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FX Summary

Posted:01/12/2008 21:09 by Keith Lobodzinski
The dollar posted gains in London and through the N.Y. morning session on Monday, though eventually gave back some ground following weak U.S. economic data. The November manufacturing ISM report, and October construction spending were worse than expected, and likely took some wind out of the dollar's sails. EUR/USD bounced back over 1.2650 after putting in a floor near 1.2580, while USD/JPY peaked over 94.20 after the open, before following U.S. equities sharply lower, and ending near 93.00. Generally though, with expectations for RBA, ECB, BoE, and RBNZ interest rate cuts this week ramped up following weak global data, the greenback should be able to hold its own for the time being. click here to return to the top of the page
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