The euro resumed its recent rally versus the dollar on Monday, even after euro zone inflation data came in slightly cooler than expected. Still, the European Central Bank is expected to move faster on hiking interest rates than the Federal Reserve in the U.S. The euro has been bid higher versus the dollar in recent
Monday morning in Asia, the Australian dollar fell against most major currencies after China announced on Sunday that it has lowered its annual economic growth target for the 2011-15 period to 7%. China is Australia’s biggest trading partner, buying huge amounts of its major exports of iron ore, coal and liquefied natural gas. The Chinese
No longer finding much support as the world’s safe haven currency, the dollar remained under heavy pressure on Thursday, dropping to a record low against the Swiss franc. The buck also fell sharply against the euro amid growing speculation that the Federal Reserve is determined to stick with its $600 billion asset purchase program through
The Canadian dollar extended its recent downtrend against major currencies in early New York trading on Wednesday despite a rally in crude oil prices as traders flee from riskier currencies amid escalating tensions in Libya. Libya holds Africa’s largest oil reserves and is the continent’s fourth largest producer and is an OPEC member, the cartel
Wednesday in Asia, the yen rose to near a 2-week high against the U.S. dollar and it recouped early losses against other major currencies on risk aversion amid growing concerns about the political turmoil in Libya and surging crude oil prices. Latest reports say that embattled Libyan leader Moammar Gadhafi rejected calls for his resignation
