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Weekly Currency Roundup
March 16-March 20 2008
Local FX Market
Local inter-bank FX market was mostly liquid throughout the week but tightened near the end; however the BDT remained almost unchanged against the USD.
MoneyMarket
Overnight money market eased during the week with liquidity conditions. Range moved from 8.50-9.00 to 8.50-9.50.
In the Treasury bill auction held on Sunday, hid for BDT9,000.00 was accepted compared to BDT 9,000.00 last week. Weighted average yield rose slightly for the 28D category T-Bills but was almost unchanged for all other categories auctioned on the day. International Markets
I he week begun with the dollar plunging across the board on Monday as the spreading of US financial crisis led to JPMorgan Chase acquiring stricken investment bank Bear Stearns, stirring fears that more financial firms may become casualties. The euro hit $1.5904, an all-time high against the dollar. The dollar plunged to 98.91 yen, its lowest level in 12-1 /2 and set fresh all-time lows at 0.9637 Swiss francs. The Federal Reserve took more emergency measures to stem the fast-spreading financial crisis, cutting its discount rate on Sunday and opening up discount window lending to major investment banks, a tool not used since the Great Depression. On Tuesday the Federal Reserve lowered its federal funds target rate by 75 basis points to 2.25 percent. Futures markets had broadly expected a full percentage point reduction, this smaller than expected rate cut fuelled a relief rally in equities, and a short lived rebound in the dollar The dollar fell on Wednesday amidst bearish view of investors before rising against euro and yen on Thursday. The US cur rency rose underpinned by sliding gold and oil prices, falling stocks in spite of the prevailing anxiety of investor over troubled credit markets. The rise was augmented by the urge among investors to switch from riskier assets back into dollars ahead o the long Easter weekend and the need for the dollar to trim the heavy losses sustained this month .Commodities
Gold surged to a record $1009 an ounce on Friday in NewYori as the Bear Stearns Cos. bailout and a plunging dollar increaser demand for the precious metal. However on Monday the value of the metal declined with investors selling the precious meta to cover losses in other markets. On Wednesday gold for imme diate delivery dropped to $944.70 an ounce, dropping the mos since June 2006 after Federal Reserve reduced US borrowinj costs less than investors expected and signaled more cuts won' be as aggressive. On Thursday Gold prices fell further to a one month low of $920.30.
Crude oil rose to a record of $111.80 a barrel on Monday thi highest since trading began in 1983. This occurred as a slidinj dollar and credit market losses in the US prompted investors t< buy commodities. Later in the week crude oil fell after the dolla gained some grounds against the euro and yen, reducing thi demand for commodities as an inflation hedge.
Cotton dropped as a government report showed US con sumer prices were unchanged last month, eroding the appeal o commodities as a hedge against inflation.
Wheat fell by 20 percent since reaching a record of 13.495 ir February to $10.74 a bushel, as rains improved crop prospect in Australia and farmers worldwide are prepared to sow mon grain to take advantage of prices that reached a record high las month.
- Standard Chartered Ban