LONDON, Apr. 7, 2008 (Thomson Financial delivered by Newstex) -- The U.S. dollar steadied against the euro after firming in Asian trade, with market players wary ahead of the release of the minutes to the Federal Open Market Committee on Tuesday, while the yen and the Swiss franc weakened as risk appetite picked up. Friday's extremely weak U.S. jobs data suggested the country is already in recessionary territory, sparking talk of possible further interest rate cuts. Tuesday's minutes will therefore be closely scrutinised for any dovish slant, particularly as the decision to cut rates by 75 basis points was still less than the 100 basis points many in the market had been forecasting. 'The dollar may have recovered some ground early in the new week, but any support could prove difficult to sustain in the coming days as traders await the release of the latest FOMC meeting minutes,' said James Hughes at CMC Markets. 'The 75 basis points that came off rates last time around was far more conservative than many had been expecting and with Friday's non-farm payroll figures sitting fresh in many people's minds, the scope for the Fed to cull rates further at this month's meeting cannot be ignored,' he added. At the same time, however, there has been evidence of a pick-up in risk appetite, as many in the market start to feel that much of the bad news is already priced in, allowing the U.S. dollar to gain on Friday's levels against the euro in early Asian trade. Meanwhile, safe-haven currencies such as the yen and the Swiss franc were badly hit. 'Risk sentiment has shown surprising resilience amid evidence of further deterioration in global economies up ahead,' said Geoffrey Yu at UBS. (NYSE:UBS) 'This suggests that investors believe worst-case scenarios have already been priced in and now have their sights set on the beginning of a recovery sometime later this year,' he said. Elsewhere, attention this week will turn to interest rates decisions by the European Central Bank and the Bank of England on Thursday. Fears are mounting that the euro zone economy may be much less robust than previously thought following weak German data last week, though the ECB is still not expected to cut interest rates this week or any time soon given very high inflation levels. The matter is different in the UK, however, with an increasing majority in the market now forecasting that the BoE will opt for a cut as early as this month to help alleviate ever tighter conditions in credit markets. To reflect this, the pound was trading weaker against the dollar and the euro, with the single currency edging back towards the 0.79 pound mark. London 0940 BST Hong Kong 1 p.m. (0500 GMT) U.S. dollar yen 102.70 up from 102.40 Swiss franc 1.0150 up from 1.0120 Euro U.S. dollar 1.5684 up from 1.5675 pound 0.7894 up from 0.7875 yen 161.10 up from 160.38 Swiss franc 1.5923 up from 1.5858 Pound U.S. dollar 1.9867 down from 1.9897 yen 204.05 up from 203.64 Swiss franc 2.0170 up from 2.0131 Australian dollar U.S. dollar 0.9231 up from 0.9203 pound 0.4645 up from 0.4625 yen 94.81 up from 94.17 Copyright Thomson Financial News Limited 2008. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News. Newstex ID: AFX-0013-24308468 yvan your source for beauty trend currency calculator | liquidity | euro currency | capital management | online broker | money market | money order | cash flow | get rich | mortgage broker | lost money | currency convert | big rich | fast cash loan | euro 2004 | day after tomorrow | currency rate | thought of the day | euro uefa | the euro dollar | beauty trend | cost of living index | sitemap PDF sitemap (c) Copyright 2009 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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