Dollar quickly returns to losing ways

Tuesday, November 3, 2009

The Dollar rally at the end of last week ended Monday, as the Dollar fell broadly. The decline confirmed thoughts that the rally on Friday had more to do with end of month short coverings, than optimism over the USD’s viability in the Forex market.

The Dollar was not helped by more manufacturing and housing data from the US that continued to show a resurgence of strength, prompting investors to go for assets with more risk and higher yields.

At 12:00 AM GMT, the Dollar was trading down .24% to the Euro to 1.482, down .09% to the Japanese Yen to 90.26, down .32% to the Canadian Dollar to 1.0775, down .18% to the Australian Dollar to .9034 and down .04% to the New Zealand Dollar to .7177.


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