Forex News: The USD fell across the board yesterday
On Monday, the US Dollar fell across the board following the disappointing Non-Farm Payroll data report. The dollar was affected as well by a comment done by a Federal Reserve board member that confirmed markets fears in the wake of the reality of a 10.1% unemployment rate.
The President of the St. Louis Federal Reserve, James Bullard said that he believed interest rates will remain at current levels for the present time.
He commented as well that it was highly unlikely that any piece of data that – published between now and the next FOMC meeting in February – would be able to influence the Central Bank to raise rates.
The market has been hoping for a rate hike, since US core lending rates have been stuck at 0.25%.
At 11:00PM GMT, the US Dollar was trading down 0.62% to the Euro to 1.4518, down 0.52% versus the Japanese Yen to 92.06, down 0.28% against the British Pound to 1.6115, down 0.14% to the Australian Dollar to 0.9306, down 0.43% versus the New Zealand Dollar to 0.7429 and up 0.02% against the Canadian Dollar to 1.0329.
Forex Trading - CHF. The Swiss National Bank Chairman, Philipp Hildebrand, commented on Monday that the Central Bank would do what’s necessary in order to curtail the growth of the Franc against the Euro, stifling an early session rally.
This intervention of the Swiss National Bank is regarded by many investors as worrisome, who have seen the Euro slide in recent weeks on new unrelated to its relationship with the Franc.
Forex traders fear that the SNB will go too far in its efforts to control something that is, in effect, uncontrollable.
At 11:15PM GMT, the Swiss Franc was trading down 0.11% against the Euro to 1.4748, up 0.3% to the British Pound to 1.6369, rallying back late in the session after having been down against the Sterling most of the day. The Franc was also up a fraction against the Japanese Yen in a high volume trading to settle in at 90.58 and up .63% versus the US Dollar to 1.0156.
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1 Comment »
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March 10th, 2010 at 8:49 am
Interesting article. Were did you got all the information from…