By: Barbara Zigah
Ahead of the U.S. Federal Reserve Federal Open Market Committee meetings which will be held later today and continue through tomorrow, the U.S. Dollar slipped broadly as investors took advantage of gains in earlier sessions. Analysts are speculating that the Federal Reserve will make no changes to the current monetary policy aimed at increasing liquidity in the monetary system.
As reported at 7:40 a.m. (GMT), the U.S. Dollar Index, a gauge of the greenback’s value against major currencies, was trading at 76.155 .DXY, a loss of .8% and close to 76.01 .DXY, the 1-year low hit on last week. The U.S. Dollar was also down .8% against the single currency Euro, trading at $1.4791, a 1-year low. One currency analyst in Zurich suggests that the greenback is still trending down, and expects that the Euro will trade at $1.50 by 2009 year’s end. A strong demand from Asian traders as well as options-related buying also helped to prop up the Euro against the U.S. Dollar.
In light Asian trading, the U.S. Dollar also slipped versus the Japanese Yen, trading at 91.15 Yen, a loss of 1%; versus the Swiss Franc, the U.S. Dollar lost .8% to trade at 1.0248 Francs, the lowest price in more than one year.
U.S. Dollar slips broadly on Resumption of Dollar Selling
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.