Forex Updates- USD Gained Broadly, GBP and Euro Dips
Thursday, May 7, 2009
Traders said the stress test results were mainly in line with expectations and the market concentration transferred to whether US jobs data will present a slowing of job losses and strengthen expects that the ending of a deep global financial crisis in near.
As seen on recent Forex updates the USD gained broadly as investors turned their attention to a jobs report due later in the day for signs about the health of the US financial system, after stress test results removed major doubts in forex markets.
The GBP retreated from a 4-month high against the Euro and the USD dropped from a 1 month high against the greenback both hit the previous day as traders decreased USD short positions ahead of US payrolls data.
The Euro lost 0.2% to $1.3363 as traders’ decreased long positions made the earlier day after the European Central Bank’s decision to refrain from getting more aggressive liquidity- boosting measures that may decrease the currency’s value. On Thursday, the Euro rose as high as $1.3471 on trading platform EBS, the maximum since April 6.
The USD index, a gauge for the Greenback’s performance against six main currencies, increased 0.1% to 83.980, improving from a 6-week low of 83.424 touched on Thursday.
GBP fell down 0.3% to $1.4975, falling from the previous days high of $1.5198, its maximum since Jan.9, according to data.
As seen on recent Forex updates the USD gained broadly as investors turned their attention to a jobs report due later in the day for signs about the health of the US financial system, after stress test results removed major doubts in forex markets.
The GBP retreated from a 4-month high against the Euro and the USD dropped from a 1 month high against the greenback both hit the previous day as traders decreased USD short positions ahead of US payrolls data.
The Euro lost 0.2% to $1.3363 as traders’ decreased long positions made the earlier day after the European Central Bank’s decision to refrain from getting more aggressive liquidity- boosting measures that may decrease the currency’s value. On Thursday, the Euro rose as high as $1.3471 on trading platform EBS, the maximum since April 6.
The USD index, a gauge for the Greenback’s performance against six main currencies, increased 0.1% to 83.980, improving from a 6-week low of 83.424 touched on Thursday.
GBP fell down 0.3% to $1.4975, falling from the previous days high of $1.5198, its maximum since Jan.9, according to data.
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