Forex Traders Saw The US Dollar And The Euro Grow In Strength
Following the release of various economical and corporate data today, Forex Traders Saw The US Dollar And The Euro Grow In Strength against many other foreign exchange currencies. The US dollar was given a welcome boost by encouraging manufacturing news, while the Euro benefitted from news of an ambitious fiscal cutback plan.
Forex traders it sites such as Finexo saw the dollar rally against the Japanese yen following a report which showed U.S. manufacturing exceeding predicted figures. The Institute for Supply Management said US manufacturing figures showed that manufacturing volume had expanded in January for the sixth month in a row, to the highest level for over five years. On Wall Street the dollar rose 0.6% against the Japanese yen to a session peak of 90.88 before finishing the day at 90.86.
The Euro finished 0.3% up on the day, also as a result of the better than expected US economy data plus the news that a fiscal cutback plan is being put into action to reduce certain EU county’s debts. Towards the end of today’s trading sessions France’s CAC 40 was up 0.58%; Germany’s DAX was up 0.83%; the EURO STOXX 50 was up 0.66%; and Britain’s FTSE 100 was up 0.94%, all of which helped to aid the Euro’s recovery at forex markets across the world.
In other forex news, the Australian dollar fell to its lowest value since mid-December versus both the US dollar and the Japanese yen. The Australian dollar closed Monday at 0.8867 against the US dollar and 80.54 against the Japanese yen.
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