Shutterstock photo
Markets

Forex - Dollar broadly lower as EZ debt jitters continue

Shutterstock photo

Shutterstock photo

Forex Pros - The U.S. dollar was broadly lower against its major counterparts on Tuesday, as the euro found support after a report showed that German business sentiment stabilized unexpectedly this month.

During European afternoon trade, the greenback was lower against the euro, with EUR/USD rising 0.28% to hit 1.4087.

Earlier Tuesday, the Ifo institute said German business confidence held steady in May, confounding expectations for a modest decline.

The greenback was also lower against the pound, with GBP/USD easing up 0.15% to hit 1.6146.

Official data showed earlier that U.K. public sector borrowing rose to a record high of GBP7.71billion in April, around GBP2.5 billion higher than the same month last year and the highest reading for a month of April on record.

In addition, the greenback was down against the yen and the Swiss franc with USD/JPY slipping 0.14% to hit 81.88 and USD/CHF shedding 0.34% to hit 0.8806.

Earlier in the day, the leader of Greece's main opposition party rejected the country's new austerity plan, saying the new measures would deepen the recession and do little to close the country's budget gap.

Elsewhere, the greenback edged slightly higher against its Canadian counterpart but remained lower against its Australian and New Zealand cousins, with USD/CAD easing up 0.02% to hit 0.9779, AUD/USD climbing 0.61% to hit 1.0568 and NZD/USD jumping 1.28% to hit 0.8003.

Earlier Tuesday, New Zealand's central bank said inflation expectations rose in the first quarter.

The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.22%.

Later in the day, the U.S. was to publish government data on new home sales.

Forex News

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.

Other Topics

ForEx

Latest Markets Videos