Dollar Loses to Euro, Stands Ground vs. Other Majors

The US dollar dropped against the euro today as Greece made additional steps to secure an aid from foreign creditors. The greenback retreated despite supportive US macroeconomic data. At the same time, the US currency gained on the Great Britain pound and was flat versus the Japanese yen.
The Greek parliament approved another set of reforms demanded by international lenders in a bid to receive the much-needed bailout. The signs of progress in the Greek debt story helped the euro to outperform the dollar.
Meanwhile, today’s US economic indicators were very positive and allowed the greenback to gain on the sterling (though the poor UK data also played its part). Unemployment claims dropped from 281,000 to 255,000 last week, far below the levels predicted by analysts. What is more, the actual reading was the lowest since November 1973. The leading indicators rose 0.6 percent in June, exceeding the median experts’ forecast of 0.1 percent.
EUR/USD advanced from 1.0926 to 1.0968 as of 15:15 GMT today, though it retreated from the session high of 1.1017. GBP/USD sank from 1.5611 to 1.5522. USD/JPY was little changed at 124.01.

If you have any questions, comments or opinions regarding the US Dollar,
feel free to post them using the commentary form below.

Leave a Reply

Your email address will not be published. Required fields are marked *

forty six + = 50