Forex News
With market hopes pinned on the Greek government, the Euro rose against the U.S. Dollar, striking a 3-week high as it approaches chart resistance that could cap near-term gains.
Following the release of a report stating that Germany might agree to make some concessions on terms for a a Greek bailout, the common currency Euro surged to a 3-week high against the U.S. Dollar.
As market players moved to cover short positions in the U.S. Dollar following last week’s slide, the common currency Euro slipped in Asian trading though managing to hold onto most of Friday’s gains.
Yesterday’s worse than expected data which detailed a still weak U.S. labor market and tepid first quarter growth pushed the U.S. Dollar broadly lower in Asian trading.
The common currency gained against the U.S. Dollar in Asian trading aided by a rise in commodity prices and a the recent release of a report that the Chinese central bank is considering buying Portuguese bailout bonds.
In Asian trading today the common currency fell further, approaching crucial support levels, following unrelenting pressure from hedge fund operators on escalating Eurozone concerns. Unsubstantiated rumors that the Greek government may call for a snap election added to investor worries and triggered speculative selling of the common currency.
The U.S. Dollar Index is holding steady, close to a 7-week peak as the common currency Euro remains on the defensive amid growing concerns that Spain’s fiscal troubles will exacerbate following election losses by the ruling party.
The common currency Euro slipped to a 2-month low versus the U.S. Dollar in Asian trading today; it struck a new historic low, as well, against the Swiss Franc.
The U.S. Dollar continues to struggle against the common currency Euro as investor expectations that an interest rate hike from the U.S. Federal Reserve were dashed.
The common currency Euro continued to extend its recovery from this week’s earlier struck 7-week low against the U.S. Dollar, which is coming under heavy sell pressure as commodity prices appear to be stabilizing.
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