FX Daily Squawk - Foreign Exchange News and Updates

March 16, 2009 - PRLog -- Today has seen the major currencies and most emerging currencies fair better than the US Dollar.   The British Pound and the Swedish Krona are leading the pack against the US Dollar.  The Pound has broken above the 20-day moving average, which is the first time it has done so since last February. There was a psychological barrier for the Euro at $1.30 and it has finally broken through. The dollar’s weaker tone comes as sentiment turns slightly more positive.  In emerging currencies, the South Korean Won has posted the largest Q1 2009 gain against the  US Dollar at  roughly 3%.  

World equity markets are holding steady in Europe and Asia.  Early indications suggest that the US equity markets will open stronger today.   A lead-off by financials helped the Nikkei close above the 7,700 level for the first time since February.  The Nikkei closed up 1.8%.  European markets are up close to 2%.  Talks that  Barclays may sell its iShares business to a US based or Middle Eastern buyer, has not created a significant market stir.  The buyout is speculated to be somewhere around GBP3.5 to 5.0 billion.  OPEC decided to hold production of oil, which led to a softer oil market today. Copper is slightly higher on the day, but is staying within Friday's range, along with Gold.

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John Taxiarchos is a professional trader, analyst and author involved in the forex markets. On this website, you will see forex news, my books, managed forex, sales and marketing tips, as well as business and finance information for entrepreneurs.