Forex Traders Chose The US Dollar

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Forexyard

Thursday was a busy day for traders at ForexYard and other Forex markets across the world as numerous key economic events took place, with one notable event being the European Central Bank’s decision to raise interest rates to 1.5 per cent from 1.25 per cent. However, even after news of the interest rate hike, Forex traders chose the US dollar over the euro, with the single European currency failing to benefit from the rate rise thanks to continuing fears over Greece’s debt crisis.

Late on during the London trading session the US dollar was up by 0.28 per cent as the EUR/USD currency pair dropped to 1.4278. The in-form American currency was also up against the British pound, which was less of a shock following the Bank of England’s decision to keep its key interest rate at the record low figure of 0.5 per cent, a decision that came as little surprise to most informed Forex traders.

In other currency news the US dollar also made headway against the Swiss franc and the Japanese yen during today’s busy Forex trading sessions. The USD/JPY currency pair climbed by 0.12 per cent to 81.01 while the USD/CHF currency pair climbed by over half a per cent to 0.8437.

The only notable losses for the US dollar during Wednesday’s Forex trading sessions were against the Canadian, Australian and New Zealand dollars, but these losses weren’t massive by any means. Traders at ForexYard saw the USD/CAD fall to 0.9632, the AUD/USD climb to 1.0739 and the NZD/USD make marginal headway, climbing to 0.8272, which is a rise of 0.04 per cent.

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