Global Newsbrokers Forex Service
New York forex report at 20:54:00
DOLLAR REMAINS WEAK AFTER TRADE DATA
Wednesday, January 12
The dollar steadied at its lower
levels after today's earlier sell-off
that followed the poor November trade
figures. There was little sign of any
rebound, however, although against the
euro the US currency still remains
some way off its holiday period lows.
As anticipated, the trade figures
diverted attention back to the
dollar's structural problems. What
was not anticipated was such a
negative figure, and its legacy may
linger for some time to come.
The data did not inject anything new
into the market, but what they did was
remind investors why the dollar has
fallen so much in recent months. For
dollar bulls, such a reminder was
unwelcome after last week's respite
provided by the hawkish FOMC minutes.
In late New York, the euro was at
$1.3267, with sterling at $1.8914.
The dollar stood at Y102.35.
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