Foreign Exchange Daily Updates -
Archive
Below is the foreign
exchange market updates (April 01
2003).
Note: The weekly foreign exchange updates
give you a foreign exchange expert trader's view
of the volatile foreign
exchange markets. It is a great source of
insight into the complexities of foreign
exchange rates and issues. It is a valuable
source of information with respect to the
factors that affect foreign exchange rates at
the macro level.
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Foreign Exchange Market Update:
Negative
Economic data helps US Dollar.
Market
Update: Tuesday, April 1, 2003
The
US Dollar pulled back some of its losses
of the last 24 hours as economic data out
of the rest of the world held some negative
surprises.
The
economic news out of Europe showed unemployment
at the worst level in nearly 3 years. The
European Purchasing Managers Index fell
to 48.4 and the orders index fell to 47.4,
a number below 50 signals contraction.
In
the UK the retail sales data was the worst
since 1992 and the UK manufacturing index
fell to its lowest level in 2 years.
Earlier
in Japan they too had a lower manufacturing
expectation. With so much data against the
other major currencies the war focus was
for once sidelined.
The
US Dollar has not been gaining from
such news, because the war news has been
dominating the cash flow positions in the
FX market. A return to the more normal fundamental
focus, in the future, should yield a different
story.
Economic
data still tends to be ignored as long as
it is not extremely different from expectations.
The US Purchasing managers index is expected
to fall below the 50 level this morning.
The
US Dollar continues to follow stocks very
closely.
The
war and its perceived success compared to
expectations should remain the principal
market driver followed by the geopolitics
associated with the war and economics will
take a back seat.
With
daily foreign currency volatility continuing
to be higher than usual, please call your
foreign exchange market advisor for the
latest analysis.
Currency
ranges for today:
EUR/USD
1.0780 - 1.0980
USD/CAD 1.4580 - 1.4780
GBP/USD 1.5680 - 1.5850
USD/CHF 1.3480 - 1.3690
USD/JPY 117.80 - 120.20
USD/MXN 10.65 - 10.90
Foreign Exchange Report .... April 01/03
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