Foreign Exchange Daily Updates - Archive

Below is the foreign exchange market update (Feb 04/03).

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

Weekly Foreign Exchange Report .... Feb 04/03

The US Dollar survived last week as it appeared that some of the countries dissenting on action with Iraq might side with the US, if Colin Powell, US Secretary of State, gives a convincing presentation to the UN on Wednesday.

The Bank of Japan admitted they had been intervening in the markets to stop the Yen from strengthening and the Yen weakened 2%.

The 8% run up in the UK stock market has helped the Pound strengthen over the last 3 trading days.

Considering that it was an ugly week for the Dow the US$ did well to not top 1.0900. Market participants are again focusing on the fact that the US$ is overbought. The Blaire/ Chirac meeting and Colin Powell's presentation are the geopolitical focus of the week.

The foreign currency markets only intermittently focus on economic data and stocks so it is best to call your market advisor for the latest analysis. The US Manufacturing sector showed the 3rd month of growth yesterday helping the US$ hold on to its gains, but those gains gave been relinquished as US stocks look to open lower today.

Gold made a six year high overnight so the Canadian Australian and New Zealand dollars continue to strengthen.

Currency ranges for this week:

EUR/USD 1.0680 - 1.0900
USD/CAD 1.5120 - 1.5350
GBP/USD 1.6300 - 1.6570
USD/CHF 1.3500 - 1.3780
USD/YEN 119.00 - 121.60
USD/MXN 10.70 - 11.00