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Daily Market Report: Forex
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The Sterling fell to record lows against most majors
Mon, Sep 1 2008, 14:43 GMT
by ICICI Bank Treasury Research Group
- · The Rupee weakened today because of weak equity market cues and NDF arbitrage. The fall was however restricted by central bank sale of Dollars around the key 44.25 levels. The USD/INR pair ended at 44.17 from 43.93 on Friday.
- · The 6 - month and 1-year forward premium was at 2.84% and 2.58 % as compared at 3.36% and 2.86 % on Friday.
- · The Sterling fell to record lows against most majors after British mortgage approvals fell for the 12th straight month and manufacturing sector contracted for the 4th month in a row, further reinforcing Britain’s Finance Minister’s pessimistic view that the economy might face its worst downturn in 60 years. EUR/USD was at 1.4623 from 1.4734 on Friday and GBP/USD was at 1.8010 from 1.8283 on Friday. USD/JPY was at 107.94 versus 108.75 on Friday. *
*These levels are taken at 17:30 IST.
Published on Mon, Sep 1 2008, 14:46 GMT
Archive
- The Swiss franc fell to its lowest levels against the Dollar since August 2007
Published On Thu, Nov 20 2008, 16:11 GMT - The Sterling pared its gains against the Dollar
Published On Wed, Nov 19 2008, 16:09 GMT - The Dollar gained against major currencies except the Yen
Published On Fri, Nov 7 2008, 14:17 GMT - The Sterling pared its losses as the aggressive 150 bps rate cut
Published On Thu, Nov 6 2008, 15:26 GMT - The Sterling lost heavily overnight
Published On Tue, Nov 4 2008, 16:56 GMT
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Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
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