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FX round-up: Dollar mixed in quiet trade

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Date: Tuesday 25 Mar 2008

LONDON (ShareCast) - With European markets closed for Easter Monday trading volumes were low in the foreign exchange markets. The US dollar improved against the yen and the euro after encouraging US home sales data suggested that the US housing slump may be coming to an end.

Sentiment was also boosted by JP Morgan’s increased bid for Bear Stearns. However, there are some traders that doubt whether the deal will be consummated, despite the New York Federal Reserve agreeing to provide $29bn in term financing to grease the wheels of the deal, and this returned some uncertainty to the market. As a result, profit taking set in and the dollar gave back some of its gains against the euro.

Against the Canadian dollar and sterling, however, the US currency lost ground. The UK currency continues to trade below $2, but edged a bit closer to the two dollar level, rising to $1.9867.

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