Foreign Exchange Daily Updates - Archive

Below is the foreign exchange market update (Dec 30/02).

Note: The weekly 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 US exchange rate and Canadian exchange rate.

Foreign Exchange Update: Posted Dec 30/02

Geopolitics continues to overrule US Dollar value.

There is very little change in market sentiment since last week.
With Iraqi war concerns and the North Korean situation determining
the US Dollar's value, not news reports on economic data. Last week's housing starts came in higher than expected and the durable goods were lower, but neither refocused the market on the economy.

The safe havens against war continue to do well Gold, Platinum and Silver have maintained their recent gains and the Swiss Franc continued to strengthen.

Oil has pushed to new recent highs at $33 a barrel, but this has more to do with the Venezuelan strike and supply than war concerns. The Canadian Dollar lost its support provided by high commodity prices as traders focused on the effect of war on the US economy and so the Canadian economy.

The Japanese Yen strengthened to 118.75 since Fridays close and traders are wary of Japanese intervention as they have made it clear they do not want a strong Yen and they have intervened at year end in the past.

The lighter than usual holiday currency trading volumes will continue
until next week.

This weeks ranges-
USD/CAD 1.5650 - 1.5850
EUR/USD 1.0350 - 1.0550
GBP/USD 1.5840 - 1.6140
USD/CHF 1.3850 - 1.4020
USD/YEN 117.80 - 121.60
USD/MXN 10.15 - 10.40

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

We at Cambridge wish everyone a happy, safe and prosperous New Year.