US Data Slumps, FX Calms by Korman Tam

Economic reports from the US continued to point toward further deterioration in fundamentals, thereby reinforcing sentiment of an imminent recession. The data also revealed a sharp collapse in consumer confidence in light of the recent market turmoil and financial system crisis.

FX Calms after Volatile Week

The major currency pairs were largely unchanged in the Friday session, with the euro holding steady near the 1.3450-level and cable hovering near 1.73. The yen remained buoyed against the dollar around the 101-handle amid lingering risk aversion that continues to benefit the Japanese currency.