Fri, 25 May 2012 00:00:00 +0200
Safe-Haven USD Sees Additional Gains
The US dollar was able to extend its gains against the euro yesterday, following the release of several disappointing economic indicators out of Germany. That being said, a worse than expected US Core Durable Goods Orders figure left the dollar near its recent lows against the Japanese yen. The EUR/USD fell as low as 1.2515 during early morning trading. The pair eventually staged a slight recovery, reaching 1.2610 during the afternoon session. Against the JPY, the dollar dropped to 79.33 during mid-day trading before correcting itself. By the afternoon session, the pair reached as high as 79.47. As we close out the week, traders will want to note the result of the US Revised UoM Consumer Sentiment figure, set to be released at 13:55 GMT. While the dollar has seen significant gains against currencies like the EUR and AUD in recent weeks, it has remained weak against its safe-haven rival the JPY. Should today's news come in above the expected 77.7, the USD/JPY could turn bullish during the afternoon session.
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