- In early trading yesterday the dollar strengthened against the euro, as the greenback’s position as the world’s reserve currency of choice was affirmed. Wednesday evening’s announcement by Fed Chairman Ben Bernanke that he saw no threat to the greenback’s number one status fuelled its gains early on.
- The ECB’s decision to leave interest rates on hold at 1.00% and not extend its planned asset purchase programme was taken positively by the markets, sending the euro into positive territory. However, ECB President Jean-Claude Trichet’s assessment that it was extraordinarily important for US authorities to express support for a strong dollar stifled the single currency’s gains.
- In trading so far today the euro has continued its rise against the greenback, as investors await important US unemployment data at 13.30 BST. There are no major announcements due in the eurozone today.
Friday, 5 June 2009
Euro finishes up against the US Dollar
The euro strengthened by 0.24 cents (0.17%) against the US dollar yesterday to finish the day at $1.4182.
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