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Dollar Bullish Trends Gain Momentum

5:40 AM

The dollar ended this week with the highest rate versus the European common currency after positive reports in the U.S. suggested that the North American economy’s pace of recovery is accelerating, attracting investors to dollar priced assets.

After a report indicating better than expected figures for retail sales and an increase in consumer sentiment were published in the United States, the dollar gained versus most of the 16 main traded currencies reverting a losing streak this week that set it to the lowest level in 2009 in the beginning of December. The New Zealand dollar was one of the very few currencies that found support to gain versus the greenback as the South Pacific nation is likely to start a series of interest rates hikes as suggested by the Reserve Bank of New Zealand, which would be following its neighboring Australia, the first wealthy nation to raise borrowing costs after the global slump.

A part of analysts affirm that the dollar bearish days are over, as positive reports are likely to continue to be published which will lead the Federal Reserve to raise borrowing costs sooner than previously expected, causing a massive capital inflow to the U.S. and recovering the greenback’s attractiveness in foreign-exchange markets.

EUR/USD closed the week at 1.4611 as of 15:43 GMT from a previous rate of 1.4733 on Thursday. GBP/USD traded at 1.6260 from

If you want to comment on the U.S. dollar’s recent action or have any questions regarding this currency, please, feel free to reply below.

by topforexnew.com

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