By: Barbara Zigah
As reported at 2:53 p.m. (JST) in Tokyo, the U.S. dollar made gains across the board in today’s trading. Analysts are attributing the greenback’s rise to investor profit taking on riskier currencies, following the conclusion of the G8 meeting of finance ministers which was held this past weekend. The cautionary tone of the G8 policy makers has convinced investors that the worst of the global financial crisis is now behind us, as the G8 countries are now considering how best to pull back their respective exit procedures. Of note, though, is that the policymakers have given no indication that the major public stimulus plans will be withdrawn any time soon; policymakers indicated that there would need to be much clearer signs of an economic recovery before that step is taken. The U.S. Dollar Index, which measures the U.S. currency versus a basket of major currencies, gained .4%, to trade at 80.505 .DXY. In individual trading versus the Japanese Yen, the U.S. Dollar was down .1% to trade at 98.38 Yen. The Australian Dollar slipped .8% against the U.S. Dollar, trading at $0.8072, off an 8-month high trade of $0.8265 from early June 2009.
U.S. Dollar gains on Investor Profit Taking
After working on Wall Street, Barb began her second career as a freelance writer at Daily Forex, where the CEO recognized fresh, untapped potential and was willing to give her a try. She’s never looked back. Since then, she’s worked steadily as a freelance writer and editor in the financial services and Forex-related industry.