Weak Confidence Props USD

By Korman Tam
27 October 2009 @ 02:14 pm EDT

The dollar surged against the majors in early Tuesday trading, rallying to 1.4789 against the euro and 1.6287 versus the British pound. The catalyst for the greenback's advance was earlier weaker-than-expected US economic data, prompting heightened risk aversion and a shift from riskier assets. Spot gold and crude oil both traded lower, easing to $1,036 per ounce and dipping below the $80 per barrel level to $79. The major US equity bourses were largely flat on the session, with the Dow Jones hovering just above the 9,900-mark.

For more forex information, go to www.forexnews.com

E-Newsletters

We value your privacy. Your email address will not be shared.