Thursday, April 26, 2007 3:47:51 PM - The loonie was mixed against its two major counterparts on Thursday in New York. The Canadian dollar slipped in trading with the dollar and saw choppy movement against the euro. The day's action came as the Bank of Canada released a monetary policy report saying 2007 growth will be the slowest in four years. On Wednesday, the BoC left rates unchanged.
The Canadian dollar slipped in trading with the greenback on Thursday. The move came a day after the currency hit its highest level against the dollar since September 2006. Thursday's action caused loonie to slip throughout the morning and touch a daily low of 1.1222 around 10:30 am Eastern Time. The Canadian dollar moved off that level as the day progressed, however, and by 3:30 pm Eastern Time, it traded at 1.1208 against the buck.
The loonie saw choppy trading versus the euro in New York on Thursday. The Canadian dollar touched a daily high of 1.5196 at 6 am Eastern Time, and a daily low of 1.5264 around 10:40 am Eastern Time. The pair remained range bound entering the afternoon, and by 3:30 pm Eastern Time, the loonie traded at 1.5245 against the euro.
Showing posts with label news. Show all posts
Showing posts with label news. Show all posts
Thursday, April 26, 2007
Correction: Pound Down Versus Dollar And Euro; Slightly Up Against Yen
hursday, April 26, 2007 4:15:53 PM - The British pound was generally weaker against the other majors on Thursday morning in New York. The sterling saw a five-week low against the euro and a nine-day low against the dollar. The pound gained slightly on the yen. UK house price inflation nearly doubled in the month of April, a survey indicated Thursday, cementing expectations of a Bank of England interest rate hike in May.
The pound dropped to a nine-day low against the dollar during Thursday trading in New York. In the early morning, the sterling fell away from a weekly high against the dollar, which hovered above a 26-year high seen last week. The sterling began to trend down at around 3 a.m. ET and reached as high as 1.9922 at 10 a.m. ET. Trading was flat in the afternoon and the pair was at 1.9910 at 3:45 p.m. ET.
The sterling fell to a five-week low against the euro on Thursday. The British currency began to slip at around 3 a.m. and reached as low as 0.6834 at around 10:45 a.m. Before the rally, the pair had been range bound for about a day and a half.
The pound was up slightly with the yen during choppy trading within a week-long trading range. The sterling climbed to the top of the range early in the morning before falling back towards the bottom shortly after. The sterling climbed to as high as 238.49 at 5:30 a.m. ET before falling off. The pair was at 238.14 at 4 p.m.
The pound dropped to a nine-day low against the dollar during Thursday trading in New York. In the early morning, the sterling fell away from a weekly high against the dollar, which hovered above a 26-year high seen last week. The sterling began to trend down at around 3 a.m. ET and reached as high as 1.9922 at 10 a.m. ET. Trading was flat in the afternoon and the pair was at 1.9910 at 3:45 p.m. ET.
The sterling fell to a five-week low against the euro on Thursday. The British currency began to slip at around 3 a.m. and reached as low as 0.6834 at around 10:45 a.m. Before the rally, the pair had been range bound for about a day and a half.
The pound was up slightly with the yen during choppy trading within a week-long trading range. The sterling climbed to the top of the range early in the morning before falling back towards the bottom shortly after. The sterling climbed to as high as 238.49 at 5:30 a.m. ET before falling off. The pair was at 238.14 at 4 p.m.
Wednesday, April 25, 2007
Data to Drive FX by Korman Tam
At 4:00 AM Germany April IFO Index (exp 108.0, prev 107.7)
Germany April IFO Current Conditions (exp 112.6, prev 112.4)
At 4:30 AM UK Q1 GDP q/q (exp 0.6%, prev 0.7%)
UK Q1 GDP y/y (exp 2.8%, prev 3.0%)
At 8:30 AM US March Durable Goods Orders (exp 2.5%, prev 1.7%)
At 10:00 AM US March New Home Sales (exp 888k units, prev 848k units)
The dollar remains under pressure against the major currencies amid renewed concerns of further deterioration in US economic fundamentals. Yesterday’s dismal existing home sales, which posted its steepest decline since 1989, pushed the greenback to fresh 2-year lows versus the euro and just shy of its all-time low against the single currency.
Economic data will remain the primary focus among fx traders for the coming session, with durable goods and new home sales slated for release. The key concern among markets is the direction and timing of any FOMC policy moves in the coming months. Given the lingering weakness in the housing market and gradual decline in overall economic activity, we feel the next rate move will be a shift to an easing stance. However, the timing will hinge on the pace of deterioration in economic fundamentals. The March durable goods report, which is a typically volatile reading, is expected to improve to 2.5% versus 1.7% in February. Meanwhile, the new home sales are forecasted to improve 888k units, up from 848k units a month earlier.
Germany April IFO Current Conditions (exp 112.6, prev 112.4)
At 4:30 AM UK Q1 GDP q/q (exp 0.6%, prev 0.7%)
UK Q1 GDP y/y (exp 2.8%, prev 3.0%)
At 8:30 AM US March Durable Goods Orders (exp 2.5%, prev 1.7%)
At 10:00 AM US March New Home Sales (exp 888k units, prev 848k units)
The dollar remains under pressure against the major currencies amid renewed concerns of further deterioration in US economic fundamentals. Yesterday’s dismal existing home sales, which posted its steepest decline since 1989, pushed the greenback to fresh 2-year lows versus the euro and just shy of its all-time low against the single currency.
Economic data will remain the primary focus among fx traders for the coming session, with durable goods and new home sales slated for release. The key concern among markets is the direction and timing of any FOMC policy moves in the coming months. Given the lingering weakness in the housing market and gradual decline in overall economic activity, we feel the next rate move will be a shift to an easing stance. However, the timing will hinge on the pace of deterioration in economic fundamentals. The March durable goods report, which is a typically volatile reading, is expected to improve to 2.5% versus 1.7% in February. Meanwhile, the new home sales are forecasted to improve 888k units, up from 848k units a month earlier.
Dollar Extended Loss after New Home Sales by Yan Xu
The dollar extended its loss against the euro and sterling after lower-than-expected US new home sales reinforced expectations for a Fed rate cut as early as October. The euro rose to 1.3665, close to the record peak at 1.3670. The sterling climbed back to above the 2 handle versus the dollar.
US new home sales rose 2.6% to an annual rate of 858k units in March, but below the consensus of 888k. Recall that the sharp decline in March existing home sales induced a dollar sell-off yesterday. The lackluster data today put the slowing housing sector in the spot light again.
Earlier, the dollar edged up slightly after durable goods orders rose 3.4% in March, beating the estimate of 2.5%. However, a single upside surprise in such a volatile indicator is not sufficient to challenge the expectations of the economy and the Fed rate outlook.
US new home sales rose 2.6% to an annual rate of 858k units in March, but below the consensus of 888k. Recall that the sharp decline in March existing home sales induced a dollar sell-off yesterday. The lackluster data today put the slowing housing sector in the spot light again.
Earlier, the dollar edged up slightly after durable goods orders rose 3.4% in March, beating the estimate of 2.5%. However, a single upside surprise in such a volatile indicator is not sufficient to challenge the expectations of the economy and the Fed rate outlook.
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