In Asian trading today, the U.S. Dollar fell to its lowest point in 7-weeks versus the Japanese Yen in Asian trading today. As reported at 1:53 p.m. (JST) in Tokyo, the U.S. Dollar slipped to 88.20 Yen, approaching the 88.01 Yen low of early October.
Monthly Archives: November 2009
High Beta Currencies Follow Equity Markets Lower
Despite a meager data schedule, the FX markets have experienced relatively large moves over the course of the day as the unwind of positions ahead of year end were exaggerated by thin liquidity conditions. Equities are sharply lower across Europe and Latin America, and even gold has sold-off markedly from…
US Market Update: Dubai Shaking Confidence across the Persian Gulf
Risk aversion became the holiday’s main dish as lingering concerns over the debt issues that surround Dubai World and Dubai itself. Dubai was shaking confidence across the Persian Gulf after its proposal to delay $59B debt payments risked triggering the biggest sovereign default since Argentina in 2001. The heavy tone…
Euroland: No Comfort for the ECB
M3 declined more than consensus expected. This was not so surprising though as the decline is due to base effects. Monthly developments in M3 have been pretty much flat since October last year with outstanding amounts staying in the EUR9.380-9.430bn range. In October, M3 fell 0.14% from EUR9.414bn to EUR9.4014bn.
European Market Update
The dollar managed to compose itself from a recent decline in both sentiment and price levels as the European morning approached aided by verbal support, intervention rumors and renewed debt default concerns.