Foreign Exchange Daily Updates - Archive

Below is the foreign exchange market update (Jan 23/03).

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

Foreign Exchange Market Update: Thursday, January 23, 2003

War concerns rule the US Dollar

Last week's US data gave us Industrial Production at + 0.7% the largest gain in a year. The 3Q. Gross Domestic Product of + 4.0% after a 2Q. of 1.3%, and the Dow rallied for its first up week in four. The end result was a US$ that closed close to its lows, because of war concerns with Iraq.
The usual war safe havens are gaining. The USD/Swiss Franc went to 4-year lows today and Gold reached 353.75 last week. With oil above US$ 30 per barrel and OPEC not adjusting output to offset the shortfall created by the strike in Venezuela, for at least 2 weeks. The "Commodity Currencies the Canadian and Australian $'s are benefiting.

With the political instability threats of Iraq and North Korea the US$ will be hard pressed to make any gains.

The light holiday trading should leave the US$ on the low side of the ranges.

This weeks ranges -
USD/CAD 1.5380 - 1.5650
EUR/USD 1.0180 - 1.0350
GBP/USD 1.5720 - 1.6080
USD/CHF 1.4020 - 1.4300
USD/YEN 119.10 - 121.60
USD/MXN 10.05 - 10. 30

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.