Wednesday 16 April 2014

Forex Outlook: The Greenback Strengthens Against The Major Peers

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Dollar pares

The dollar strengthened versus most of its major peers. The dollar seems to be a safe haven for investors amid tension in Ukraine. Expectations are high on today’s speech by the Federal Reserve Chair Janet Yellen.

In the wake of the deadly clashes in Ukraine, the U.S. and European Union may consider more sanctions against Russia, fueling more appeal for the greenback. With the data revealing slightly higher than expected growth data on China, the Australia’s dollar was steady and wiped off the earlier losses. The yen moved down as Japanese stocks moved up higher. After inflation slowed and dairy prices fell, the New Zealand’s dollar fell down for the second day.

The U.S. currency moved up 0.3 % to 102.19 against the yen. The dollar moved little against the euro and stayed at $1.3818, a 0.5 % increase this week. Against the greenback, the Aussie bounced back from its earlier fall of 0.3 % to retain at 93.64 U.S. cents. New Zealand’s dollar weakened against the greenback and moved down by 0.6 % to 85.88 U.S. cents.

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