Foreign Exchange Daily Updates - Archive

Below is the foreign exchange market update (Dec 08/02).

Note: The weekly updates give you a foreign exchange expert trader's view of the volatile foreign exchange markets. It is a valuable source of information with respect to the factors that affect foreign exchange rates at the macro level. It can be a greate source of insight and understanding of foreign exchange issues.

Visit Cambridgefx.com daily and stay tuned with a daily foreign exchange updates and commentary. Follow these links to see the latest Canadian exchange rate and US exchange rate.

Weekly Foreign Exchange Report ....Posted Dec.08/02

US Dollar Weakens

The US$ weakened last week as the economic data did not live up to expectations. The European Central Bank did lower interest rates the 1/2% as expected this helped the Euro strengthen as the market looked for the lower interest rates to speed up a European recovery.

The change in the 2 key economic positions in the Bush administration also brought uncertainty and even though the US stock market liked the change the dollar did not benefit. Any US administration comments about what its Dollar policy will be going forward, will be important for the US$.

There is a lot of important economic data due out this week but generally the US stock markets will give a good indication to the Dollars direction. As we get into the holiday season the markets have less volumes traded this can lead to wider prices and more volatile foreign exchange rates.

It is even more important than usual for people sending foreign currency payments to speak to their FX Advisors so they time their foreign exchange trades correctly and get the best rates. Look for the Mexican Peso to strengthen as the monthly tax payments have to be sent by the end of this week

In very unpredictable foreign exchange markets such as these please call your currency advisor for the latest updates.

We at Cambridge wish everyone a continuing happy holiday season.