Friday, September 30, 2005
US Dollar Stronger, Except For Canada
Reuters has this end of the week dollar roundup. "The dollar posted solid gains against the yen on Friday in technically-driven trading and eked out an advance against the euro amid end-of-quarter book squaring and a better-than-expected manufacturing report from the Chicago area."
"The Canadian dollar rose to almost a 14-year high against the greenback as momentum players bet on steady economic growth, more interest rate hikes and further investment in Canada's oil patch."
"Dollar/yen rose to a two-month high around 113.68 yen, as the currency pushed through a series of stop-loss levels forcing investors to buy dollars to reduce their losses, traders said. 'It's a technically-driven market with dollar strength rather than yen weakness,' said Bill Hoerter."
"The euro traded at $1.2024 according to Reuters data, down 0.1 percent compared with late Thursday. The euro had hit a two-month low of $1.1976 earlier this week."
"'Given the stronger-than-expected headline number and the rise in the prices paid component, that would reaffirm the measured stance (of rate increases) currently held by the Fed and likely would be supportive for the U.S. dollar over the short run today,' George Davis said. The prospect of higher U.S. interest rates tends to boost the appeal of dollar-denominated deposits to foreign investors."
"The Canadian dollar rose to almost a 14-year high against the greenback as momentum players bet on steady economic growth, more interest rate hikes and further investment in Canada's oil patch."
"Dollar/yen rose to a two-month high around 113.68 yen, as the currency pushed through a series of stop-loss levels forcing investors to buy dollars to reduce their losses, traders said. 'It's a technically-driven market with dollar strength rather than yen weakness,' said Bill Hoerter."
"The euro traded at $1.2024 according to Reuters data, down 0.1 percent compared with late Thursday. The euro had hit a two-month low of $1.1976 earlier this week."
"'Given the stronger-than-expected headline number and the rise in the prices paid component, that would reaffirm the measured stance (of rate increases) currently held by the Fed and likely would be supportive for the U.S. dollar over the short run today,' George Davis said. The prospect of higher U.S. interest rates tends to boost the appeal of dollar-denominated deposits to foreign investors."
# posted by Ben Jones @ 2:37 PM 
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oc bear,
This could be the beginning of hte end for the greenback. It happens to them all eventually.
BTW, financialsense.com asked me to contribute to the Realty Reality topic in late October that will examine the very real possibility that the major central banks are losing their grip.
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This could be the beginning of hte end for the greenback. It happens to them all eventually.
BTW, financialsense.com asked me to contribute to the Realty Reality topic in late October that will examine the very real possibility that the major central banks are losing their grip.
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