Lanka Financial Market

Friday, November 25, 2011

Forex: Dollar edges higher as stocks erase gains

FXstreet.com (Córdoba) - The Dollar resumed the upside and moved closer to daily highs versus most competitors as US stock indexes reversed their early gains and turned flat minutes ahead of the Wall Street close.

After a short-lived bounce that was contained by the 1.3295 area, EUR/USD wobbled and dropped to the 1.3230 zone where it is currently quoting, 0.9% below its opening price and not far from its 7-week low of 1.3211. 

GBP/USD shows a similar picture as it pulled back to the 1.5450 area after failing to rise past 1.5500. USD/JPY and USD/CHF hover barely below daily highs around 77.70 and 0.9300 respectively. 

Currencies linked to commodities weakened versus the Dollar erasing intraday gains. AUD/USD is quoting at the 0.9720 area, virtually unchanged since opening, while USD/CAD rose back to the 1.0490 region.

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