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FX round-up: Dollar mixed against major currencies

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Date: Wednesday 09 Apr 2008

LONDON (ShareCast) - The dollar was mixed against major currencies Tuesday as traders digested more gloomy news about the US economy.

Fed minutes showed many central bankers see a "severe and protracted downturn" for the US economy. Many policymakers also indicated that a downturn in the economy in the first half of the year "now appeared likely."

The future of the US housing came into focus too. The minutes showed that policy makers believed problems in the "housing sector had deepened and that considerable uncertainty surrounded the outlook for housing."

Details of the minutes follow Fed Chairman Ben Congressional testimony last week where he said a "recession was possible."

A report by the National Association of Realtors said that pending home sales fell to the lowest level since the index started in 2001.

On a brighter note, the report forecasts that the housing market will start to recover in the second half of the year.

The euro and sterling were in focus ahead of the ECB and the Bank of England’s meetings Thursday to decide on interest rates. The ECB is widely expected to keep borrowing rates hold while the BoE is expected to cut rates.

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