This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

British Pound, Euro Rally

The greenback was falling against the euro and the pound Tuesday as stock markets around the globe rose and attention turned toward Federal Reserve interest rate policies.

Euros were selling for $1.424, up from $1.4164 late Monday. British pounds were buying $2.0484, rallying from $2.0311 in the last session.

"Right now the focus is shifting to what the Fed will do next week," says Axel Merk, Manager of the (MERKX), in Palo Alto, Calif.

The Fed will hold a two-day policy meeting Oct. 30-31 and will decide whether it wants to cut the cost of borrowing again following a half-point reduction in September.

Such a move would likely weaken the dollar relative to other currencies, and so traders try to keep a close watch on shifting market sentiment.

"I think the Fed is clearly on a course to inject liquidity into the financial system at any cost, which is bad for the U.S. dollar," Merk adds, meaning he thinks that sooner or later the monetary authority will decide to cut benchmark short-term rates.

Also impacting the foreign-exchange market was poor economic data out of the U.K., which may have capped the pound's rally somewhat.

Elsewhere in the foreign-exchange markets, the dollar was fetching 114.47 Japanese yen, up from 114.3 yen previously.
1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
DBV $23.54 0.00%
FXB $142.91 0.00%
FXY $90.93 0.00%
FXE $111.84 0.00%
AAPL $93.74 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs