The US dollar ended higher versus its major rivals on Monday posting its longest rally since 2008. The greenback mainly benefited from the political crisis in the Greece. The dollar index DXY which measures the performance of the greenback against its six main counterparts advanced to 80.612 on Monday as compared to 80.296 on Friday’s North American trading session. The euro declined to 1.2840 against the US dollar on Monday as compared to 1.2920 on Friday’s late trading hours.
Many analysts foresee that euro will remain under pressure for a longer term. It is being widely argued that if Greece is excluded from the euro zone, Portugal, Ireland and even Spain could end up with the same fate eventually prolonging the pressure on the single currency.
On the other hand strategists also think that though the greenback looks stronger and sustainable but it’s only due to the reason that it looks less ugly as compared to euro. Greenback is gaining on euro’s weakness rather than positive US economic developments.
Among other currencies, the British Pound slightly gained versus the US dollar to 1.6097 on Monday as compared to 1.6076. The Australian dollar fell to 99.72 as compared to 1.0026 on late Friday.
Against the Japanese yen, the US dollar fell to 79.86 on Monday as compared to 79.74 on late Friday.
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