Foreign Exchange Daily Updates - Archive

Below is the foreign exchange market update (Feb 02/03).

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 exchange rate

Foreign Exchange Market Update: Feb 02, 2003

US Dollar Survives - Canadian Dollar Strong

The US Dollar survived last week but was hi-jacked Tuesday by French President Jaques Chirac not agreeing with the UK and US'S stance on Iraq. Colin Powell, US Secretary of State, now needs to give a convincing presentation to the UN today, to help both the foreign exchange and stock markets.

Last week the Bank of Japan admitted they had been intervening in the markets to stop the Yen from strengthening and the Yen weakened 2%. Continued intervention is possible.

A strong UK stock market has helped the Pound strengthen over the last week and considering the ugly Dow performance the US$ has done well to not weaken further against the Euro.

The view that the US$ is overbought, the poor 5 year German bund auction today suggesting the debt markets appetite for Euro debt is topping out, together with 11% German unemployment are helping slow the Euro's gains.

The foreign currency markets only intermittently focus on economic data and stocks so it is best to call your foreign exchange market advisor for the latest analysis.

Gold made a seven year highs, Platinum made 23 year highs overnight and with oil prices rising again the Canadian, Australian and New Zealand dollars continue remain strong.

Currency ranges for this week:

EUR/USD 1.0680 - 1.0950
USD/CAD 1.5120 - 1.5350
GBP/USD 1.6300 - 1.6570
USD/CHF 1.3400 - 1.3780
USD/YEN 117.80 - 120.60
USD/MXN 10.70 - 11.00