The Euro Continued To Struggle
Yesterday Forex traders at sites such as Finexo saw consumer confidence grow in the US, which in turn saw the dollar reach highs against the Japanese yen. Also on Tuesday The Euro Continued To Struggle and following news that the UK economy is growing at a faster rate than first predicted the British pound grew in strength too.
The euro continued to suffer in the wake of the financial crisis in Europe, with the single-currency falling sharply against the dollar as Forex traders took their profits after a couple of days of gains. Following the brief rally seen by the euro it fell 0.6% against the US dollar and 1.0% Against the British pound.
The US dollar rose to three-month highs against the Japanese yen. This was mainly due to the news of encouraging date released by the US Government showing strong consumer confidence in the country. The news of the strong consumer confidence was assisted by the news that that the Federal Reserve may possibly raise interest rates sooner than its Japanese counterpart.
The British pound was on the move in the right direction making ground on both the struggling euro and also the US dollar. These gains came in the wake of the release of data showing that the UK economy grew by 0.4% and that UK housing prices also rose in March.
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