Market News

The USD hovered close to a three-month low versus a variety of currencies on Tuesday as a result of the perception that the U.S. growth outlook is declining, forcing the Federal Reserve to keep interest rates at a minimal level.

With the release of new economic data showing that the American economy’s pace of recovery is slowing, the U.S. Dollar yesterday slipped to its lowest level this year against the Japanese yen.

The common currency Euro rose versus the U.S. Dollar in early morning trading in New York, striking the highest level in more than 2 months.

The USD rallied vs the EUR but declined against the JPY on Wednesday as U.S. durable goods orders were weaker than was expected and added to fears about financial recovery in the world's greatest economy.

The U.S. Dollar slipped versus the Japanese Yen in early New York trading following the release of U.S economic data.

The EUR hovered directly under a key level vs the USD on Wednesday, affected by profit-taking after it hit an 11-week record, while the AUD decliens as inflation data pared the chances of an interest rate rise next week.

The common currency Euro slipped from an 11-week peak versus the U.S. Dollar after the release of stronger U.S. housing prices helped the U.S. currency recoup earlier losses.

The EUR hovered close to a two-month record vs the USD on Tuesday, retaining support after last week's European bank stress tests revealed no issues while demand for riskier assets weighed on the dollar increased significantly.

The EUR hit a seven-week record vs the JPY on Monday as an increase in shares prompted dealers to unwind long yen positions

In Asian trading today, the common currency Euro and the U.S. Dollar both fell versus the safe-haven Japanese Yen on investor profit taking.

Following the testimonial remarks of Ben Bernanke, to the U.S. Congress’s Banking Committee, the U.S. Dollar fell in Asian trading on renewed investor concern over the pace of the American economic recovery.

The common currency Euro slipped from a 10-week peak yesterday, but still managed to edge up versus the U.S. Dollar in Asian trading today.

With currency investors trimming their long term holdings in the U.S. Dollar, the greenback slipped in Asian trading, closing in on the 2-month trough struck last week against the common currency Euro.

Investor profit taking brought the Euro lower against both the Japanese Yen and U.S. Dollar in Asian trading today.

The U.S. Dollar remained under pressure in Asian trading today following the release of tepid economic data from the United States which is seen by many as evidence that the pace of the economic recovery is slowing.