By: Barbara Zigah
The U.S. Dollar continues to make gains in Asian trading, up against both the single currency Euro and the Japanese Yen as demand for the greenback grew on hedge fun buying. Analysts predict that the U.S. Dollar may see wider gains provided that the yields on 10-year Treasury Notes rises again. On Monday, the 10-year T-Note closed at 3.84%, the highest yield in more than four months, which prompted hedge fund buying of the U.S. currency. Market players see that positive news at proof that the American economy is on the road to recovery.
Trading continues to be somewhat subdued due to the holiday week, and in light trading the U.S. Dollar held steady at 91.73 Yen, while the Euro traded at $1.4367. The U.S. Dollar Index also saw small gains, moving to 77.712 .DXY, up from 77.625 .DXY. Despite the positive movements, analysts suggest that the Dollar’s recent upward trend is somewhat excessive, given that the unemployment rate in the U.S. is at an historic high and predict that when the majority of market players return after the holidays, the greenback will see a correction.
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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 | 0.007 | 1.2623 | 1.2562 |
|---|---|---|---|
| AUD/USD | 0.0104 | 0.9879 | 0.9799 |
| EUR/GBP | 0.0026 | 0.8036 | 0.801 |
| EUR/JPY | 0.23 | 100.21 | 99.81 |
| GBP/USD | 0.0043 | 1.5716 | 1.5678 |
| USD/CAD | -0.005 | 1.0271 | 1.0238 |
| USD/CHF | -0.0043 | 0.957 | 0.9532 |
| USD/JPY | -0.29 | 79.73 | 79.35 |
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