Foreign Exchange Daily Updates - Archive

Below is the foreign exchange market update (Jan 06/03).

Note: The weekly foreign exchange updates give you a foreign exchange expert trader's view of the volatile foreign exchange markets. It is a valuable source of information with respect to the factors that affect foreign exchange rates at the macro level. It is a great source of insight into the complexities of foreign exchange rates and issues.

Visit www.Cambridgefx.com daily and stay up to date on factors that affect foreign exchange rates. Follow these links to see the latest key currencies, US exchange rate and Canadian exchange rate

Foreign Exchange Update: Posted Jan 6/03

US Dollar Rallied

Last week the US$ rallied 1 % on the first trading day of the year when a much higher than expected Manufacturing number was released only to be taken back 1 % on Friday to where it started by President Bush's saber rattling. This morning the US Dollar has been hit again after Saddam Husseins reply that Iraq is ready for war. So with the New Year unfortunately no change for the US$. The war focus predominates.

Gold and Oil are close to their respective highs. The Swiss Franc has made gains but only as much as the Euro and the British Pound.

Comments that OPEC will increase oil production ½ a million barrels a day by mid month, if oil prices don't fall back below $28 barrel, could help take some pressure of the US Dollar. The other focus this week will be on the Bush Stimulus package for the US economy. We will also go into the 4th. Q earnings report season for US stocks which probably won't help the Dollar.

With so many currencies lined up against the US Dollar there is a strong focus on technical levels.

Currency ranges for this week :

EUR/USD 1.0350 - 1.0550
USD/CAD 1.5550 - 1.5750
GBP/USD 1.5950 - 1.6180
USD/CHF 1.3810 - 1.4020
USD/YEN 117.80 - 121.60
USD/MXN 10.25 - 10.50

In these volatile foreign exchange market conditions please call your currency advisor for the latest updates.