Market Review - 31/12/2009 20:55 All times in GMT
Dollar ends 2009 at 3-month high vs yen
The greenback rallied to a 3-month high against the yen but fell against the pound. The dollar index, which tracks the US currencyâ€™s progress against a basket of the worldâ€™s main currencies, rose slightly to 77.93 after early weakness.
U.S. released its initial weekly jobless claims data on Thursday and it was better than expected. The weekly claims fell by 22,000 to a seasonally adjusted 432,000 in the week ended Dec. 26, the lowest level since July 19, 2008. Economists surveyed had estimated claims would rise by 3,000.
Despite rising to intra-day high of 1.4441 just ahead of European opening due to a large order by an Asian player in a holiday-thinned market, the single currency received no follow though buying in Europe and ratcheted lower and then fell after the release of U.S. jobless claims. Euro dropped back to 1.4307 in NY morning before stabilizing.
The British pound extended previous day's rally and rose against the dollar and the euro, posting the first annual gains against both since 2006 as a bigger-than-expected jump in house prices added to signs the U.K. economic slump is easing. Cable started off Thursday with a brief pullback to 1.6048 but price quickly rebounded and extended the rally from Wednesday's 1.5832 low to intra-day high of 1.6236 at NY opening on cross demand in sterling before trading sideways in NY afternoon(gbp/jpy penetrated this month's 149.08 high and rose to a high of 150.68 while eur/gbp remained under pressure and fell to intra-day low of 0.8857 in NY afternoon).
The dollar rose to a three-month high against the yen on speculation the Federal Reserve is moving closer to withdrawing its fiscal stimulus measures. Despite a brief fall to intra-day low of 91.90 in Asia, the pair rebounded from there and later rallied above Wednesday's high of 92.77 in NY morning and climbed to as high as 93.15 in NY mid-day session before stabilizing.
Data to be released next week include Swiss retail sales, Germany retail sales, manufacturing PMI, EU manufacturing PMI, U.K. manufacturing PMI, U.S. construction spending , ISM manufacturing on Monday; Germany unemployment rate, U.K. PMI construction, EU HICP flash, Canada PPI, U.S. durable goods, factory orders, pending home sales on Tuesday; Germany services PMI, EU services PMI, U.K PMI service, EU industrial orders, PPI, U.S. ADP unemployment, ISM non-manufacturing on Wednesday; New Zealand trade balance, Australia trade balance, retail sales, Swiss CPI, EU retail sales, Germany industrial production, U.K. BOE rate decision, U.S. jobless claims , FOMC minutes release, Canada Ivey PMI on Thursday; Japan leading indicators,Germany trade balance, industrial production, U.K. PPI, EU GDP, unemployment rate, Canada unemployment rate, U.S. non-farm payrolls, wholesale inventories on Friday.
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