The US Dollar edged broadly higher, gaining especially on the common currency Euro and the Japanese Yen. Analysts say the rise is largely as a result of the recent rise in yields on US Treasury notes, with the 10-year bonds gaining 25 basis points over the past two weeks. The US Dollar Index, used by FX traders to assess the dollar’s relative strength, traded at 96.138 .DXY, gaining 0.1%.
As reported at 11:18 am (BST) in London, the EUR/USD was trading at $1.1395, down 0.02%; the pair had earlier hit a trough of $1.13826 while the session peak was at $1.14005. The USD/JPY was up 0.25% and trading at 114.352 Yen; the pair has ranged from a low of 114.026 Yen to a peak of 114.485 Yen in today’s trading session.
Kiwi Dollar Under Pressure
In New Zealand, the Kiwi Dollar was already under pressure after disappointing economic data but that pressure was renewed on the news reports of an earthquake off the South Island. The NZD/USD was trading at $0.7218, down 0.80% and moving away from the session low at $0.72103 while the peak was at $0.72728. The AUD/USD was up 0.02% to trade at $0.7610, well off the session peak of $0.76273. The AUD/NZD is up 0.83% to trade at 1.0543 New Zealand Dollars; the pair ranged from a low of 1.04594 NZ Dollars to a peak of 1.105476 NZ Dollars. The July Business PMI report for New Zealand is due out tomorrow; June’s reading was at 58.5.