Foreign Exchange News Updates - Archive

Below are the foreign exchange market updates.

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 dollar rate and Canadian dollar rate

Foreign Exchange Market Update:

Markets quiet ahead of earnings season

Profit taking helps Dollar recover from the weeks lows.

Market Update: Monday, April 28, 2003

On Friday the markets focused on the lower than expected 1Q. GDP data and ignored the higher than expected consumer sentiment. By the time the data was released Europe had just about closed its books for the week and the US Dollar had gained approximately ½%, these gains were given up as the North American market sold of the Dollar focusing on the old news because it was much worse than expectations.

Tomorrow the Consumer Confidence data will be released giving the market a second chance to react to a pick up if it shows in this set of numbers. The most important data this week will be the Unemployment numbers on Friday. We also have a number of Central Bank meetings this week so Interest Rate expectations should be clearer by the weeks end.

Overnight the German IFO (Leading Indicators) came out a lot lower than expected and the Euro lost some value against the Dollar. The net effect though is Euro/Dollar at the same level it closed in the US on Friday.

In the UK the Confederation of British Industry Business Confidence number came in a lot worse than expected but the net effect against the Dollar since Friday is minimal.

The Mexican Peso continues to strengthen as the balance of payments in its favor mean there are more buyers of Pesos for tax payments etc than there are buyers of US Dollars.

With daily foreign currency volatility continuing to be higher than usual, please call your foreign exchange market advisor for the latest analysis.

Currency ranges for today:

EUR/USD 1.0950 - 1.1080
USD/CAD 1.4428 - 1.4520
GBP/USD 1.5880 - 1.5985
USD/CHF 1.3570 - 1.3720
USD/JPY 119.70- 121.00
USD/MXN 10.30 - 10.55