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 dollar rate and Canadian dollar rate
Foreign
Exchange Market Update:
US
Dollar to decline.
Market
Update: Friday, May 2, 2003
The
pattern that has been in place for the last
three weeks repeated itself as Friday profit
taking in Europe pushed the Euro down below
1.12. The awaited US unemployment data was
worse than expected from the household survey
at 6%, but the more important Non -Farm
Payroll was better than expected at -49,000.
The stock market is digesting the news looks
set to open neutrally.
With
Europe again showing worse than expected
economic data it is becoming increasingly
clear that the markets are only reacting
to economic data from the US. Cash flows
of investment funds looking to make short
term gains are going into Euro bonds and
the higher yielding currencies Canada, Australia
and the UK and this is weighing on the US
Dollars..
The
UK again issued better than expected data
from the Manufacturing sector.
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 - 1.6120
USD/CHF 1.3390- 1.3590
USD/JPY 118.00- 120.00
USD/MXN 10.15 - 10.35
Foreign Exchange Report .... May 02/03
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