Thursday, 11 Nov 2010

Forex News: EUR Losses Persist, but Slowing

The US dollar fell against the yen in Asian trading today, after a move to near a 1-month high drew selling from Japanese exporters in need of the yen. But analysts have said that the greenback resumed its rise after hedge funds joined the market during European trading.

In Europe, the EUR appears to have continued its descent due to debt concerns from its periphery. However, the loss in value for the 16-nation single currency appears to have slowed as the G20 Summit kicks off in Seoul, South Korea.

The USD also appears to have lost steam after four days of gains, but remained close to its significant barriers which, if broken, could see its short-covering rebound get stretched higher against the likes of the yen and euro.