The U.S. dollar is currently heading for its worst week against the single European currency since the inception of euro on the markets prolonged reaction to the Feds pledge to increase dollar liquidity.
The dollar is currently ready to renew its more than 2-month low against the euro, which was set yesterday. The spree of bullish days on EUR/USD lasts for 9 days already and the Forex market doesnt seem to stop soon with this growth. On March 18 the Fed stated that it will spend more than $1 trillion to stimulate economy with $300 out of those money will probably be printed.
The greenback also declined for the third day against the Japanese yen, which also received some major hit from the euro on the stock markets revival. The currency market analysts regard the fact that the Federal Reserve is printing the money in order to help the economy as an extremely strong bearish factor for the dollar.
EUR/USD rose from 1.3656 to 1.3718 as of 7:50 GMT today or a total of 6.8 percent this week. USD/JPY fell from 95.54 to 94.33, while GBP/USD went up from 1.4495 to 1.4561 today.
If you have any questions, comments or opinions regarding the US Dollar,
feel free to post them using the commentary form below.
Be First to Comment