Thdollar’s pace of weakness against most currencies appears to be slowing, with the possible near-term exception of the Japanese yen.e Japanese yen continued to strengthen today, reaching an 8-month gain against the U.S. dollar and the Canadian dollar, the loonie, began to recover from several days of losses. The The next day or so of trading will likely respond to the Consumer Confidence Index and the anticipated growth and employment numbers for the U.S. and Europe for the 3rd Quarter and September.
The stock market rose today across all three indices as the Dow Jones Industrial Average rose 124.17 points, or 1.28% to 9789.36, the Nasdaq rose 39.82 points, or 1.90% to 2130.74, and the S&P 500 rose 18.60 points, or 1.78% to 1062.98. Boeing and The Traveler’s Company gained strongly and IBM and Kraft fell strongly on the day. This marks the first gain for each market in three days of trading, and the Nasdaq and S&P rose the highest, percent-wise, in two and one months, respectively.
Trading tomorrow will be dependent on the Consumer Confidence Index report, but we predict a volatile yet mostly unchanged euro to U.S. dollar currency pair. The dollar should recover somewhat against the Japanese yen coming off an 8-month low from Monday. More volatile trading between the British pound and the dollar with a slight gain to the dollar, while the dollar will not change from the Australian dollar and give a large gain to the Canadian dollar.
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