Monday, 14 Dec 2009

Dollar Slightly Drops Today

The Dollar failed to extend its bullish trend against the major currencies today. The Dollar slid from a 2-month high against the Euro, and the EUR/USD pair is currently traded around the 1.4650 level.

The Dollar dropped due to Abu Dhabi's pledge to bail out Dubai world, easing concerns European banks will be compelled to provide loans to state-owned holding company. This has boosted the Euro, and as a result weakened the Dollar. Nevertheless, the movement was somewhat moderate, and the Dollar's uptrend may still go on.

Looking ahead to tomorrow, the most significant economic publication seems to be the German ZEW Economic Sentiment. Analysts forecast a 50.1 result. If the end result will be better-than-expected, the Euro could continue with its recovery tomorrow as well.