Monday, 26 Oct 2009

Dollar down on Signs of Recovery

The U.S Dollar is mostly flat versus the EUR today as global stocks advance on confidence that the world economy is recovering, increasing demand for higher yielding assets. The Dollar currently trading around $1.5000 per UER, compared with $1.5008 on Oct. 23. It earlier declined to $1.5063, the weakest level since August 2008. The dollar was at 91.94 Yen, compared with 92.06. It earlier reached 92.21, the highest level since Sept. 21. The Yen is at 138.09 per EUR, compared with 138.15. The British Pound traded marginally higher against the greenback at $1.6378 compared with $1.6309 late Friday.

The Yen and EUR earlier gained versus the Dollar after China's Financial News said the nation should boost reserves in the currencies raising the amount of Japanese and European currencies while keeping the Dollar as the main component.