Weak dollar story continues
The Dollar fell again as a number of factors had a negative impact on it.
Pressured by rising oil prices, currently at $48.88 due to a colder US weather, persistent violence in Iraq and comments from US Treasury Secretary - John Snow on not expecting the G7 finance ministers to tinker with the wording of their currency market statement during their meeting next weekend, yen dropped all the way to 103 before stabilizing towards the 102.60 levels.
In its policy board meeting, Bank of Japan sought to reduce liquidity by lowering its account balance target but would closely monitor the forex moves and the rising oil prices.
As Europe once again called for Asian countries to share the burden of a weakening dollar, euro weakened against the yen to 133.70. Sterling hovering around 1.8770 awaits Monetary Policy Committee minutes due tomorrow to take any further direction.
A rise in Aussie CPI by 0.8 percent from Q3 and up 2.6 percent y/y sees AUD at 77 cents against the dollar.
With an eye on today’s US existing home sales (expected lower at 6.8 million from a 6.94 previous) and a fall in consumer confidence, the market could be range bound before the US session with dearth of data expected from the euro zone.
Pressured by rising oil prices, currently at $48.88 due to a colder US weather, persistent violence in Iraq and comments from US Treasury Secretary - John Snow on not expecting the G7 finance ministers to tinker with the wording of their currency market statement during their meeting next weekend, yen dropped all the way to 103 before stabilizing towards the 102.60 levels.
In its policy board meeting, Bank of Japan sought to reduce liquidity by lowering its account balance target but would closely monitor the forex moves and the rising oil prices.
As Europe once again called for Asian countries to share the burden of a weakening dollar, euro weakened against the yen to 133.70. Sterling hovering around 1.8770 awaits Monetary Policy Committee minutes due tomorrow to take any further direction.
A rise in Aussie CPI by 0.8 percent from Q3 and up 2.6 percent y/y sees AUD at 77 cents against the dollar.
With an eye on today’s US existing home sales (expected lower at 6.8 million from a 6.94 previous) and a fall in consumer confidence, the market could be range bound before the US session with dearth of data expected from the euro zone.
posted by Drs Search @ 9:47 AM
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