Foreign Exchange Daily Updates - Archive Below is the foreign exchange market update (Dec 16/02). 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 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 Dec 16/02 Geopolitical concerns pushed the Dow lower last week as the markets ignored some good news releases. The US$ followed the Dow taking us to new 3 year lows against the Euro. The British Pound gained less against the US$ as the UK is more closely aligned with the US on the Iraq issue. A major investment house advised investors to own more US stocks this morning and Italy, one of the stronger European economies, suffered its biggest drop in industrial production in 4 months, the US$ has gained against the Euro since Fridays close. The Euro looks to be overbought here and could quickly reverse its trend. If the Euro runs out of steam a fall back to test the support at 1.0168 is likely. If the geopolitics continue to be the focus the Euro should break through last weeks high of 1.0260 and could push as high as 1.0350. Japan still has a weak Yen policy, even if the politicians do continually contradict each other, the Yen should trade in the 120.40 to 125.70 range. Look for the Canadian Dollar to hold in the 1.55 to 1.57 range and the Mexican Peso 10.05 to 10.25 range as they continue to move with the US$. The British Pound range is 1.5560 to 1.5965. In Markets as volatile as these, only your currency advisor will know the markets focus, and likely outcome, of what foreign exchange rates are likely to do. ...end Weekly Foreign Exchange Report ....Posted Dec.16/02
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