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Weekly Currency Roundup
May 11-May 15,2008
Local FX Market
' Local inter-bank FX market eased during die week and there was ample supply in the market. The BDT remained almost
, ' unchanged against the US dollar.
Money Market
Overnight money market eased this week. The range moved from 9.00-15.00 percent to 10.00-15.00 percent.
In the Treasury bill auction held on Sunday, bid for BDT 9,000.00 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
The dollar rose on Monday, closing in on a two-month high against a basket of currencies as a slight rise in risk appetite and growing speculation that cuts to US interest rates may soon end boosted the US currency. News that a major earthquake had shaken parts of China had limited initial impact on the currency market as investors awaited more news of damage. The greenback, which has rallied on speculation the Fed is done with cutting borrowing costs after slashing by 325 basis points since September, also garnered support from Fed comments emphasising inflation concerns. However nagging doubts still remained on whether enough has been done by the US government and Federal Reserve to get the ailing US economy back on track. On Wednesday, the dollar rose broadly building on gains made after robust US retail data, with attention turning to inflation figures that could heighten chances of a pause in the Federal Reserve's rate cut campaign. On Thursday, the euro climbed for the first time in three days against the dollar after release of strong French GDP data and reports that the German economy grew at the fastest pace in 12 years, making it less likely the European Central Bank will lower interest rates. Sterling pulled away from a near three-month low against the dollar after UK Prime Minister Gordon Brown said that he hoped the Bank of England could cut interest rates, a move seen helping the ailing U K economy.
Commodities
Gold was on a rise in the beginning of the week, on speculation a weaker dollar and rising energy costs will boost investor demand for the metal as a hedge against inflation. On Monday gold had its first weekly gain in four last week as oil posted its biggest weekly rise in almost 14 months. Bullion for immediate delivery rose to $889.95 an ounce. Later in the week gold fell after a report showed US consumer costs rose less than expected last month, reducing the appeal of the precious metals as hedges against inflation.
Crude oil rose to a record level above $126 a barrel as the dollar weakened against the euro, prompting investors to buy commodities as a hedge against the currency's decline. Fall in Nigerian output because of a strike also increased fear of fall in supply. Later as the week progressed crude oil fell with concerns that the 12 percent price rise since May 1 to record high levels, might have been too fast, and could lead to fall in demand. On Wednesday oil fell to $123.97 a barrel after an Energy Department report showed US supplies of distillate fuels, including diesel, rose more than forecast
-Standard Chartered Bank