Forex - Dollar broadly lower as Fed’s FOMC meeting eyed
Investing.com
Published Sep 20, 2011 11:29AM ET
During U.S. morning trade, the greenback was down against the euro, with EUR/USD rising 0.10% to hit 1.3700.
Earlier in the day, the euro was broadly lower after Standard & Poor’s downgraded its debt rating on Italy by one notch, citing weak economic growth and increasing political difficulties.
Meanwhile, talks between Greek officials and international creditors to discuss how Athens can access the EUR8 billion tranche of aid due next month were to continue later in the day.
The greenback was also lower against the pound, with GBP/USD easing up 0.12% to hit 1.5724.
Elsewhere, the greenback slipped against the yen but climbed against the Swiss franc, with USD/JPY sliding 0.12% to hit 76.49 and USD/CHF rising 0.54% to hit 0.8866.
Earlier Tuesday, the Swiss government cut its growth forecast for 2012 to 0.9%, citing a worsening world economic environment and the strength of the franc.
A separate report showed that the country’s trade surplus narrowed more-than-expected in August, as the strong Swiss franc weighed on exports.
In addition, the greenback was weaker against its Canadian, Australian and New Zealand cousins, with USD/CAD dipping 0.02% to hit 0.9905, AUD/USD surging 0.76% to hit 1.0300 and NZD/USD easing up 0.07% to hit 0.8255.
Earlier in the day, official data showed that Canadian wholesale sales rose more-than-expected in July.
In Australia, the minutes of the central bank’s September policy meeting released earlier showed that policymakers believed it was better to keep rates steady in the light of uncertainty over the global outlook, easing concerns over possible rate cuts by the RBA.
The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, slipped 0.11% to hit 77.49.
Also Tuesday, official data showed that U.S. building permits rose to a seven-month high of 0.62 million in August, while housing starts fell to 0.57 million, worse than expectations for a decline to 0.59 million.
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Written By: Investing.com
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