The flight to safety rally into the U.S. Dollar fizzled overnight, putting downside pressure on the Greenback. Continued unrest in Egypt has been sending investors scurrying into the safe-haven appeal of lower-yielding currencies, but it looks like this morning that the Japanese Yen is the currency of choice.
The USD JPY strengthened for a second day as traders turned a little more optimistic about a U.S. economic recovery. Traders are looking for a slight improvement in the U.S. jobs market this Friday. This is helping to support the idea that while the U.S. economy may not be boosting a strong uptrend, it is most likely building a stronger support base.
Dollar Falls against Most Majors; Risk appears to be Back On
The U.S. Dollar fell against most major currencies in overnight trading as investor appetite for risk increased while tensions over Irish debt issues eased. Pressure increased on the Dollar amid optimism that a bailout for Ireland will prevent contagion across the Euro region’s debt markets.
The dollar dropped to a 15-year low against the yen
Dollar likely to Rise against Swiss Franc, Japanese Yen
U.S. Dollar falls Against All Major Currencies on Stronger Economic Reports
Dollar Tumbles against Euro and Commodity-Linked Currencies
The U.S. Dollar hit a six-week low against the Euro driven by greater demand for risky assets and a hawkish comment from the Reserve Bank of Australia. A mid-morning report showing that the U.S. Services Sector slowed last month also contributed to the Euro’s rally on the prospects of a weaker outlook for the U.S. economy.
Euro Breaks, Dollar Pares Loss against Commodity-Linked Currencies
U.S. Dollar Finishes Down against Most Majors; Risk Sentiment Shifting
U.S. Dollar Drops Hard against European Currencies
The U.S. Dollar traded sharply lower on Wednesday against the European currencies and gave back most of its gains against the others following a weaker than expected U.S. ADP private jobs data report. The direction was strong but traders may have taken advantage of thin trading conditions ahead of Thursday’s and Friday’s key economic reports.