Foreign Exchange Daily Updates - Archive

Below is the foreign exchange market update (Jan 13/03).

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

Visit www.Cambridgefx.com daily and stay up to date on factors that affect foreign exchange rates. Follow these links to see the latest US exchange rate and Canadian exchange rate.

Foreign Exchange Update: Posted Jan 13/03

The Market focus last week was again on the geo-political situation and with the troop build up continuing there is no reason for the US$ to stage a significant recovery. Precious metals again made new highs and the Canadian and Australian Dollars strengthened as commodity linked currencies.

The Swiss Franc continued its safe haven status rally and the Euro made a push to new highs as pundits were surprised by the rise in the U.S. unemployment rate. The British pound had less significant gains, as its economy is expected to start softening this year. The Mexican Peso remains weak because of its close link to the US.
OPEC announced they would increase production by 1.5 Million barrels per day, this weekend, to help the shortfall created by the Venezuelan strike and this could help the US$ a little.

This week brings the bulk of 4Q. earnings reports and this is more likely to be negative for the US$. The December retail sales are on Tuesday, wholesale prices Wednesday, consumer prices Thursday and industrial production and consumer sentiment on Friday.
The European Central Bank is expected to lower rates at its next meeting this continues to attract investment in European bonds and as cash heads to Europe the EURO strengthens, and some market players are looking for 1.10 by the end of March.

Currency ranges for this week :
EUR/USD 1.0450 - 1.0600
USD/CAD 1.5350 - 1.5550
GBP/USD 1.5950 - 1.6180
USD/CHF 1.3780 - 1.4020
USD/YEN 117.80 - 121.60
USD/MXN 10.35 - 10.60

In these volatile foreign exchange market conditions please call your currency advisor for the latest updates.

Weekly Foreign Exchange Report Posted Jan 13/03

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