Foreign Exchange Daily Updates - Archive

Below is the foreign exchange market update (February 27 2003).

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.

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Foreign Exchange Market Update:

US Dollar suffers as war without support looks more likely.

Market Update: Thursday, February 27, 2003

The UK Parliament voted to back Prime Minister Tony Blair's motion on Iraq, despite considerable dissention from his own party. UK Consumer confidence was worse than expected but it did not stop the Pound from strengthening a little as it was dragged higher by the Euro.

The Euro continued to strengthen because of the Bush stance on Iraq as outlined in his speech last night, but there is little conviction or momentum behind the move at this time.

In the US this morning more mixed signals as weekly jobless claims rose unexpectedly and the January durable goods data was significantly stronger than expected. At this time US stock futures are rallying on the data this might help the US Dollar from loosing further value.

Rumors of possible intervention by the Bank of Japan to stop the Yen from strengthening earlier this week have not stopped the $/JPY from going below 117.00 support which is where the BOJ last intervened.

The Swiss National bank said they might intervene if the CHF strengthened further but despite the overnight strength they have not been seen.

Precious metals, the Swiss Franc, the Canadian Dollar, Australian Dollar and New Zealand Dollars all strengthen if war with Iraq is more likely and loose value if it seems less likely. With daily currency fluctuations of between 1/2% and 2% continuing please call your foreign exchange market advisor for the latest analysis.

Currency ranges for today:

EUR/USD 1.0680 - 1.0850
USD/CAD 1.4875 - 1.5000
GBP/USD 1.5680 - 1.5880
USD/CHF 1.3500 - 1.3620
USD/JPY 116.80 - 118.20
USD/MXN 10.90 - 11.15