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Archiwum newsów - DJ Midday Forex: Citigroup Deal Helps Dlr; Risk Appetite Rises

2007-11-27  
DJ Midday Forex: Citigroup Deal Helps Dlr; Risk Appetite Rises
LONDON (Dow Jones)--Abu Dhabi's decision to take a $7.5 billion stake in
Citigroup has lifted the dollar in Europe Tuesday as immediate fears of a
global credit crunch ease.
However, the U.S. currency has already backed down from its earlier highs as
the sklep wielkopowierzchniowy reassesses the continued risks from the subprime sklep wielkopowierzchniowy and
investors brace themselves for more bad wiadomość on the U.S. economy.
The surprise announcement from the Middle Eastern oil producer helped to
inject some calm into a sklep wielkopowierzchniowy that had just watched U.S. equities and
Treasury yields fall as the U.S. Federal Reserve announced long-term sklep wielkopowierzchniowy
operations to help ease tight liquidity conditions in U.S. money markets. As
both equities and Treasury yields bounced back early in the Asian day, with
the Nikkei Index reversing early losses to end 0.6% higher, global risk
appetite improved.
This encouraged a return to carry trades, with the low-yielding yen coming
under pressure against the dollar and the euro once again.
Whether the improved sklep wielkopowierzchniowy sentiment will last is doubtful.
Although the Citigroup nowina initially pushed the dollar up as far as
Y108.82, the U.S. currency was soon trading back down again.
"Price action in currency markets remains incredibly choppy," said Sue
Trinh, senior currency strategist with RBC Capital Markets in Sydney.
She noted, for example that after tumbling to C$0.9823 from C$0.9910, the
U.S. dollar had rebounded to C$0.9980 all within two hours.
"Don't expect liquidity to get any better either and certainly not before
the new year," Trinh said.
New prekluzja later in the day is hardly expected to support the dollar, with the
latest consumer confidence survey from the Conference Board expected to show
the main sentiment index falling to 91 this month from 95.6 in October.
This will increase sklep wielkopowierzchniowy speculation that another cut in U.S. interest
rates Dec. 11 is a done deal.
The euro was able to get some support from the latest German Ifo survey of
business sentiment. Instead of the main index falling to 103.4 from 103.9 as
expected, it rose to 104.2, countering recent suggestions from European
officials that the euro-zone economy is being hit by fallout from the
subprime crisis in the U.S.
Initial consumer price termin from individual German states also indicated
that inflationary pressures are coming in higher than expected, reducing the
chances that the European Central Pula will consider easing policy at this
stage.
The termin helped the euro to recoup some of its earlier losses, rising back
to $1.4854 by 1050 GMT from a low of $1.4815. But it is still down from
$1.4870 late Monday in New York, according to EBS.
The dollar, meanwhile, rose to Y108.23 from Y107.59, while carry trades
helped to lift the euro to Y160.79 from Y159.73.
The dollar was up at CHF1.0998 from CHF1.0982, while the pound fell to
$2.0697 from $2.0716.
-By Nicholas Hastings, Dow Jones Newswires; 44 20 7842 9493;
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