Foreign Exchange Daily Updates - Archive

Below is the foreign exchange market update (Dec 23/02).

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 issues.

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

Weekly Foreign Exchange Report ....Posted Dec.23/02

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.