Forex: Dollar starts the week with losses across the board

By IBTimes Staff Reporter | November 16 2009 5:48 PM

FXstreet.com (Córdoba) - Greenback fell across the board on Monday. The Dollar is holding barely above 15-months low against majors. The rise in equities and commodities did not help the Dollar. For a moment it rose after Ben Bernanke mention a strong Dollar. But later the FED's chairman said that interest rates will remain at low levels for an extended period of time weakening the Dollar further. Cable was among the best performer of the day.

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EUR/USD rose to 1.5016 (intra-day high) but failed to hold at those levels and pulled back finding support at 1.4955. The pair rose for the second day in a row and accumulates an increase of more than a hundred pips. The Euro weakened against the Swiss Franc and Cable. EUR/CHF fell to 1.5080 posting the lowest price in more than a month. EUR/GBP fell below 0.8890 to 0.8868, 2-month low.

Cable finished at the highest level since August 5 against the Dollar. GBP/USD rose above previous high at 1.6840 to 1.6876 posting a fresh 3-month high. The pair then pulled back but ended above 1.6800 and accumulates an increase of more than 250 pips since Friday.

The Yen rose sharply against the Dollar. USD/JPY fell below 89.00 to 88.68, one-month low. Greenback later recovered and rose back on top of 89.00 but remains under pressure. The Yen ended mix across the board.

Currencies tied to commodities finished higher against the Dollar. AUD/USD rose above 0.9400 for the first time in 15 months. NZD/USD posted a 3-week high at 0.7520 and then pulled back to 0.7465, but is holding above an important resistance, suggesting that the pair could continue rising in the next sessions.

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