Oct 25 2013
Dollar Decreases to Two-Year Low Amid Concern on Fed
Masafumi Takada, a director at BNP Paribas SA in New York said, “market is turning quite positive euro,”. The 17-nation currency is gaining on “the back of U.S. downgrade fear, a weaker U.S. number, Fed tapering postponed.”
The greenback move forward for its second weekly losses against the European currency and the yen as more Americans than forecast filed jobless-benefit claims and a private index of manufacturing fell from last month. DBRS Inc. said the U.S.’s AAA rating remained under review “with negative implications.”
The Czech koruna rallied as confidence in the nation rose.
The dollar slid to a two-year low versus the euro as weaker-than-forecast economic data and concern that U.S. growth was hurt by a government shutdown added to bets the Federal Reserve will delay slowing stimulus until the next year.
Rate Range Projection by Bank
Next week 96.00-98.50
Next 3 months 90.00 – 105.00
The postponed announcement regarding US job rate was announced this week. This was done by the government due closing by suspended national budget which was worse than the predictions. It will be a reason to postpone tapering its stimulus program.