Wednesday, January 13, 2010

Dollar Slides vs Major FX by Korman Tam

The dollar was broadly lower against the major currencies in the first trading day of 2010, relinquishing the 1.44-level versus the euro and sliding to 1.0374 against the Canadian dollar. Crude oil popped back above the $80 per barrel level while the global equity bourses advanced in the Monday session as traders shifted back into riskier assets. The Dow Jones, Nasdaq and S&P 500 were all higher by over 1.5% by afternoon.

The economic calendar was light today, with the release of the December manufacturing ISM report. The data improved by more than expected, edging up to 55.9 and beating calls for an increase to 54.0 from 53.6 in November. The ISM prices paid component jumped to 61.5 versus 55.0 in the previous month. 

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