By: DailyForex.com
The recovery in the world’s equity markets, albeit a minimal recovery, helped push the US Dollar higher versus several safe haven currencies. In market-thinned trade as a result of the US holiday today, the greenback had edged higher versus the Japanese Yen and Swiss Franc, as well as the carry-trade favorite, the Euro. Later this week, the European Central Bank will be announcing its latest policy decision as regards Quantitative Easing. Many analysts don’t expect to see any significant change to policy with Mario Draghi continuing to take a wait-and-see stance.
As reported at 11:08 am (GMT) in London, the USD/JPY pair was trading at 117.38 Yen, a gain of 0.48%; the pair ranged from 116.8650 Yen to 117.4375 Yen in today’s trade. The USD/CHF was 0.28% higher at 1.0043 Swiss Francs. The EUR/USD was lower at $1.0896, a fall of 0.15%. The pair has ranged from a low of $1.0875 to $1.0926 in today’s trading.
Commodity-Currencies Get a Lift
Earlier, despite the seemingly endless declines in Oil prices, the Australian Dollar had managed to edge higher against the greenback. The AUD/USD was trading at $0.6892, a gain of 0.53%. Analysts attribute the Aussie’s recovery after last Friday’s 5% fall to the stabilization of commodity-currencies in general. The USD/CAD, another commodity-currency, fell to C$1.4493, down 0.57%. Expectations are high that this week the Bank of Canada could announce an interest rate cut in an effort to help the Canadian economy.