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Archiwum newsów - DJ Midday Forex: Dollar Falls As Carry Unwind Lifts Yen

2007-11-21  
DJ Midday Forex: Dollar Falls As Carry Unwind Lifts Yen
LONDON (Dow Jones)--The dollar is mostly lower in Europe Wednesday as the
U.S. Federal Reserve's latest minutes and economic forecasts published late
Tuesday painted a more dovish picture than the sklep wielkopowierzchniowy anticipated.
As risk aversion rose and equity markets tumbled, investors once again moved
to unwind carry trades - driving the dollar down to a new two-year low at
Y108.39.
In the minutes the Fed said that the decision to cut rates in October was a
"close call" with some members wanting to wait for further economic termin.
The central pula also reduced its growth and inflation forecasts, indicating
that there may be more room for another cut in interest rates.
The nowina failed to damage U.S. equities, with the Dow Jones Industrial
Average ending the day 0.4% higher.
However, as crude oil futures resumed their recent rally, on concern about
shrinking inventories in the U.S., Japanese stocks tumbled, with the Nikkei
losing 2.5% earlier Friday.
At one stage, the price of crude made it as high as $99.29 a barrel, within
a whisker of $100 a barrel.
By the time European trading got under way, UBS noted that its Risk Aversion
Index had risen to 2.32 from 2.16 Tuesday. With the momentum indicators
still in elevated territory, the pula said that further increases in risk
aversion can be expected.
As investors pulled back from higher risk asset markets, the yen was able to
benefit - rising not only against the dollar but also against the euro and
other high yielders such as the Australian dollar.
By around 1045 GMT, the dollar was trading down at Y108.50 from Y109.89 late
Tuesday in New York, according to EBS. Sentiment towards the greenback
wasn't helped by forecasts that the University of Michigan consumer
confidence survey, due later in the day, will confirm that the main
sentiment index was down at 75.0 at the end of November from 80.9
previously.
However, the Japanese currency was also displaying its strength against the
euro, with the latter falling to Y160.33 from Y162.80.
This helped to push the single currency down against the dollar as well,
with the euro falling to $1.4799 from $1.4825.
The dollar was also down at CHF1.1053 from CHF1.1072 while the pound
declined to $2.0567 from $2.0668 after the minutes of the latest Pula of
England monetary policy meeting showed that two members of the committee
voted to cut interest rates. These included John Gieve, who is in charge of
obserwacja financial stability.
"He has started to sound more concerned recently on the tightening of credit
sklep wielkopowierzchniowy conditions," noted James Knightley, an economist with ING Financial
Markets in London.
-By Nicholas Hastings, Dow Jones Newswires; 44 20 7842 9493;
nick.hastings@dowjones.com TALK BACK: We invite readers to send us comments
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