FXstreet.com (Córdoba) - The Dollar is consolidating gains against European currencies. EUR/USD fell to 1.4514 posting a fresh 2-week low. From there the pair rebounded and started to rise, but found resistance at 1.4550. The Euro is extending it losses during the American session. The pair is 0.68% below today's opening price and is falling for the third time this week.
Andrew Wilkinson, senior analyst at Interactive Brokers, affirms: For want of a better direction today the dollar is advancing, spurred in part by comments from ECB top-dog, Trichet who made reference to currency volatility. That's a polite way of complaining about strength in the euro as the dollar suffers from the fallout of growing risk appetite. Investors are scaling back dollar short positions in the event that concerns over the dollar's health and role might be raised at this week's G7 meeting.
The Euro is also lower today against Cable, but in the last hours managed to get back above 0.9100. EUR/GBP could fall further if the Pound managed to break below key zone at 0.9080.