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Tuesday, September 26, 2006

FX Closing Comments

The Dollar held firm today, with the December index rising 36 ticks. The impetus was two-fold. The first was a better then expected consumer confidence figure, which rose to 104.5 from a revised 99.6. The resurgent confidence figures, helped by falling crude prices and continued jobs growth, helped support the view that a "soft" land was more likely than the more painful alternative. The other supportive factor was a strong stock market, which boasted the 2nd highest close in the Dow at 11669.