US Dollar, more popularly known as USD, has experienced more or less loss against almost all the other major currencies this Tuesday. There are concerns over the US Fiscal Cliff and repayment of the Greece debts; hence, the currency seems to be affected, even though on a very small margin. There have been some developments in Europe as well that certainly has benefited Euro a bit.
This report has helped Euro to come off from the 2 month low against USD and it gained around 0.01%. This report has definitely helped the sentiments on this single currency, but, the validity of the report is being questioned by others as there is still no official confirmation on this front. It is to be seen how far this report can push Euro as for a solid upward trend, the major currency of Euro Zone requires some official confirmations.
The bailout discussion between Euro Zone Finance Ministers and International Monetary Fund Representatives has not yield any result as of now and the decision has been postponed till 20th of this month. On the other hand, there was a report published on the Germany economic sentiment data decreasing on today itself. These two incidents surely will not help Euro on the longer run.
However, all this sudden positivity on Euro was not only bestowed because of the newspaper report by Bild. The Greece Government has decided to sell EUR 4.06 billion worth short term Government bonds to repay the EUR 5 billion debts which is scheduled to get matured on 16th of this month. According to some financial experts, this shows the desire of Greece Government to come out of the debts and if they continue to take such bold, yet positive decisions, it will certainly benefit Euro in a better way, so as the economy of the entire region.
USD has also lost slight of its ground against GBP. Pound showed some improvement after the reports of higher consumer prices of UK surfaced. The report says that as a result of increasing price of university fees, transport and food, the consumer prices have increased sharply. The report was published by National Statistics and it says that consumer price inflation in UK is now 2.7% in October, from 2.2% of September. The consumer price inflation in UK is currently on a 5 month high.
When it comes to other counterparts, USD has experienced slight losses against both JPY and CHF, 0.06% and 0.08% respectively. CAD, AUD and NZD ? all three have also inched up against USD (USD/CAD jumped up by 0.15% to 1.0012, AUD/USD is currently at 1.0436 with an increase of 0.09% and NZD/USD also rose by 0.26% to finish at 0.8195).
US is still to release the official data on the federal budget balance and that surely will impact the market one way or the other. The Dollar Index, which is used to measure the currency?s performance against a basket of six other major currencies increased by 0.01% and is currently at 81.13.
Source: http://forextrading24.co.uk/us-dollar-loses-against-most-currencies-dollar-index-edges-up/
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