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Weekly Currency Roundup
May 18-May 22,2008
Local FX Market
Local inter-bank FX market eased during the 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 9.00-14.00 percent to 8.00-10.00 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 364D category T-Bills but was almost unchanged for all other categories auctioned on the day.
International Markets
The dollar had been boosted on Monday after the private US Conference Board's leading indicator index showed a rise of 0.1 percent in April to match the increase in March, which followed five straight months of declines. But while that data backed those arguing the US slowdown may be near to bottoming out, others were wary that further fallout from the global credit crunch would leave the economy mired in slowing growth and higher inflation. However the dollar weakened broadly on Tuesday against a basket of six major currencies, pressured by persistent jitters about the US economic outlook and rises in oil prices to record highs. The common European currency rose on Tuesday after figures showing German producer prices had sped to a 20-month high in April kept expectations for steady ECB rates intact. It continued to rise and shot up above $1.58 on Thursday, after a cut in Federal Reserve's 2008 growth forecast and crude oil's surge to fresh record highs stirred fears about the health of the US economy.
Meanwhile the New Zealand dollar rose on Thursday after Finance Minister Michael Cullen cut taxes, easing pressure on the central bank to lower interest rates to support the economy.
Commodities
Crude oil was on a rise this week, it traded at record levels above $127 a barrel on Tuesday and $129.60 a barrel on Wednesday after speculation that Saudi Arabia's increased output won't meet the demand of refiners seeking grades which yield more gasoline and diesel. On Thursday it continued to rise above $135 a barrel, on concern that supplies are inadequate after US stockpiles unexpectedly dropped last week.
Gold rose to the highest in a month this week to $928.60 an ounce as surging oil prices and a weakening dollar boosted demand for the metal as a hedge against inflation.
- Standard Chartered Bank