Dollar gets a breather ahead of data release
The dollar jumped against the major currencies as traders pared the currency higher following its slide after the trade figures on Friday.
Euro remained unfazed by remarks from European Central Bank President Jean Claude Trichet putting down worries regarding inflationary pressures. Euro slipped to trade amid the 1.3360 levels as traders paced themselves ahead of the all-important January TICS report on capital flow.
Sterling fell below the 1.91 levels before settling to trade at 1.9150.
Markets shrugged off an upward revision in Japanese growth figures, expected to grow 0.1 per cent against the earlier 0.1 per cent contraction. Oil prices hovered close to $ 55 per barrel, but eased marginally after comments from Saudi Arabia to raise production. The outcome of OPEC meeting on the 15th, this month would decide the movement in oil prices.
Traders now turn focus on the capital flow data from the US and ZEW economic survey in the week ahead. Any shortfall in the trade deficit financing would trigger a fresh bout of dollar selling against the majors.
Euro remained unfazed by remarks from European Central Bank President Jean Claude Trichet putting down worries regarding inflationary pressures. Euro slipped to trade amid the 1.3360 levels as traders paced themselves ahead of the all-important January TICS report on capital flow.
Sterling fell below the 1.91 levels before settling to trade at 1.9150.
Markets shrugged off an upward revision in Japanese growth figures, expected to grow 0.1 per cent against the earlier 0.1 per cent contraction. Oil prices hovered close to $ 55 per barrel, but eased marginally after comments from Saudi Arabia to raise production. The outcome of OPEC meeting on the 15th, this month would decide the movement in oil prices.
Traders now turn focus on the capital flow data from the US and ZEW economic survey in the week ahead. Any shortfall in the trade deficit financing would trigger a fresh bout of dollar selling against the majors.
posted by Drs Search @ 11:23 AM
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