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Forex - Dollar broadly higher as Bernanke speech eyed

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Forexpros - The U.S. dollar strengthened against its major counterparts on Thursday, amid expectations that Federal Reserve Chairman Ben Bernanke would not lay out plans for fresh economic stimulus measures in a speech on Friday.

During U.S. morning trade, the greenback erased losses against the euro, with EUR/USD shedding 0.50% to hit 1.4339.

Earlier Thursday, a report showed that the Gfk German consumer climate index for September dipped to 5.2 from a final reading of 5.3 in August, amid concerns that global economic weakness will affect the domestic economy. The decline was in line with economists expectations.

The greenback was also sharply higher against the pound, with GBP/USD falling 0.61% to hit 1.6271.

The Confederation of British Industry said earlier that its retail sales balance fell at the fastest pace in over a year in July.

In addition, the greenback posted gains against the yen and the Swiss franc, with USD/JPY climbing 0.56% to hit 77.40 and USD/CHF adding 0.33% to hit 0.7984.

In Switzerland earlier, a report showed that the ZEW index of economic sentiment declined in August, falling for the fourth consecutive month, as a strong Swiss franc and concerns over the euro zone's sovereign debt crisis weighed.

Elsewhere, the greenback was lower against its Canadian and New Zealand counterparts, but gained ground against its Australian cousin, with USD/CAD shedding 0.19% to hit 0.9852, NZD/USD easing up 0.12% to hit 0.8292 and AUD/USD sliding 0.18% to hit 1.0454.

Earlier in the day, official data showed that New Zealand's retail sales rose more-than-expected in the second quarter.

The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, climbed 0.44% to hit 74.42.

Also Thursday, U.S. Labor Department said the number of people who filed for unemployment assistance in the U.S. last week unexpectedly rose by 5,000 to a seasonally adjusted 417,000, confounding expectations for a decline to 405,000.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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