23 May 2001, 16:48 US FX Daily Outlook: Euro extends losses; yen lifted by crosses
By Cornelius Luca
New York, May 23 (BridgeNews) - The euro stumbled further across the
board, sinking to a fresh six-month low of 85.66 cents on unfurling
bearish momentum fueled by weak euro-zone economic statistics. The dollar
buckled versus the yen to an 18-day low of 120.75, snapping the support of
a trendline, as the Japanese currency benefited from the sales of European
currencies. The greenback is likely to extend its straddled performance in
the U.S. session.
* * *
Dollar/Swiss franc rose for the fifth consecutive session to mark a
six-month high of 1.7820, while sterling/dollar fell to a one-week low on
residual profit taking and under the weight of euro/dollar sales after
peaking Monday at a 17-day high of 1.4414. Dollar/Canada rose to a six-day
high of 1.5448.
Traders didn't bat an eye following news that the European Central
Bank (ECB) has left its minimum refinancing rate at 4.5%, as expected.
Following the avalanche of Fed officials' comments over the past two
days, Wednesday's domestic event agenda only includes speeches by U.S.
Treasury Secretary Paul O'Neill.
Current Previous Change Global Global
NY open NY close low high
USD/JPY 121.21 122.78 -1.57 120.75 122.94
EUR/USD 0.8582 0.8649 -0.0067 0.8566 0.8670
EUR/JPY 104.02 106.20 -2.18 103.63 106.37
GBP/USD 1.4222 1.4270 -0.0048 1.4195 1.4289
USD/CHF 1.7785 1.7680 0.0105 1.7655 1.7820
USD/CAD 1.5424 1.5398 0.0026 1.5402 1.5448
AUD/USD 0.5176 0.5233 -0.0057 0.5175 0.5234
NZD/USD 0.4220 0.4234 -0.0014 0.4210 0.4245
SP.1 1309.50 -3.30 1308.10 1313.40
ND.1 2036.00 -10.50 2025.00 2060.00
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