The greenback gained on Wednesday versus its major rival currencies as US Federal Reserve’s Chairman Ben Bernanke gave his statement on the Europe’s sovereign debt crisis. Bernanke along with Giethner testified in frond House Government Reform Committee and said more work needs to be done on Europe’s situation.
The dollar index DXY which measures the greenback’s performance against its six major rival currencies advanced to 79.654 on Wednesday as compared to 79.616 on Tuesday’s North American trading session.
The euro fell to 1.3205 against the US dollar on Wednesday as compared to 1.3224 on Tuesday’s late trading hours. The euro also fell 0.2 percent versus the British Pound to 83.26 pence. The euro fell 0.2 percent against the Japanese yen to 110.27.
The British Pound remained lower in reaction to increase in public borrowing by UK government in the month of February. UK’s Office for National Statistics released its data on Wednesday according to which public borrowing gained to 15.2 billion pounds equivalent to $24.2 billion in the month of February as compared to 8.9 billion pounds last year. Public borrowing for UK has reached its record highest in history.
The British Pound fell to 1.5864 against the US dollar on Wednesday as compared to 1.581 on late Tuesday. The British Pound was also under pressure on the Bank of England’s latest minutes of monetary policy meeting in which tow members supported further expansion in the central bank’s quantitative easing program. The British Pound fell 0.2 percent to 132.43 versus the Japanese yen.
Against the Japanese yen, the US dollar fell to 83.47 on Wednesday as compared to 83.77 on late Tuesday.
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