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U.S. Dollar Index hits 6-month Peak while Euro-zone Debt Worries Continue
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Monday, February 01, 2010 GMT
By: Barbara Zigah
The U.S. Dollar Index struck its highest price in more than 6-months in Asian trading today; meanwhile, the single currency Euro remained under pressure and close to a 7-month low on continuing fiscal concerns in certain of the Euro-zone nations.
As reported at 4:05 p.m. (JST) in Tokyo, the U.S. Dollar Index, which measures the U.S. currency’s value versus a basket of major currencies, traded as high as 79.534 .DXY before retreating to 79.48 .DXY. Better than expected GDP data from last week supported the analysis that the American economy is recovering at a more rapid pace than its Euro zone and Japanese counterparts. Several key economic reports, including non-farms payroll data, will be issued this week from the U.S., and markets will be keen to scrutinize them for more evidence of the recovery.
Versus the U.S. Dollar, the Euro edged up .1%, to trade at $1.3883; and managed to hold slightly above the $1.3850 low struck in July 2009. Last Friday, the Euro had slipped nearly .8% on the EBS trading platform, and over the past calendar month, the Euro has lost approximately 3% of its value on continuing worries over sovereign debt in Greece and Portugal. The Euro fared poorly against the Japanese Yen, trading at 125.25 Yen, a decline of .1% and close to a 9-month low.
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