Light Trading and Poor Data from Germany Highlights Monday
Tuesday, May 26, 2009
EUR
On a relatively low volume day, the Euro rose slightly versus the dollar on Monday despite a data release showing German corporate sentiment fell short of market expectations. Traders took the data as a sign that any recovery in the Euro zone's biggest economy would take more time. The German IFO Business Climate Index rose to 84.2, up from 83.7 last month but below the 85 that analysts had predicted. Overall though, the Euro had a decent day.
At 10:15PM GMT, the Euro was up .14% to the USD to 1.4015, up .25% to the British Pound to .8804, up .42% tot he Canadian Dollar to 1.5736, up .17% tot he Australian Dollar to 1.7913 and down .1% to the Swiss Franc to 1.5177.
JPY
The yen returned to the selling pressure that had plagued it for several weeks after news reports confirmed that North Korea had conducted a nuclear test and test-fired three short-range missiles. The occurrence is seen as a negative factor for the currency given the island nation's geographical proximity to Pyongyang, North Korea. Analysts have said though that the downtrend has been exaggerated and that many traders used the North Korean tests as an excuse to unload long positions in the Yen.
At 10:25PM GMT, the Yen was down .3% to the USD to 94.73, down .4% to the Euro to 132.8, down .15% to the British Pound to 150.78, down .21% to the Swiss Franc to 87.5 and down .1% to the Australian Dollar to 74.11.
GBP
British were closed on Monday though the pound did manage to recover slightly after intense selling last week due to Standard & Poor's lowering the outlook for Britain's triple-A credit rating to "negative" from a "stable" rating.
In very light trading the Pound fell .1% to the USD to 1.591, fell .3% to the Swiss Franc to 1.7229 and rose .2% to the Canadian Dollar to 1.7871.
The trading on the Forex was very light Monday, roughly 1/3rd of an average day's trades were conducted. This was due to national holidays in both England and the United States. US and British Banks return to the Forex on today and we should see a return of normal volume.
On a relatively low volume day, the Euro rose slightly versus the dollar on Monday despite a data release showing German corporate sentiment fell short of market expectations. Traders took the data as a sign that any recovery in the Euro zone's biggest economy would take more time. The German IFO Business Climate Index rose to 84.2, up from 83.7 last month but below the 85 that analysts had predicted. Overall though, the Euro had a decent day.
At 10:15PM GMT, the Euro was up .14% to the USD to 1.4015, up .25% to the British Pound to .8804, up .42% tot he Canadian Dollar to 1.5736, up .17% tot he Australian Dollar to 1.7913 and down .1% to the Swiss Franc to 1.5177.
JPY
The yen returned to the selling pressure that had plagued it for several weeks after news reports confirmed that North Korea had conducted a nuclear test and test-fired three short-range missiles. The occurrence is seen as a negative factor for the currency given the island nation's geographical proximity to Pyongyang, North Korea. Analysts have said though that the downtrend has been exaggerated and that many traders used the North Korean tests as an excuse to unload long positions in the Yen.
At 10:25PM GMT, the Yen was down .3% to the USD to 94.73, down .4% to the Euro to 132.8, down .15% to the British Pound to 150.78, down .21% to the Swiss Franc to 87.5 and down .1% to the Australian Dollar to 74.11.
GBP
British were closed on Monday though the pound did manage to recover slightly after intense selling last week due to Standard & Poor's lowering the outlook for Britain's triple-A credit rating to "negative" from a "stable" rating.
In very light trading the Pound fell .1% to the USD to 1.591, fell .3% to the Swiss Franc to 1.7229 and rose .2% to the Canadian Dollar to 1.7871.
The trading on the Forex was very light Monday, roughly 1/3rd of an average day's trades were conducted. This was due to national holidays in both England and the United States. US and British Banks return to the Forex on today and we should see a return of normal volume.
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