Archive for July 31st, 2008

Foreign Exchange Insights and Next Week

Foreign Exchange Insights

July 31, 2008

The foundation of a dollar correction dried further during July.  Based on quotes at 15:35 GMT on the 31st, the dollar was higher across the board for the month against the Australian dollar (+7.1%), New Zealand dollar (+3.6%), Swiss franc (+2.6%), Japanese yen (+1.8%), euro (1.0%), British pound (+0.6%) and Canadian dollar (+0.4%).  In addition, […] More

Canadian GDP Barely Crawling

July 31, 2008

Monthly real GDP, calculated from the supply side, edged unexpectedly 0.1% lower in May, the third negative growth reading in the last four reported months.  GDP rose only 0.6% between May 2007 and May 2008, a year during which industrial production slumped 4.6% including a 2.7% drop in energy output.  Construction slipped for a third […] More

New Overnight Developments Abroad - Daily Update

New Developments Abroad: Weakest U.K. Consumer Confidence Since at Least 1974

July 31, 2008

The euro recovered 0.2%, rising back above $1.5600. The dollar is otherwise narrowly mixed — up 0.1% against the yen and sterling but off 0.1% against the C-dollar and A-dollar.  The Swissy is unchanged. Oil slid 0.7% to $125.85/barrel after Wednesday’s sharp advance.  Gold firmed 0.8% to $919.90/ounce. Equities sank another 2.7% in China but […] More