US Dollar Foreign Exchange

 

US dollar foreign exchange rate mixed, higher against euro

Published on October 20, 2011 by   ·   No Comments

The US dollar’s foreign exchange rate was firmer against the euro but mixed against other currencies including the yen in Asian trading on Thursday as risk appetite dissipated amid lingering concerns about the euro debt crisis and European nations ability to cope with the problems.

Later on Thursday, Euro finance ministers are due to meet in Brussels, while a Eurogroup leaders Summit will be held this Sunday.

After that, a G20 Summit will be held in France on 3rd November, all events at which some progress on the Greek debt crisis will be expected, at least by financial market participants.

Euro to US dollar opened near $1.3760 this morning, and after a brief uptick to $1.3783, the pair then dropped to a low of $1.3711 as risk sentiment deteriorated and as currencies like the Australian dollar also retreated.

“The euro continued to slide over rising speculation European leaders will fail to cohesively decide on a plan to rescue the region over the weekend.” LGT Bank analysts said in a daily note.

Euro to US dollar was trading at $1.3723 as the morning ended here, compared with $1.3750 near the US close overnight.

Australian dollar was at $1.0187, also at the low end of its $1.0176 to $1.0264 Asian range, and down from $1.0224 near the overnight close.

“Doubts about the success of this weekend’s EU Summit in Brussels is brewing and has capped euro dollar throughout,” commented a dealer. “The Euro took another dip towards $1.3723 in the late morning, Aussie to $1.0179 following another wave of risk aversion play.”

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