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Dollar bounce Back

Discussion in 'Market Predictions and Reports' started by vinoth1234, Mar 11, 2011.

  1. vinoth1234

    vinoth1234 Recruit

    Mar 9, 2011
    Likes Received:
    Late Thursday, the euro was at $1.3799 from $1.3909 late Wednesday, according to EBS via CQG. The dollar was at Y82.98 from Y82.74, while the euro was at Y114.36 from Y115.06. The U.K. pound was at $1.6044 from $1.6201. The dollar was at CHF0.9321 from CHF0.9295.
    The ICE Dollar Index, which tracks the U.S. dollar against a trade-weighted basket of currencies, was at about 77.264 from about 76.721.
    The dollar bounced back against the euro, in a reversal largely fueled by doubts as to whether the euro-zone can successfully resolve its sovereign-debt crisis as euro-zone leaders meet this month, including a March 24-25 summit. In addition, analysts say that if the European Central Bank does raise interest rates in coming months, as expected, it could make borrowing costs unsustainable for the troubled economies on its periphery. Earlier Thursday, Moody's downgraded Spanish government debt to Aa2 with a negative outlook from Aa1 previously, adding to the euro's losses.

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