The Dollar regained some of its losses from the previous three sessions on Wednesday, only to relapse again late in the session to a 13 month low.
The initial jump for the Greenback was spurred on by analyst speculation that the decline of the Dollar was overdone in recent weeks and that the real value was higher than what was being portrayed.
However, as the Forex trading session rolled on it became apparent that investors were not buying into this theory and that the mild rebound must have been profit taking.
Losing its luster?
The Dollar is not even getting risk aversion (safe-haven) flows in recent trading. The strength of the Australian Dollar against the Greenback as well as an 8 month high for the Yen is a cause and effect of this truth.
With many stories floating about the Dollar’s fate in oil, gold and general reserve standing, it is keeping many away from investing, even during moments that would spell a typical safe-haven trade.
At 4:00AM GMT, the US Dollar was down .46% to the Euro to 1.4757, down .5% to the Japanese Yen to 88.16, down .19% to the British Pound to 1.5998, down .62% to the Canadian Dollar to 1.0542, down 1.29% to the Australian Dollar to .9024, down .56% to the Kiwi to .7401 and down .4% to the Swiss Franc to 1.0285.
No comments:
Post a Comment