The Dollar's rise not over yet says Lehman

By FinotecAug 25, 2008 08:00PM ET

www.investing.com/analysis/fundamental/the-dollar%2527s-rise-not-over-yet-says-lehman-9977

The Dollar's rise not over yet says Lehman

By Finotec | Aug 25, 2008 08:00PM ET

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slowing exports will stop the European Central Bank from raising the interest rate this year

EUR/USD	USD/JPY	USD/GBP	USD/CHF
Resistance	1.4860 1.4780 1.4715	111.00 110.65 110.30	1.8625 1.8590 1.8470	1.1200 1.1170 1.1105
Support	1.4475 1.4440 1.4420	109.00 108.65 108.15	1.8305 1.8170 1.8090	1.0995 1.0925 1.0845

The euro fell for a third day against the dollar on a report today that showed business confidence in Germany slumped to a three-year low. ``There's a good chance for the euro to go lower,'' said Tsutomu Soma, a bond and currency dealer at Okasan Securities Co. in Tokyo. ``People are giving up on bets for euro gains as the chance of an ECB rate hike fades away.'' The euro also declined today versus the yen on concern credit-market losses and slowing exports will stop the European Central Bank from raising the interest rate this year. The current interest rate stands at 4.25%. The EUR/USD is currently trading at $1.4601 as if 8:18am, GMT. EUR/JPY trading at 160.51.

The dollar's rally over the past month is ``close to unprecedented'' in the 35 years since the currency was decoupled from gold and will have room to rise on bets the European Central Bank will begin cutting borrowing costs, according to Lehman Brothers Holdings Inc. ``The ECB is going to start cutting early next year -- in January,'' said Steven Englander, a currency strategist at Lehman in New York. ``Right now, the first ECB cut isn't priced in to the market until July. We are significantly more aggressive in terms of thinking how the ECB is going to respond to weaker growth and lower inflation.''

The UK pound is falling against the dollar after a report showed economic growth stagnated in the second quarter. The report added to pressure on the Bank of England to set aside concerns about inflation and cut its benchmark interest rate which is currently at 5 percent. BBA Mortgage Approvals come out slightly better than expected at 22.4K from an expected 21.1K. The GBP/USD is currently trading at $1.8390 as of 8:24am, GMT.

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Central Banks

Interest Rates

Next Meeting

FED

4.50%

May 07, 2025

ECB

2.65%

Apr 17, 2025

BOE

4.50%

May 08, 2025

SNB

0.25%

Jun 19, 2025

RBA

4.10%

May 20, 2025

BOC

2.75%

Apr 16, 2025

RBNZ

3.75%

Apr 09, 2025

BOJ

0.50%

May 01, 2025

CBR

21.00%

Apr 25, 2025

RBI

6.25%

Apr 07, 2025

PBOC

3.10%

BCB

14.25%

May 07, 2025

US 30	38,227.5	-2318.4	-5.72%
US 500	5,062.7	-333.9	-6.19%
Dow Jones	38,314.86	-2231.07	-5.50%
S&P 500	5,074.08	-322.44	-5.97%
Nasdaq	15,587.79	-962.82	-5.82%
S&P 500 VIX	45.31	+15.29	+50.93%
Dollar Index	102.770	+0.970	+0.95%

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Brent Oil	65.58	-4.56	-6.50%
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Silver	29.230	-2.740	-8.57%
Copper	4.4020	-0.4265	-8.83%
US Soybeans	977.00	-34.50	-3.41%

U.S. 10Y	3.999	-0.037	-0.92%
U.S. 30Y	4.416	-0.060	-1.34%
U.S. 5Y	3.705	-0.031	-0.83%
U.S. 3M	4.253	-0.040	-0.93%
US 10Y T-Note	113.05	+0.41	+0.36%
Euro Bund	130.52	+0.68	+0.52%
10-2 Yield Spread	31.32	+4.15	+15.27%

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The Dollar's rise not over yet says Lehman

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