By: Barbara Zigah
As reported at 9:31 a.m. in London, the U.S. Dollar slipped against major currencies, touching on a 6-week low versus the single currency Euro as investors move back into higher risk, higher yielding currencies. Investor speculation based on improved U.S. corporate earnings reports and higher share prices fueled the move away from safe-haven currencies such as the U.S. Dollar and the Japanese Yen. Versus the U.S. Dollar, the Euro traded at $1.4222, an increase of .9%, though at one point it had been as high as $1.4235, The U.S. Dollar Index, a gauge of the American currency’s strength versus a basket of six major currencies, slipped nearly .5% to trade at 78.928 .DXY. The U.S. Dollar managed to hold on to weak gains versus the Japanese Yen, trading at 94.61 Yen, a gain of .5%.
Higher risk currencies are expected to continue the momentum and hold onto last week’s gains, at least in the short term. Investors continue to be encouraged by signs that the global economy is on the mend, especially following last week’s earnings reports out of the United States which were better than anticipated. More U.S. bank earnings reports are expected out this week, and investors expect to see strong results which will support their decision and put the greenback under increased pressure.
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Barbara Zigah
Barbara Zigah is a freelance journalist living in Ghana, who specializes in Forex-related content; her online work has appeared in the IB Times, NASDAQ, Benzinga, and Seeking Alpha.
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Live FX Rates
| Symbol | Change | High | Low |
|---|
| EUR/USD | 0.0081 | 1.2623 | 1.2562 |
|---|---|---|---|
| AUD/USD | 0.0109 | 0.9879 | 0.9799 |
| EUR/GBP | 0.0036 | 0.8036 | 0.801 |
| EUR/JPY | 0.33 | 100.21 | 99.81 |
| GBP/USD | 0.0037 | 1.5716 | 1.5678 |
| USD/CAD | -0.0053 | 1.0271 | 1.0238 |
| USD/CHF | -0.0049 | 0.957 | 0.9532 |
| USD/JPY | -0.28 | 79.73 | 79.35 |
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