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:
Markets
quieter than usual with UK, Japan Public
Holidays.
Market
Update: Monday, May 5, 2003
The
pattern that has been in place for the last
three weeks repeated itself on Friday as
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 US market again could not
hold the gains and the Dollar finished lower
against most currencies.
It
is becoming increasingly clear that the
markets are more likely to react to negative
economic data from the US than Europe. 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 Dollar.
Today
the UK and Japan have public holidays, so
the markets have been quieter than usual.
The
Canadian Dollar continues to benefit
from high interest rates attracting funds
and the strongest economy, by growth, in
the G10 group of industrialized nations.
The
Mexican Peso continues to strengthen
as the balance of payments in its favor
mean there are more buyers of Pesos for
tax payments, payrolls etc. than there are
buyers of US Dollars, our 3 month target
is 9.50.
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
1.1150 - 1.1280
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 10.05 - 10.25
Foreign Exchange Report .... May 05/03
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