Forex - US dollar continues rise in Sydney morning trade on lower oil prices |
|
|
|
Published
:
Wed, 10 Jan 2007 00:17
|
SYDNEY (XFN-ASIA) - The US dollar was higher against the yen and euro here as traders support the US currency on further falls in crude oil prices, which are likely to reduce the large US trade deficit, dealers said.At 9:50 am (2250 GMT Tuesday), the dollar was trading at 119.37 yen, up from 119.30 in late New York trading while the euro was at 1.2997 usd, lower from 1.3005 earlier.Dealers said the euro again traded to a low of 1.2990 usd overnight before reversing higher, while the US dollar hit a high of 119.50 yen on speculation the Bank of Japan will refrain from raising interest rates this month.They said trade was dominated by events in bond, equity and commodity markets given the lack of economic data.However, this is likely to change with tonight's release of the US trade deficit and wholesale inventories data for November.NAB Capital strategists said traders are likely to shrug off any modest rise in the US trade deficit for November - market expectations are for a rise to 59.5 bln usd from 58.9 bln in October - given the recent large falls in crude oil prices.'Moreover, the Federal Reserve's Michael Moskow, who is due to speak on the US economy at 1730 GMT, is likely to be hawkish,' NAB said.Sydney 9.50 am (2250 GMT Tuesday)US dollar119.37 yen1.2420 sfrEuro1.2997 usd155.12 yen1.6139 sfr0.6701 stgSterling1.9392 usd231.43 yen2.4081 sfrAustralian dollar0.7800 usd0.4022 stg93.085 yenNew Zealand dollar0.6918 usdpaul.daniel@xfn.com
|
|
|
|
|
|
Print this Story
Forex - Dollar buoyed by falling commodity prices 