The Forex Daily Digest – July 3, 2009
The Forex markets are trading today but as is the case when the U.S. takes a holiday, the rest of the world finds it difficult to attract any noticeable activity.
European shares traded lower with U.S. stock exchanges closed for the July 4th holiday, and utilities and metals producers are also trading lower. Data released today showed the second straight month of expansion for the British services sector in June, while euro-zone retail sales fell 0.4% in May.
The dollar held moderate gains against major currency counterparts in European trading, affected by concerns about prospects for economic recovery following a weaker-than-anticipated U.S. jobs report Thursday. Market conditions remained thin since the U.S. markets are closed.
The CAD rose, swallowing a weekly decline that’s been driven by indications that the economic recovery is hesitating as well as by a drop in crude oil below $67 a barrel. The CAD is on course for a fifth consecutive decline. That’s the longest streak of losses since it dropped six straight weeks through Dec. 14, 2007, after the U.S. reported a larger-than-forecast number of job losses yesterday. Oil was little changed today at $66.50 after three days of declines.
The former Chinese Vice Premier highlighted his nation’s concern at the risks posed by a global financial system dominated by the dollar, urging more oversight of countries issuing reserve currencies. The Chairman of China’s national pension fund said he believes the yuan may join the USD and EUR in becoming one of the main currencies in the international monetary system after more than 10 years. The People’s Bank of China renewed on June 26 its call for a new global currency and said the International Monetary Fund should manage more of members’ foreign-exchange reserves.
I hope you all have a very pleasant and safe Fourth of July holiday and I look forward to seeing you back here bright and early Monday morning. Remember the troops on this 233rd American Independence Day holiday.
Happy 4th and Happy Trading…
James Dicks
European shares traded lower with U.S. stock exchanges closed for the July 4th holiday, and utilities and metals producers are also trading lower. Data released today showed the second straight month of expansion for the British services sector in June, while euro-zone retail sales fell 0.4% in May.
The dollar held moderate gains against major currency counterparts in European trading, affected by concerns about prospects for economic recovery following a weaker-than-anticipated U.S. jobs report Thursday. Market conditions remained thin since the U.S. markets are closed.
The CAD rose, swallowing a weekly decline that’s been driven by indications that the economic recovery is hesitating as well as by a drop in crude oil below $67 a barrel. The CAD is on course for a fifth consecutive decline. That’s the longest streak of losses since it dropped six straight weeks through Dec. 14, 2007, after the U.S. reported a larger-than-forecast number of job losses yesterday. Oil was little changed today at $66.50 after three days of declines.
The former Chinese Vice Premier highlighted his nation’s concern at the risks posed by a global financial system dominated by the dollar, urging more oversight of countries issuing reserve currencies. The Chairman of China’s national pension fund said he believes the yuan may join the USD and EUR in becoming one of the main currencies in the international monetary system after more than 10 years. The People’s Bank of China renewed on June 26 its call for a new global currency and said the International Monetary Fund should manage more of members’ foreign-exchange reserves.
I hope you all have a very pleasant and safe Fourth of July holiday and I look forward to seeing you back here bright and early Monday morning. Remember the troops on this 233rd American Independence Day holiday.
Happy 4th and Happy Trading…
James Dicks
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