Fri, 08 Jun 2012 00:00:00 +0200
Dollar Takes Losses against Riskier Currencies
The US dollar extended its recent bearish trend against its higher-yielding currency rivals yesterday, as several global indicators generated risk taking in the marketplace. A significantly better than expected Australian Employment Change figure resulted in the AUD/USD moving up some 120 pips over the course of the day, eventually reaching just below the psychologically significant 1.000 level. Later in the day, the EUR/USD was able to hit a ten-day high after solid demand at a Spanish bond auction helped ease fears regarding the health of Spain's banking sector. Turning to today, dollar traders will want to pay attention to the US Trade Balance figure, set to be released at 12:30 GMT. Analysts are forecasting that the figure will come in around -49.3B, which if true, would represent a slight improvement over last month. Should the figure come in at or above expectations, the dollar could recoup some of its recent losses before markets close for the week. At the same time, analysts are warning that any gains could be temporary, as investors are still concerned with the possibility that the US economic recovery has stalled.
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