Dollar recorded a fresh set of low values overnight reportedly due to traders switching over to other majors in the currency Market for high yields and interestingly, the Federal Reserve’s Interest Rate meeting is going to start later today.
The Dollar had to face an all time low against the EURO, A record 46 Year Low against the Canadian Dollar, against sterling, and Australian dollar as well. Yen too had to see a weak day against dollar due to fast trade activities.
Forecast is, Dollar is yet to remain low until the Federal Reserve meeting finishes off, and expectations are with the Interest rates being slashed off by 25 points.
Sources Report: At 9:56 am, US dollar included 114.71 yen in comparison to 114.65 yen in the late NY trade, making the trading carried by yen to soar. Euro was at 1.4421 dollars from 1.4425 dollars, after increasing to a new record. Germany being the main contributor to the overall hike in the single currency region ensuring, Euro zones stays on top.
As for the Australian Dollar, traders have actually taken that to a whooping 92.72 US Cents during the London trade session and not to forget its the highest level since 1984. Interest rate hike is expected by the next week to fulfill the gap between Australian and US dollar yields.