The Euro rallied for a second consecutive day against the U.S. Dollar after reports showed that German investor confidence rose this month. According to the ZEW Center for European Economic Research, the index climbed to 6.9 in December after it posted at -15.7 in November.
The U.S. Dollar weakened against the majority of its online Forex trading peers as investors await the outcome of the Federal Reserve’s two-day meeting. Speculators believe the Fed will announce an additional $45 billion in monthly asset purchases. Furthermore, data released yesterday showed that the country’s trade deficit expanded in October due to a drop in exports. Economists believe this was due to the global slowdown while official figures indicated that the gap widened by 4.9%.
Other news about current exchange rates confirmed that the Swiss Franc declined against the Euro after the country’s largest bank, UBS AG, announced it will now impose a levy on all customers who have a cash balance in Swiss currency. The amount of the levy will be released to the clientele within a few days.
In the South Pacific, the Australian Dollar fell against all of the Forex currency majors as data revealed that business confidence dipped to the lowest level in 3 years. And the New Zealand Dollar traded at the highest level in 5 weeks versus the Aussie currency after a release showed that home prices increased 7.3% last month, suggesting they escalated at the quickest pace in 5 years.
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