Dollar Ends on Week on Positive Note
The US dollar closed higher today, rising for the third straight day against the euro and for the fifth consecutive session versus the Japanese yen, as risk aversion continues to drive the currency up.
The Dollar Index advanced for the third day, rising 0.6 percent to 82.310. The gauge gained 1 percent on June 19 when the Federal Reserve signaled about a possible end to quantitative easing. It was indeed expected that comments about reduction of QE would make the dollar stronger.
Quite a few analysts believe that traders’ worries are unwarranted. Employment, the major focus for the Fed, did not look good, especially as jobless claims increased this week. Yet prospects for smaller stimulus keep the Forex market in a risk-adverse mode.
EUR/USD fell from 1.3217 to 1.3122, the lowest close since June 5. GBP/USD declined from 1.5505 to 1.5420 and its daily low of 1.5367 was also lowest since June 5. USD/JPY advanced from 97.29 to 97.76.
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Earlier News About the US Dollar:
- Bernanke Announcement Prompts US Dollar Rally (2013-06-20)
- US Dollar Lower on Speculation that QE Will Continue (2013-06-19)
- What's Next for the US Dollar? That Depends on the Federal Reserve (2013-06-17)
- Positive Data Helps the US Dollar (2013-06-13)
- Dollar Falls as Traders Still Anticipate End of QE (2013-06-12)