Fri, 10 Aug 2012 00:00:00 +0200
Positive US News Benefits USD
Better than forecasted US news sent the dollar higher against several of its main currency rivals yesterday. Both the weekly Unemployment Claims and Trade Balance figures signaled growth and boosted investor confidence in the US economic recovery. The USD/CHF advanced close to 80 pips over the course of the day to reach as high as 0.9775, before staging a slight correction and dropping to the 0.9760 level. Against the Japanese yen, the dollar rose by more than 40 pips during the second half of the day to trade as high as 78.73. Turning to today, the safe-haven dollar may be able to extend yesterday's gains if investor confidence in the euro-zone economic recovery continues to decrease. If the European Central Bank fails to make any announcements regarding new initiatives to lower borrowing costs in the region, the greenback may remain bullish against its higher-yielding currency rivals. That being said, any increase in risk aversion in the marketplace could result in the dollar reversing its losses against the Japanese yen.
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