Foreign Exchange News Updates - Archive

Below are the foreign exchange market updates.

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.

Visit www.Cambridgefx.com daily and stay up to date on factors that affect foreign exchange rates. Follow these links to see the latest key currencies, US exchange rate and Canadian dollar rate

Foreign Exchange Market Update:

US Dollar continues Slide

Market Update: Thursday, May 1, 2003

The market's focus yesterday was on the Chicago Purchasing Managers Index, which came in worse than expected. Stocks reacted moderately negatively to the data and with the Foreign exchange Markets squarely focused on the US economy, and its post Iraq lack of pick up, the Dollar continued to slide. The luke warm testimony by Alan Greenspan and his emphasis that industry needs to start capital expenditure to get the economy moving was viewed negatively when linked with the PMI data.

With Europe shut today there has been a quieter market than usual.

The UK is open though, and they released better than expected Retail Sales and Purchasing Managers data, which helped the Pound make gains on the US Dollar.

The market is also factoring in a poor National ISM number after the Chicago data yesterday and a poor US employment release on Friday.

With high interest rates attracting funds and the strongest economy, by growth, in the G10 group of industrialized nations the strong Canadian Dollar could be here to stay for a while.

The Mexican Peso continues to strengthen as the balance of payments in its favor mean there are more buyers of Pesos for tax payments etc. than there are buyers of US Dollars.

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 1.1080 - 1.1300
USD/CAD 1.4120 - 1.4320
GBP/USD 1.5950 - 1.6150
USD/CHF 1.3400- 1.3590
USD/JPY 118.00- 120.00
USD/MXN 10.15 - 10.35