3/10/2009 3:45 PM: EUR/$..1.2654 $/JPY..98.68 GBP/$..1.3733 $/CHF..1.1630 AUD/$..0.6425 $/CAD..1.2858
| by Korman Tam The greenback has recovered from some of its earlier sharp losses against the euro, which slumped past the 1.28-level to 1.2822. The primary driver in the foreign exchange market on the Tuesday session was the strong rally in US equity bourses, |  with the Dow Jones surging by over 4.5%, the Nasdaq advancing by over 6.0% and the S&P 500 gaining by over 5%. |
US equities regained their footing after heavy selling in recent sessions on the heels of an internal memo from Citigroup CEO Pandit, describing the current quarter as its best since 2007. Pandit said he was encouraged by the strength of Citigroup’s business in the current year and was profitable for the first two months of the year, adding it was the “best quarter-to-date performance since the third quarter of 2007”. There was little economic data from the US, seeing only the release of January wholesale inventories and wholesale sales. The January inventories figure declined by 0.7% while the sales number fell by 2.9%. Scheduled for release on Wednesday will be the February Federal Budget, expected to show a deficit of $200 billion, up from $175.56 billion in the previous | |
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