Forex - Dollar up vs. most rivals as ECB’s Trichet in focus
Investing.com
Published Sep 08, 2011 08:03AM ET
During European afternoon trade, the greenback was up against the euro, with EUR/USD shedding 0.46% to hit 1.4033.
The euro was hit by speculation that that the ongoing sovereign debt crisis in the single currency bloc and the bleak outlook for global growth would see Trichet signal a halt in the bank’s monetary tightening cycle at the post-policy meeting press conference later in the day.
But the greenback was lower against the pound, with GBP/USD rising 0.14% to hit 1.6012.
Earlier Thursday, the Bank of England left its benchmark interest rate unchanged at 0.5% and held off from increasing its asset-buying program.
Elsewhere, the greenback was higher against the Swiss franc, but dipped against the yen, with USD/CHF advancing 0.85% to hit 0.8646 and USD/JPY easing down 0.05% to hit 77.19.
Earlier in the day, official data showing that Japanese machinery orders fell more-than-expected in July underlined concerns that the yen’s strong gains are having a negative impact on Japan’s recovery from the March earthquake disaster.
Meanwhile, the greenback was higher against its Canadian and Australian counterparts but lower against its New Zealand cousin, with USD/CAD adding 0.17% to hit 0.9847, AUD/USD shedding 0.30% to hit 1.0627 and NZD/USD climbing 0.37% to hit 0.8351.
Official data earlier, showing that Australia’s unemployment rate unexpectedly climbed to 5.3% in August, the highest since October, added to speculation over a rate cut by the country’s central bank.
The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.26% to hit 75.72.
Later Thursday, the U.S. was to publish its weekly report on initial jobless claims, while Federal Reserve Chairman Ben Bernanke was to speak. In addition, U.S. President Barack Obama was to make a speech to Congress to propose new employment measures.
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.