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U.S. dollar is mixed against major foreign currencies on Tuesday following its widespread gains on Monday in the wake of the equity market collapse in the latest leg of the ongoing financial sector crisis.
“Yesterday was an ugly day after the markets didn’t get the [emergency] rate cut that they wanted from the [Federal Reserve], and [...]
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Published on September 23, 2008 by Forex
The greenback is gaining momentum despite the recent release of a pair of softer-than-expected U.S. economic indicators on Tuesday morning.
Manufacturing activity in the U.S. Mid-Atlantic states continued to slow in September, according to the Richmond Fed’s manufacturing index, which fell two points to -18, against the consensus expectation that it would improve to -12. Furthermore, in another 10 a.m. EDT release, U.S. house prices were reported to have declined 0.6% in July following June’s downwardly revised -0.3%. The consensus had been looking for a decline of 0.2% in the month.
The U.S. dollar is subsequently making broad-based gains, except against the Canadian dollar. The USD/CAD is now down 0.0038 to 1.0321 off session lows of 1.0306. Tuesday marks the lowest the cross has been since August 4, when it last breached 1.0300.
The euro is down 0.0018 to 1.4758, while the pound sterling is down 0.0002 to 1.8545, both against the U.S. dollar. The Australian dollar is down 0.0019 to 0.8423 against the greenback. The U.S. dollar is up 0.21 to 105.72 against the yen.
Currently, Federal Reserve Chairman Ben Bernanke is testifying on the subject of the proposed U.S. financial sector bailout before the Senate Banking Committee along with Federal Housing Finance Agency Director James Lockhart and Securities and Exchange Commission Chairman Christopher Cox. The policy-makers will be joined by U.S. Treasury Secretary Henry Paulson.
Bernanke said difficulties in the financial markets should be addressed through the private sector whenever possible. He addressed the bankruptcy of investment bank Lehman Brothers last Sunday night, saying it did not pose such a risk to the financial system, given the length of time investors and others had to take precautionary measures.
USD/JPY up 0.21 to 105.72.
EUR/USD down 0.0018 to 1.4758.
GBP/USD down 0.0002 to 1.8545.
USD/CAD down 0.0038 to 1.0321.
AUD/USD down 0.0019 to 0.8423.
