U.S. Dollar Rebounds Against Euro-Shanghai Metals Market

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U.S. Dollar Rebounds Against Euro

Industry News 09:26:56AM Feb 05, 2013 Source:SMM

NEW YORK, Feb. 4 (Xinhua) -- The U.S. dollar traded mixed against major currencies Monday. The dollar gained against the euro from a 14-month low due to political uncertainties in Spain and Italy.

The dollar snapped a four-day drop versus the euro Monday after 10-year bond yields rose sharply in Spain and Italy, indicating the euro-zone debt crisis is still far from over.

Spanish Prime Minister Mariano Rajoy was called to resign after he was accused of accepting illegal payments, while former Italian Premier Silvio Berlusconi gained in the polls ahead of the election despite the tax fraud scandal.

Meanwhile, the dollar reversed the upward trend against Japanese yen. The yen retreated sharply in previous trading days on increased bets that Japan's Prime Minister Shinzo Abe would select a new Bank of Japan governor who would boost monetary stimulus.

On the economic front, the Commerce Department said Monday that U.S. factory orders rose 1.8 percent in December from the previous month, even though companies trimmed orders for goods that signaled investment plans.

The U.S. Federal Reserve last week decided to keep purchasing securities at the pace of $85 billion a month to boost economic growth, which exerted downward pressure on the dollar.

In late New York trading, the euro fell to 1.3519 dollars from 1.3664 dollars of the previous session and the British pound climbed to 1.5764 from 1.5719 dollars.

The dollar edged up to 0.9083 Swiss francs from 0.9076 and went up to 0.9980 Canadian dollars from 0.9970. The dollar bought 92.42 Japanese yen, compared with 92.74 in the previous session.

 

Key Words:  The U.S. dollar  

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U.S. Dollar Rebounds Against Euro

Industry News 09:26:56AM Feb 05, 2013 Source:SMM

NEW YORK, Feb. 4 (Xinhua) -- The U.S. dollar traded mixed against major currencies Monday. The dollar gained against the euro from a 14-month low due to political uncertainties in Spain and Italy.

The dollar snapped a four-day drop versus the euro Monday after 10-year bond yields rose sharply in Spain and Italy, indicating the euro-zone debt crisis is still far from over.

Spanish Prime Minister Mariano Rajoy was called to resign after he was accused of accepting illegal payments, while former Italian Premier Silvio Berlusconi gained in the polls ahead of the election despite the tax fraud scandal.

Meanwhile, the dollar reversed the upward trend against Japanese yen. The yen retreated sharply in previous trading days on increased bets that Japan's Prime Minister Shinzo Abe would select a new Bank of Japan governor who would boost monetary stimulus.

On the economic front, the Commerce Department said Monday that U.S. factory orders rose 1.8 percent in December from the previous month, even though companies trimmed orders for goods that signaled investment plans.

The U.S. Federal Reserve last week decided to keep purchasing securities at the pace of $85 billion a month to boost economic growth, which exerted downward pressure on the dollar.

In late New York trading, the euro fell to 1.3519 dollars from 1.3664 dollars of the previous session and the British pound climbed to 1.5764 from 1.5719 dollars.

The dollar edged up to 0.9083 Swiss francs from 0.9076 and went up to 0.9980 Canadian dollars from 0.9970. The dollar bought 92.42 Japanese yen, compared with 92.74 in the previous session.

 

Key Words:  The U.S. dollar