Dollar Generally Lower Early Tuesday In New York
Tuesday, February 06, 2007 7:24:25 AM - The US dollar showed weakness early Tuesday generally. This came as no key US economic data are expected and amid various other releases. The Japan December leading indicators, BRC retail sales data for January, euro-zone December retail sales and German December factory orders were the key ones among them.
Greenback was slightly higher until about 1:45 am early today but the gains to the Japanese unit were posted until about 3:30 am which were given back after a sideways trend that followed. However to the euro, franc and sterling, greenback weakened heavily and hit lows since early Friday lately.
To the Canadian currency buck dropped briefly during the very early Tuesday deals but has largely maintained an uncertainty as the traders focused on the Canadian December building permits data expected later in the morning.
When no key economic data is expected from the US economy for the day, Paulson’s testimony on Budget before the House and the Senate would be major attractions for the traders. Speeches by Fed’s Moskow and Yellen scheduled for the day also will be focused by the traders, it is widely expected.
Greenback weakened to the European currency early trading Tuesday in New York. Pair was initially lower and it collected 1.2912 at 1:45 am before starting to rally. Shortly before the Euro-zone retail sales data for December, the pair quoted 1.2946 and after that, it shed a few pips. But the German data that followed made the European unit regain its momentum. At 7:20 am ET, EURUSD traded at 1.2951.
Against the British currency, buck weakened heavily and touched a 4-day low lately. GBPUSD was worth 1.9589 at 1:45 am and after that it staged a rally that ended up at 3:00 am. Within a little earlier than a couple hours pair came off the sideways trend that followed and strengthened further. As of 7:20 am ET, GBP collected 1.9687 a USD. BRC retail sales data for January came out early today is likely have affected trading in the pair.
Against the yen, greenback strengthened early Tuesday. Pair rallied from 120.24 to 120.5 within the time span between 12:50 am 3:30 am ET. After that, USD/JPY was largely sideways until about 5:00 am and following that, dropped off. At 7:20 am ET, USD/JPY fetched 120.17. Early deals in the pair are likely affected by the Japanese December leading indicator data which showed growth matching consensus.
After a brief uptrend into the small Tuesday New York deals that lead the USDCHF to 1.2498 by about 1:50 am ET, pair dropped off. After about an hour, it made an attempt to come back but soon after, lost ground and plummeted to a 4-day low lately. As of 7:20 am ET, USD versus franc quoted 1.2438. Recent deals came amid lack of data from the Swiss economy.
Barring a short spike at 1:00 am ET, USDCAD largely showed uncertainty early Tuesday. Brief fall staged by the pair at 3:00 am made it collect the session’s low at 1.1810 and after that, edged higher and moved sideways in a loose range. As of 7:20 am ET, pair traded at 1.1823. Canada December building permits data is expected at 8:30 am ET.