Daily Currency Report
OverviewUSD bulls were back out in force after the release of optimistic US employment figures. The figures prompted USD buying and moved the dollar to four-week highs against the euro and sterling. The figures seem to have halted the dollar's decline...
Overview
USD bulls were back out in force after the release of optimistic US employment figures. The figures prompted USD buying and moved the dollar to four-week highs against the euro and sterling. The figures seem to have halted the dollar's decline after a growing fear that the world's largest economy was hesitating from its recovery in 2005.
GBP
Sterling ended last week on a negative note, weakening against most major currencies. The positive US data has left Sterling trading at a four-week low against the dollar. The pound's resolve against the euro has surprised most traders as many expected the eurozone's continued positive outlook help sustain the move that was seen at the end of 2005.
USD
The USD has started the week on the rise against all major currencies. US stocks fell after the release as the market priced in the expected interest rate rises. Oil prices are also on the rise again, creating an air of uneasiness as to how the dollar will be affected.
EUR
Last week's data from the eurozone was mainly a positive one. Retail sales were marginally up, in line with expectations and the PMI figure also came in as expected, also showing a continued growth in the EU business sector.
JPY
The yen snapped a three-day decline against the dollar. However, this may change, as reports forecast the world's second-biggest economy picking up as the week progresses.