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發表於 2007-12-2 14:16:15
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FOREX-Month-end transactions boost dollar, yen struggles
By Lucia Mutikani
NEW YORK, Nov 30 (Reuters) - The dollar surged against a basket of major currencies on Friday and was on track for its biggest weekly gain in more than a year on profit-taking in the euro and month-end squaring up of positions by corporates.
The greenback was also supported by optimism that further Federal Reserve interest rate cuts would help the world's biggest economy avoid a recession.
The dollar index, which measures the greenback against six major currencies, rose 0.5 percent to 75.952 <.DXY>. On the week, it was up about 1.2 percent, on track for its best weekly gain since at least September 2006.
"What we are seeing today is end of month and towards the end of the year profit-taking and squaring up of positions. That should lead the dollar to strengthen a little bit," said Mark Meadows, a currency strategist at Tempus Consulting in Washington.
"All the bad news for the dollar is factored in already. It's likely that from here until the end of the year the dollar may see bit of a reprieve," he said, adding that the euro could slip to $1.45 by year end.
In New York afternoon trade, the euro <EUR=> was quoted at $1.4677, down 0.4 percent on the day and its lowest level in just more than a week. It earlier scaled a session peak of $1.4784 in overseas trade. Continued... |
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發表於 2007-12-1 18:25:25
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