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U.S. Dollar finally Firms, Following Series of Declines

The U.S. Dollar has finally steadied in today’s trading, following a series of lows versus numerous currencies. Yesterday, the U.S. Dollar touched on the lowest price of the year versus the Euro, trading at $1.4246 on the EBS platform. In the previous trading session, the U.S. Dollar Index was at its lowest price – 78.486 .DXY – since mid-December of last year; as reported at 3:13 p.m. in Tokyo, the U.S. Dollar Index was holding firm at 79.147 .DXY.

The lowered demand for the world’s reserve currency is attributed to a recent rally in global share prices and improved global economic data that has reassured investors. According to one economist in Japan, an increase in share prices means that investors are no longer embracing the relative safety of the greenback and so it remains vulnerable, and investors are willing to take on more risk by looking to emerging markets.

One foreign exchange strategist in Japan suggests that some factors could spur U.S. Dollar selling, naming the GM bankruptcy filing and restructuring plan, and the continuing issues with the credit rating of the U.S. debt.

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