Despite very thin trading during this holiday week, the Euro saw some gains in early morning trading today versus the U.S. Dollar. Meanwhile, the Japanese Yen lost ground against the Euro, as investors risk aversion eased somewhat. Last week, the Euro saw significant losses against the U.S. Dollar; as a daily percentage, trading was at its lowest point in almost 2 months. All indications show that investors and analysts alike believe that the Federal Reserve rate cut was too severe.
The Euro fell across the board today, as currency traders took profits from the Euro’s surge to a 2½ month high versus the U.S. Dollar and its highest level ever against the Pound Sterling. The U.S Dollar dropped near to its lowest price in nearly 13 years versus the Japanese Yen, reversing short gains made following the interest rate reduction by Japan’s central bank, as a dismal economic situation in the United States continued to take a bite out of the U.S. currency.
The U.S. Dollar fell to its lowest price in 2½ months versus the Euro today and hovered around its weakest price versus the Japanese Yen since 1995, because investors rid themselves of the U.S. Dollar this week, as a result of the recent policy moves by the U.S. Federal Reserve.
The U.S. dollar fell today, hitting its lowest level in more than a decade versus the Japanese Yen and also falling versus the Euro, after the U.S. Federal Reserve cut interest rates sharply to the lowest possible, compared to other major economies.
The Euro eased slightly versus the U.S. Dollar, while the Japanese Yen gained across the board as investors expect the U.S. Federal Reserve to cut interest rates to almost zero.
The U.S. Dollar hit a 2-month low versus the Euro and a group of currencies today, as investors moved out of the U.S. Dollar due to uncertainty surrounding the future of the ailing U.S. car makers and the negative impact it would have on the economy should they fail.
The U.S. Dollar bottomed out to a new 13 year low versus the Japanese Yen in London trading today, following the overnight failure of the U.S. Senate to ratify a bailout agreement for the major U.S. auto makers, which triggered risk aversion and a strong demand for the lower yielding Japanese Yen.
The Euro hit a 6-week high against the U.S. Dollar today as investors are pondering whether the projected restricted demand for the Greenback would materialize by the year-end. Analysts, such as Adam Cole of London-based RBC Capital Markets, believes that although there was originally a strong consensus that U.S. Dollar requirements would push the currency higher toward year’s end, that doesn’t appear to be materializing.
Both the U.S Dollar and the Japanese Yen fell today as some investors were comforted by a tentative bailout arrangement between the U.S. lawmakers and the big three auto makers. It appears that the House of Representative in the U.S. could vote soon on the $15 billion bailout plan and restructure the three auto makers. However, the bailout plan is likely to face some significant roadblocks from the U.S. Senate.
The Japanese Yen rose broadly today, even versus an otherwise upbeat U.S. Dollar, recovering from previous day’s losses as investors re-direct their attention to the global economic weakness.
The Euro fell versus the U.S. Dollar today following growing risk aversion, prior to the release of U.S. employment figures. According to most analysts, the U.S. data will show a sharp decline because of the intensity of the global economic downturn.
The Euro and the Pound Sterling fell against the U.S. Dollar today after aggressive interest rate cuts by the Bank of England and the European Central Bank. Investors still believe that there will be further interest rate cuts needed in order to stimulate the flagging economies.
The Japanese Yen rose today, boosted as a drop in European shares raised investors concerns about risky positions, while investors awaited interest rate decisions by major central banks within the Euro Zone.
The Japanese Yen rallied to a 5-week high against the U.S. Dollar today as faltering global stock markets reflected investors’ continued concerns about risk and the degree of the global economic problems.
The Japanese Yen gained ground today as central banks of major currencies, such as the Pound Sterling, Euro and the Australian Dollar, are expected to cut interest rates during this week and as the result, their currencies fell.