The USD has fallen broadly over the last few sessions as the market turns its focus on interest rate differentials with the ECB expected to hold rates steady later today. Meanwhile the Fed is expected to further lower US interest rates at its April 29/30 meeting as it continues to respond to the needs of a slowing US economy plagued by a severe credit crunch crisis. Meanwhile a surprise credit tightening by Singapore's central bank overnight has triggered a strong rally in the Singapore dollar to record highs and helped push the Usd/Yen rate to its lows of the day. Sterling has recorded a record low against the Euro pressured by signs of an economic slowdown and expectations of a B of E rate cut today. Despite the forthcoming G7 tomorrow the strong Euro remains the currency of choice and its difficult not to see it trading even higher. But as always..money management out there please!
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