9 January 2001, 16:38 US FX Daily Outlook: Euro/dollar lower on continued profit-taking - part1
By Kyle Peterson, BridgeNews
Chicago--Jan. 9
The dollar was mixed overnight, as the euro sank to a five-day low of
93.86 cents to the dollar on ongoing profit-taking despite generally
supportive euro zone economic data. The greenback hit a four-day low of
115.60 yen, also on profit-taking, but remains trapped in Friday's range.
Trade for both pairs overnight was mostly quiet. The euro/dollar
continued to pull back from the six-month high reached Friday, as the
0.9600 level remains protected by options players. Dollar/yen took little
interest in Japanese news and data that should have supported. The pair is
edging lower still from the 17-month high reached Friday.
Dollar/Swiss franc moved to a five-day high of 1.6222, while
sterling/dollar followed the euro/dollar to an 11-day low of 1.4880.
Meanwhile, dollar/Canada was positive but still lodged in Monday's range
of 1.4927 to 1.4991.
The U.S. econ agenda is bland. Richmond Fed manufacturing and service
sector December surveys are due out at 1000 ET. U.S. traders are likely to
sell euro/dollar and dollar/yen lower.
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