Market News

The common currency steadied close to a 4-month peak versus the U.S. Dollar in Asian trading on growing speculation that the ECB is moving closer to an interest rate hike.

In Asian trading today, the U.S. Dollar is seeing slight gains against the common currency Euro, which could not breach a key resistance level.

Ahead of Ben Bernanke’s testimony later today in the U.S. Congress, the U.S. Dollar is under heavy pressure in Asian trading.

In mid-afternoon trading in Asia, the Euro briefly fell to a 3-week low versus the Japanese Yen, which was precipitated by a decline in regional stock prices.

For the second consecutive day, the Swiss Franc struck a new record high against the U.S. Dollar as investors flock to the safe haven currency in the face of escalating violence in Libya.

The U.S. Dollar struck a record low against the safe haven Swiss Franc and investors expect that the greenback will remain under heavy pressure as the violence in the Middle East and Northern Africa escalates.

In mid-afternoon trading in Asia, the common currency Euro rose against the U.S. Dollar as two ECB officials confirmed that the central bank stands at the ready to increase interest rates if inflationary pressures warrant.

The US Dollar saw broad gains in Asian trading today as geopolitical tensions in the Middle East ratcheted up a notch, and investors shun high risk currencies in favor of the safe haven greenback.

In what is expected to be a lackluster trading day across the forex markets, the common currency Euro held steady, close to a 10-day hike, on renewed speculation of an ECB rate hike.

As geopolitical tensions rise in the Middle East and now Northern Africa, in Asian trading the safe haven Swiss Franc is holding steady against the U.S. Dollar near to a 2-week peak.

The U.S. Dollar Index slid to a 1-week low in Asian trading today as investor concerns over escalating Middle East tensions, as well as lackluster economic data from the U.S., held back the recent rise in U.S. Treasury bond yields.

Yesterday’s report that U.K. inflation continues to exceed the Bank of England’s 2% target rate gave some credence to investor speculation that a rate hike might soon be forthcoming.

In spite of recently recouping some earlier losses, the common currency Euro is expected to continue to be put under pressure; investors believe it is likely to remain within striking distance of the 3-week low struck yesterday.

In Asian trading today, the U.S. Dollar slipped versus the Japanese Yen as exporters from Japan sold off their holdings and reaped the profits from the 83.50 Yen price.

The U.S. Dollar rose to a 1-month peak versus the Japanese Yen in Asian trading following the release of encouraging labor data from the U.S. yesterday suggesting that the all important labor market there is finally recovering.