South Korean won was among the other Forex traded currencies that triumphed over the U.S. dollar during this week as the USD was losing its ground on many areas. But today USD/KRW corrected from its almost two-month bottom.
The dollar is still trading near its record low value against the euro today, but it has managed to recover somewhat from the yesterday’s fall after the oil prices corrected on the increased oil inventories in U.S.
The U.S. dollar fell below its absolute record low level against the European currency today. If the day closes above $1.5 per euro, it will be a signal for a definite return of dollar to its bearish trend of the 2007.
Indian rupee continued to advance in value during today’s Forex trading session as the investors bought local currency to participate in the Indian stock market’s rally.
New Zealand dollar reached the two months high level against the Japanese yen and almost broke the more than 6 months record high level against the U.S. dollar today. Aussie also showed a similar dynamic of growth — it came close to the 2 months old records against yen and reached its highest value against the U.S. dollar since November 2007.
The People’s Bank of China released a monetary policy report for the fourth quarter of 2007 today. In this report, Chinese monetary authorities noted that the yuan’s appreciation really helps in fighting the national inflation.
The Canadian dollar continued to grow today after rising from the one month bottom in which it has been until yesterday. Oil rose to the record high levels above $100 per barrel recently adding interest to one of the largest oil-exporting economies.
The release of the FOMC minutes for January 29/30 meeting today gave traders more insight about the Fed’s vision and strategy. Dollar started to lose its positions right after the release and shortly reversed its daily gain against euro.
Today was the fifth straight day when the Chinese yuan grew against the U.S. dollar and other major Forex currencies after the People’s Bank of China introduced its new anti-inflation policy.
The Australian dollar rose today against other major currencies, as the bank’s minutes release hinted markets that the Reserve Bank of Australia will probably increase the interest rate by 25 basis points again next month.