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Dollar vastly higher at the beginning of the week

ForexZig.com February 18, 2013

U.S. dollar

As an indication that the risk appetite in global financial markets is getting higher, the American dollar moved up against almost all of its major rivals during today’s Asian session.

During Asian trading at the first day of the week, currency pair EURUSD decreased with 0.17% to 1.3341. The euro weakened against the greenback due to official data released last week, showing that euro zone gross domestic product was limited by 0.6% in the three months to December, disproving expectations for a 0.4% decrease. Experts consider these two consecutive quarters of GDP contraction as an indication that economy in this areas is in recession.

Currency pair USDJPY moved 0.63% to 94.10 following the conclusion of the two-day G20 meeting in Moscow. G20 officials announced that they will allow the yen to continue sliding as long as Japanese officials and policymakers do not make public statements to influence the currency to move lower. This gives the chance to Japan room to continue stimulating its economy, the world’s third-largest, through monetary easing.

At the same time, GBPUSD fell with 0.20% to 1.5487. The currency pair stays near multi-month lows.

USDCHF went up with 0.25% to 0.9240. USDCAD moved higher by 0.02% to 1.0072 as oil prices fell slightly.

The following week is expected to be a volatile one for currency traders as several major central banks are scheduled to be published meeting minutes. The Federal Reserve does so on Wednesday while the Reserve Bank of Australia and the BoE are about to release the minutes from their latest policy meetings on Tuesday and Wednesday.

Currency pair AUDUSD decreased with 0.18% to 1.0294 while NZDUSD moved up with 0.01% to 0.8448. The U.S. Dollar Index, increasing for five consecutive weeks, added 0.22% to 80.72.

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