The US dollar gained on Thursday against its major rival currencies on Bernanke comments in which US Federal Reserve’s Chairman was positive about US economy and disclosed low chances of future easing by central bank. On the other hand European Central Bank’s President Jean Claude Trichet reduced its outlook and forecast for the euro zone’s future economic growth.
Analysts had mixed opinions by both chairpersons of the US and euro zone’s central banks. Chief market economist from TD Securities commented, “A quick glance of the speech provides nothing new, nothing that he has not said before, so we are left to wonder what steps they take in September.”
The dollar index DXY which measures the US dollar’s performance against its major six counterparts gained to 76.284 on Thursday as compared to 75.489 on Wednesday’s North American trading session. The euro reached its lowest since mid July and declined to 1.3884 versus the greenback on Thursday as compared to 1.4093 on Wednesday’s late trading hours.
Among other currencies British Pound also fell to 1.5965 against the US dollar on Thursday as compared to 1.5975 on late Wednesday. Against the Japanese Yen the US dollar gained to 77.52 as compared to 77.36 on late Wednesday.
The Australian dollar also fell versus the greenback to 1.0570 on Thursday North American session as compared to 1.0630 in Asian trading hours.
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