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At the close of business Monday, the dollar was up slightly compared to the Japanese yen, and it was down slightly compared to the euro. Investors are waving off US leading indicators that are illustrating slowed growth for the remainder of the year. These indicators went up slightly by 0.4% in July, which showed that the economy is still growing, but perhaps at a very slow pace. Investors are also taking a wait-and-see mentality to the problems in the credit markets.
The US dollar was up 0.1% against the yen: 1 dollar for 114.42 yen. The dollar was down fractionally compared to the euro: 1.3476 dollars for 1 euro. The British pound was up 0.2% against the dollar: 1.9842 dollars for 1 pound.
The dollar index made no moves, and remained flat at 81.420. The dollar index compares the US dollar against a number of foreign currencies and thus gives an indication of the dollar’s value internationally.
Attention still seems to be focused towards the credit crunch of the American market. Such credit-market problems are making traders tense and uneasy.
Along these lines, the Federal Reserve Bank of New York issued a statement early Monday morning indicating that it would redeem $5 billion in Treasury bills in three days. The speculation by analysts is that such a move by the Feds is meant to counter the levels of high discount-rate borrowing by the banks over the previous seven days.
The redemption of Treasury bills may be a sign that more money than anticipated was borrowed last week at the discount-rate, which was cut by the Feds last Friday by a half a percentage point.
If such an indication is true, and the borrowing was more than anticipated, it could add to the uneasiness of economic investors. It would be a sign that credit conditions were worse than what was expected.
12:25
Posted on Aug-23-2007
