Dollar wobbles again and remains on edge
The dollar was dealt a blow on further rhetoric; this time from Japanese Prime Minister raising speculation about Asian Central Banks diversifying their dollar reserves.
The dollar remained under pressure as oil and commodity prices remained at near highs. Oil prices eased off marginally to 53.35 after a bout of increased speculation the earlier week. The outcome of the OPEC meeting scheduled next week to decide on the price band should give some reprieve to escalating oil prices.
Euro at a two month high traded in a range just above the 1.3420, topping at 1.3458.
Greenspan’s statements about not being 'overly' worried about the trade figures helped the US currency recover off lows.
Higher than expected January's Industrial production figures at 3.1 from Germany refrained traders from paring the single lower.
Cable was dealt a blow as trade figures at –5.2 billion and Industrial Production figures at –0.2 per cent were way below market expectations, dipping to the days low of 1.9205.
Yen continued to stay afloat above the critical 103.80 resistances after rallying initially to 103.66 as traders rushed to sell at lower levels.
The markets were confined to range bound trades as traders remained cautious ahead of the all important US trade figures and Greenspan’s speech today.
The dollar remained under pressure as oil and commodity prices remained at near highs. Oil prices eased off marginally to 53.35 after a bout of increased speculation the earlier week. The outcome of the OPEC meeting scheduled next week to decide on the price band should give some reprieve to escalating oil prices.
Euro at a two month high traded in a range just above the 1.3420, topping at 1.3458.
Greenspan’s statements about not being 'overly' worried about the trade figures helped the US currency recover off lows.
Higher than expected January's Industrial production figures at 3.1 from Germany refrained traders from paring the single lower.
Cable was dealt a blow as trade figures at –5.2 billion and Industrial Production figures at –0.2 per cent were way below market expectations, dipping to the days low of 1.9205.
Yen continued to stay afloat above the critical 103.80 resistances after rallying initially to 103.66 as traders rushed to sell at lower levels.
The markets were confined to range bound trades as traders remained cautious ahead of the all important US trade figures and Greenspan’s speech today.
posted by Wise Money @ 9:40 AM
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