2 replies to this topic

[Doug]

Dollar Hits 2-week High Versus Yen; Steady With Euro And Sterling



(RTTNews) - The dollar remained stable against the euro and sterling while hitting a 2-week high against the struggling yen Wednesday morning in New York. Trading took place ahead of reports on ISM service and US energy inventories.




Traders will get their best look at the state of the US economy on Friday, when the government releases its closely-watched employment report. The report will likely have a large influence on the Federal Reserve's coming interest rate decision.




The dollar jumped to a 2-week high against the slumping yen Wednesday morning, reaching 116.26 from an overnight low of 115.70. A move above 116.37 would bring the dollar to its highest point in nearly a month against the yen.




The dollar saw little movement against the euro Wednesday morning as traders weighed retail sales figure from the euro zone. The dollar moved near 1.4180 in early dealing, having eased slightly overnight. The greenback has stabilized over the past 48 hours against the euro, following a dramatic multi-week plunge to a record low of 1.4281 Sunday night.




Euro zone retail sales grew at a slower pace of 0.1% from the prior month in August. Retail sales growth for July was revised up to 0.4% from 0.1% initially estimated. The growth number came in weaker than the expected rise of 0.4% in August.




The dollar moved further away from a multi-month low earlier in the week on Wednesday, improving to 2.02350 before coming back a bit. The dollar was trading at 2.0394 approaching mid-morning, as traders mulled fresh consumer confidence figures from the UK.




U.K. consumer confidence unexpectedly strengthened in September, despite financial market unrest, the latest survey result of Nationwide Building Society revealed Wednesday. The consumer confidence indicator improved 5 points to 99 in September, while economists expected a reading of 90.




Central banks in Europe and the UK are expected to decide on their respective interest rates Thursday, with neither seen likely to make a move.




The dollar moved in a tight range just below par against its Canadian counterpart Wednesday morning. The pair hovered near .9960 in early dealing, with dollar having been unable to sustain a rally above the parity line in the previous session.




Regards,

[blitz99]

My guess, no major low until jan. A few weeks up from here maybe, then the early birds taken to the cleaners before major turn.

[normxxx]

The dollar will be strong this month; but will turn south again in November. Gold and the stock market will be weak this month.