The dollar fell broadly against most of its major currency pairs on Thursday, with further losses seen as likely, pressured by a surge in oil prices as investors feared civil unrest in Libya could spill over to other top producers including Saudi Arabia. By yesterday's close, the USD fell against the EUR, pushing the oft-traded currency pair to 1.3800. The dollar experienced similar behavior against the JPY and closed at 81.85.
The safe-haven Swiss franc, on the other hand, hit a record high against the greenback, benefiting from the ongoing geopolitical turmoil in the Middle East. The franc has gained in eight of the last nine sessions versus the dollar. In the last two weeks, the Swiss currency has gained 5.1% so far, its best showing since late June last year.
A leading indicator released yesterday was U.S. Unemployment Claims. This number handedly beat last week's result but failed to provide strength to the Dollar as investors may be waiting for key data due to be released today to implement their trading strategies.
Looking ahead to today, there are several important news releases coming out of the U.S. These include the Prelim GDP and Revised UoM Consumer Sentiment at 13:30 GMT and 14:55 GMT respectively. Better-than-expected results may help the Dollar recover some of yesterday's losses against some of its crosses such as the EUR and JPY. On the other hand, if the results turn out to be lower than forecasts, then the Dollar may record a fairly bearish session in today's trading. Traders should pay close attention to the market as there is an opportunity for traders to capitalize on the fluctuations which are likely to follow these releases.