17 May 2001, 16:28 US FX Daily Outlook: Euro reverses gains; liquidation to weigh
By Cornelius Luca
New York, May 17 (BridgeNews) - The euro reversed recent gains versus
most of the other key currencies after the execution of large buy orders
Wednesday was out of the pipelines. Residual long liquidation will likely
weigh further on the single currency later in the day. The euro fell from
a one-week high of 88.81 cents to the dollar.
* * *
Dollar/yen slipped to a three-day low of 122.90, dollar/Swiss franc
rebounded from a 13-day low of 1.7261 and sterling/dollar fell from a
nine-day high of 1.4323. Meanwhile, dollar/Canada fell for the third
consecutive day to reach a 10-day low of 1.5343.
Thursday's domestic agenda includes April leading economic indicators,
May Philadelphia Fed Bank business outlook survey, the Fed minutes of the
March 20 FOMC meeting and the minutes of the April 18 conference call on
the intermeeting interest rate cut, and speeches by Fed Vice Chairman
Roger Ferguson and Fed Gov. Laurence Meyer.
All eyes will be on U.S. stocks to see whether they can extend
Wednesday's solid gains and whether some of this strength can rub off on
the dollar.
Current Previous Change Global Global
NY open NY close low high
USD/JPY 123.21 123.60 -0.39 122.90 123.56
EUR/USD 0.8813 0.8833 -0.0020 0.8805 0.8881
EUR/JPY 108.59 109.22 -0.63 108.42 109.33
GBP/USD 1.4292 1.4299 -0.0007 1.4285 1.4323
USD/CHF 1.7393 1.7345 0.0048 1.7261 1.7415
USD/CAD 1.5349 1.5376 -0.0027 1.5343 1.5399
AUD/USD 0.5279 0.5235 0.0044 0.5236 0.5286
NZD/USD 0.4253 0.4218 0.0035 0.4216 0.4261
SP.1 1293.30 4.90 1284.80 1294.00
ND.1 1935.00 38.00 1899.00 1937.50
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