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Weekly currency roundup
July 12-July 17,2003
Local FX Market
Market experienced adequate supply of dollar this week. There was not much volatility in dollar/taka rate in the local interbank forex market. In the middle of the week, demand for dollar rose slightly because of import related payment but it stabilized by the end of the week.
Money Market:
Bangladesh Bank borrowed BDT 16,795 million by the Treasury bill auction held on Sunday, compared with BDT 10,880 million in the previous bid. The weighted average yield of 28-D t-bill continued to fall and went to 6.67 per cent compared with 6.92 per cent last week. Yield of other t-bills also fell. Only the 2-Y t-bill rose to 10.68 per cent from 10.44 per cent.
The call money rate remained steady in the beginning the week and ranged between 3.00 and 3.50 per cent. Market experienced adequate liquidity. The rate rose by the end of the week and ranged between 4.00 and 4.50 per cent.
International FX Market
In the beginning of the week, US dollar extended recent gains to twomonth highs against the Euro and the Swiss Franc as investors anticipated upbeat US corporate earnings this week to buoy Wall Street further. US stock futures were indicating a firm start on Wall Street after major stock indices gained around one per cent on Friday, with the market in an optimistic mood for this week's US quarterly earnings and economic data. Investors are also keen to see what Federal Reserve Chairman Alan Greenspan has to say about the state of the economy when he testifies on Tuesday. The dollar moved in a tight range against the yen as optimism over Japan's recovery was countered by wariness Japan could step in to curb its currency strength.
The dollar rose to its highest in over two months against the Euro, Swiss franc and sterling in the middle of the week, extending gains after Federal Reserve Chairman Alan Greenspan delivered an upbeat message on US growth prospects. Strong earnings from Intel Corp, reported after the US Stock Exchange closed, also fired the dollar. The dollar also firmed against the yen as talk of yen selling by Japanese authorities triggered a wave of stop-loss dollar buying. This US dollar move viewed a result of position squaring, an improved global economic outlook and continued asset rotation from bonds to equities. The Swiss franc tumbled to its lowest since April 22, hovering near 1.3875. The GBP was hobbled by an unexpected reduction in interest rates by the Bank of England, hitting a 1-1/2 month low against the dollar. Surprise rate cut from the Bank of Canada sent its currency reeling to a two-month low against the dollar.
Dollar was caught in tight ranges against the Euro and yen in the end of the week, with the market looking to forthcoming US data and corporate earnings for fresh clues about of US economy. Second leg of Federal Reserve Chairman Alan Greenspan's congressional testimony failed to spark a clear trend, with analysts instead looking to results from Coca-Cola and General Motors. The dollar trading around at 118.30 yen and slightly above$1.1225 per Euro. Euro climbed to 132.72 yen against the Japanese currency.
At 1430 hours on Thursday, Euro was at 1.1230/33, GBP at 1.5958/63 and yen at 118.23 /29 against the dollar.
Standard Chartered Bank