Dollar hedges lower as investors are cautious ahead of US economic data due this week. Market is anticipating softer Durables Goods Orders in January and a sharp downward revision to 4Q economic growth figures. Soft economic data in the US this week would likely strengthen the argument of analysts expecting the Federal Reserve to cut the Fed Funds rate from 5.25% this year in order to fight a slowing economy. Strategists are warning about some risk for the Dollar following those releases and Dealers already said the Dollar lost some support on Monday as trading volumes were much lower than usu (more…)
The Yen held near 10-week highs against the Dollar after posting its biggest jump in a year as investors? unwound risky trades on fears of rising volatility in financial markets. In additions, the decline in global stock prices including the biggest fall in Chinese stocks prices in a decade, soft US economic data and growing tensions with Iraq forced investors to cut exposure to risk. The sell-off in the Dollar came after a report showed an unexpectedly sharp drop in US Durable Goods Order in January, adding to speculation the Federal Reserve may cut interest rates later this year to support a (more…)
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