US Dollar Gains on Wednesday as France adds to Euro Zoneâ€™s Debt Crisis
US dollar gained especially against the euro on Wednesday as France also reaches on verge of sovereign debt default. Most of analysts also foresee credit rating cut for France. Foreign exchange analysts, Jessica Hoversen from MF Global commented, â€œFrench banks were the trigger [for the dollarâ€™s gains], but the general theme of concerns over global growth and Europeâ€™s sovereign troubles remains the primary drivers.â€
The euro declined to $1.4193 against the US dollar on Wednesday as compared to 1.4274 on Tuesdayâ€™s North American trading session.
The dollar index DXY which measures the greenbackâ€™s performance against its major six rival currencies gained to 74.688 on Wednesday as compared to 74.307 on Tuesdayâ€™s late trading hours.
Against the Japanese Yen the US dollar slightly decreased to 76.85 as compared to 76.86 on late Tuesday. The US dollar advanced against the Swiss franc to 72.80 on Wednesday as compared to 71.58 on Tuesdayâ€™s US trading hours.
The British Pound also declined versus the US dollar as Bank of England reduced its forecasts for countryâ€™s economic growth and inflation. The Pound Sterling plunged 1 percent versus the greenback to 1.613 on Wednesday.
Rehan Khan has been involved in the financial sector for last 6 years. During that time he has been associated with many financial institutions, banks and brokerages. Rehan is also a graduate in finance and has been writing for last 2 years for various web publications.
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