 1,109 and 30 points to 2,198 respectively.
Data to released on Tuesday include Japan Tertiary industry index, Australia RBA's November Minutes, U.K. CPI and RPI, eurozone trade balance, U.S. PPI, foreign treasury buys, net LT TIC flows, capacity utilisation and NAHB housing market index.
