Greenback plummets against majors

The greenback dropped further against other major currencies as a rise in European stocks reduced demand for the safe-haven U.S. currency.

The dollar plunged to a 2-day low against the yen, 3-day low against the franc and fresh multi-month lows against the euro and the pound.

The dollar fell against the euro in early European deals on Thursday. The dollar broke its Tuesday’s low of 1.3047 and declined further.

The dollar is presently trading at a new multi-month low of 1.3080 per euro and if the dollar drops further, it may likely target the 1.310 level. The pair closed yesterday’s trading at 1.2993.

During early European session on Thursday, the dollar slipped against the Swiss franc. As of now, the dollar-franc pair is trading at a 3-day low of 1.0470 with 1.046 seen as the next downside target level. At yesterday’s close, the pair was quoted at 1.0570.

The dollar plunged to a new multi-month low of 1.5656 against the pound in early European trading on Thursday.

Although the dollar recovered thereafter, it weakened again shortly and the pair is now worth 1.5650. The next downside target level for the US currency is seen at 1.580. The pound-dollar pair closed yesterday’s trading at 1.5598.

In early European deals on Thursday, the dollar plummeted against the yen. The dollar-yen pair that closed yesterday’s trading at 87.47 is currently trading at a 2-day low of 87.05. If the dollar falls further, it may likely target the 86.3 level.

Investors now look forward to the North American session, in which the U.S. weekly jobless claims data for the week ended July 24 is expected.

source : www.commodityonline.com

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Submited at Friday, July 30th, 2010 at 7:26 am on Forex by admin
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