By: Barbara
In early trading in Tokyo today, the U.S. Dollar defended its position, remaining near its recent 4-month low versus major currencies, following a boost in the U.S. stock markets. The U.S. Dollar Index lost .1% versus a group of six currencies, trading at 82.361 .DXY, close to the Index’s 4-month low of 81.871 set this past Wednesday. According to one analyst, investors are optimistic that global economies will be seeing better days ahead, but not so confident that they can push other currencies higher versus the U.S. Dollar.
The U.S. Dollar gained .1% on the Japanese Yen, trading at 95.84 Yen. The Australian Dollar remained steady at $0.7595 versus the Greenback, and at 72.75 Yen versus the Japanese Yen; both showed little movement from yesterday’s late trading in the United States. As reported at 2:59 p.m. (JST) in Tokyo, the Euro was trading at $1.3630, a .1% loss on the day; earlier this week it had touched briefly at $1.3722, a 7-week high. Later this morning in London, data for the Euro Zone’s GDP is to be released; forecasts are expected to show that Euro Zone economies contracted 2% in the first quarter of this year, a decline of 1.6% from the last quarter of 2008.