Forex - Dollar mixed vs. rivals as safe havens in demand
Investing.com
Published Aug 02, 2011 04:35AM ET
During European morning trade, the greenback was higher against the euro, with EUR/USD shedding 0.31% to hit 1.4206.
On Monday, the House of Representatives approved legislation to raise the U.S. debt ceiling by at least USD2.1 trillion and cut federal spending by as much as USD2.4 trillion. The measure was to go to the Senate for a final vote later in the day.
But the outlook for global economic growth remained clouded after data on Monday showed that the U.S. Institute for Supply Management's Manufacturing Index fell to its lowest level in two years in July.
The greenback was also higher against the pound, with GBP/USD slipping 0.10% to hit 1.6276.
Official data showed earlier that construction activity in the U.K. fell slightly less-than-expected in July.
Meanwhile, the greenback was trading within striking distance of record lows against the yen and Swiss franc, with USD/JPY easing up 0.14% to hit 77.31 and USD/CHF tumbling 0.75% to hit 0.7775.
Japanese Finance Minister Yoshihiko Noda said earlier he would "like to watch market movements closely today, particularly after the progress in the U.S. debt issue," and added that the government was talking with the Bank of Japan and other countries about yen strength.
In Switzerland, official data showed that retail sales rose significantly more-than-expected in June, while a separate report showed that Swiss manufacturing activity rose unexpectedly in June.
Elsewhere, the greenback was higher against its Canadian, Australian and New Zealand counterparts, with USD/CAD slipping 0.14% to hit 0.9555, AUD/USD falling 0.67% to hit 1.0896 and NZD/USD shedding 0.31% to hit 0.8737.
Earlier in the day, the Reserve Bank of Australia kept the benchmark interest rate unchanged at 4.5% for a record eighth straight meeting, due “acute uncertainty” over the global economic outlook.
The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, inched up 0.12%.
Later in the day, the U.S. was to publish official data on personal consumption expenditures and personal spending.
Get The News You Want
Written By: Investing.com
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.