Global Foreign Exchange Stories By Cmd Rajesh Sharma Money Matters Financial Services Ltd.

Dollar

Dollar

US dollar edged higher against the euro. Risk sentiment soured after Fed chairman Ben Bernanke said fed is ready to act if the euro zone problems spill over, but he gives few hints on any immediate monetary easing.

EURO

The euro hovered near one week highs on Thursday and growth linked currencies were supported by expectations that global policy makers will act soon to support a flagging economic recovery. This drove investors to unwind bets on safe-haven currencies like the dollar and the Japanese yen. Both may stay under pressure ahead of Federal Reserve chairman Ben Bernanke"s testimony later in the day. Hopes of more stimulus from the Fed received a boost after Janet Yellen, the Fed"s vice chair, laid out the case for more easing to bolster a fragile economy as financial turmoil in Europe mounts. The single currency touched a high of $1.2585. Traders expect resistance at $1.2625.

AUD

The Aussie retreated to $0.9890 after Bernanke"s comments having hit a three week high of $1.0003 on Thursday after strong domestic jobs data. Aussie"s sell off from session high suggests temporary top has been formed, with the currency needing to consolidate after its strong rebound from multi-month lows last week. Support seen at $0.9875 with resistance at $1.000.

RUB

Russian rouble continued to recover on Thursday against a backdrop of improving global risk appetite while Russian stocks lost ground following a rally the previous day amid softening of oil price. The rouble had gained 0.6% against the dollar to 32.22 and 0.3 against the euro to 40.46, while gaining 0.5 percent against the euro dollar currency basket.

ZAR

South African rand climbed as much as 1.2% against the dollar before giving up all the gains in see-saw trading as dented prospects of policy easing in the US negated the lift that China"s rate cut had given commodity currencies. The ZAR peaked at 8.2215 against the dollar, the strongest since May 22.

INR

The Indian rupee breached 55 per dollar mark, hitting its strongest level against the dollar in more than two weeks, as a rate cut in China further boosted revival in global risk sentiment. Dollar sales by foreign and custodian banks tied to the rally in domestic stock markets also helped the rupee strengthen, although the dollar buying by oil firms capped some of the gains. Rajesh Sharma says the rupee could rise to 54 in near term, while downside is expected at 56.50 levels. The INR sport closed at 54.94 after hitting 54.92 earlier in the day.

by: Kiran K.

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