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The euro edged higher against the dollar

The euro edged higher against the dollar on Wednesday due to some short-covering following the euro's fall to a six-month low the previous day.
Some stop-loss buying of euro and buying by CTA funds gave a lift to the single European currency, which slid on Tuesday after data showed German business morale had fallen to a three-year low.
The data was the latest sign that weakness in the U.S. economy had spilled over into other major economies, and underscored market expectations for the European Central Bank to eventually lower interest rates.
The euro rose around 0.5 % to USD 1.4730, pulling away from a six-month low of USD 1.4570 hit on trading platform EBS on Tuesday.
The dollar dipped broadly, with sterling rising around 0.4 % to USD 1.8445, pulling up from a two-year low of USD 1.8330 hit on Tuesday.

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U.S. equities
Most U.S. stocks advanced as a rally in energy shares overshadowed concern the Federal Reserve will raise borrowing costs to slow inflation.
Anadarko Petroleum Corp. jumped 6.3 % and led gains in 32 of 39 energy producers in the Standard & Poor's 500 Index as crude climbed more than USD 1 a barrel.

USD at six month high
The dollar rose to a six-month high of 1.4570 against the euro on speculation the greenback will be the main beneficiary of a global economic slowdown as German business confidence dropped in August more than forecast.
The minutes from the latest FOMC meeting showed that the Federal Reserve policy makers agreed this month that their next change in interest rates will be to raise them, while reaching no conclusion on the timing of such a decision.

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News And Views

USD surged on poor German data but trimmed its gains thereafter as oil prices rose and US data were mixed. While US Aug consumer confidence beat consensus, the -15.9% y/y print on June house prices was near expectations and the 515K for new home sales weaker than forecast. NYMEX crude oil dipped below $113/bbl at one point but rallied to sit around $116/bbl in late NY as oil workers began to be evacuated from the Gulf of Mexico as Hurricane Gustav builds strength. US equities posted minimal gains. The New Zealand dollar largely ignored broad USD movement, chopping around 0.6900/40 in London before rallying above 0.6970 on macro account buying.

AUD/USD lost about 25 pips in IFO-related collateral damage but was about flat in the end, sitting at 0.8550 near the NY close.

EUR/USD sank a full cent to 1.4600 on Germany's Aug IFO survey of business sentiment sank to 94.8 from 97.5 vs consensus of 97.2. Buyers emerged below 1.4600 however (low 1.4570) as the pair recovered to 1.4540/50.

USD/JPY was little changed overall at 109.60 late NY but did see a short-lived dip to 109.15.
The minutes of the 5 Aug FOMC meeting showed that members generally agreed that the next move in interest rates would be up, but the timing would depend on economic and financial market developments. As noted in the 5 Aug statement, there was 'significant concern' about inflation, with some members concerned that 'core' inflation may not moderate in 2009 as hoped. However, many officials were also concerned about the potential for more market turmoil, especially in light of the mortgage agencies' recent woes. The statement points to more tough talk on inflation from the Fed, but no action in the near future.