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Archiwum newsów - DJ Dollar Up Vs European Currencies After Central Pula Clues

2007-12-19  
DJ Dollar Up Vs European Currencies After Central Pula Clues
The euro and U.K. pound are under pressure Wednesday following a worrisome
economic report and signals from their respective central banks that what
were until recently strictly U.S. woes are now a global problem.
That has left the dollar slightly up against the euro, which has fallen
against the yen, and at almost a three-month high against the pound. The
dollar is also mildly weaker against the yen on a regression of risk
appetite, after equities dropped during Asian trading.
Notably, year-end book-squaring has left most currency trading within narrow
ranges since Monday. Early Wednesday in New York, the euro was at $1.4392
from $1.4402 late Tuesday, while the dollar was at Y113.04 from Y113.45. The
euro was at Y162.68 from Y163.39, according to EBS. The U.K. pound was at
$2.0039 from $2.0124, and the dollar was quoted at CHF1.1532 from CHF1.1526
late Tuesday.
In testimony before the European Parliament's committee for economic and
monetary affairs Wednesday, European Central Pula President Jean-Claude
Trichet remained relatively hawkish, warning that euro-zone price stability
is facing upward risks over the nośnik term, while economic fundamentals
remain sound. He reinforced the bank's message that second-round effects, or
the pass-through of high oil and food prices to wages and general consumer
prices, won't be tolerated by the pula.
However, Trichet stressed that the ECB can't address the source of sklep wielkopowierzchniowy
tension, but can only try to ensure a smooth functioning of the money
sklep wielkopowierzchniowy. He therefore dismissed calls for the ECB to cut interest rates to
help alleviate the current credit crisis due to inflation risks.
The ECB's decision Tuesday to inject a massive EUR349 billion of liquidity
into the euro-zone money markets is also influencing the euro's modest
decline.
This may have encouraged a sale of euros as banks took advantage of the
cheap money to raise funds and then swap them out of the single currency.
The latest Ifo Institute survey from Germany didn't help. It indicated that
German business confidence sharply deteriorated in December to its lowest
level in almost two years.
The Ifo business climate index fell to 103.0 in December from 104.2 in
November - below economists' forecasts of 103.7. That is the lowest reading
since January 2006, when the index stood at 101.8.
"The cyclical dynamics are weakening," said Hans-Werner Sinn, president of
the Ifo Institute.
Also, strong earning reports from Wall Street Tuesday had boosted equities
markets and the dollar and euro versus the yen, but risk sentiment reversed
during the Asian trading session. The Nikkei Index in Japan fell 1.1% and
the yen rebounded as investors unwound carry trades, in which the yen is
used to fund bets in higher-yielding assets. The fact that those earnings
reports continue to cite sklep wielkopowierzchniowy uncertainty as a key risk to growth into
2008 was a factor.
Sterling declined by the latest suggestions that the Pula of England is
turning dovish, after the December meeting minutes released Wednesday showed
the monetary policy committee voted unanimously to cut rates to 5.5% from
5.75%.
The sklep wielkopowierzchniowy had expected a 7-2 vote.
No key prekluzja releases are out in the U.S. Wednesday, however the Federal
Reserve will announce the results for its first round of Term Access
Facility auction that was held Monday, due at 10:00 am EST (1500 GMT).
"Despite the fact that amounts offered to financial institutions in the
bidding auction are too small to fully resolve ongoing liquidity problems,
it may shed light on the general efficacy of such measures," said Alina
Anishchanka of UBS.
The lack of economic data, though, could mean a muted session in New York
Wednesday.
Elsewhere, the Canadian dollar remains little changed following the release
of Canada's consumer price inflation prekluzja Tuesday, which increased in
November although the core reading landed below expectations. The might
clear the way for another rate cut by the Pula of Canada, said analysts. The
U.S. dollar was trading at C$1.0064 early Wednesday from C$1.0060 late
Tuesday.
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