US Dollar Recovers Versus its Rivals on Greece’s Debt Crisis

The US dollar gained versus its major rival currencies on Wednesday on dependence of Greece’s bailout package on the referendum announced by Greek officials.

Strategist, Sue Trinh from RBC Capital Markets commented, “Headline risk remains acute as German Chancellor [Angela] Merkel and French President [Nicolas] Sarkozy speak with the Greek government, the International Monetary Fund and their European partners ahead of a Group of 20 summit.”

The greenback further strengthened after the news of US Federal Reserve showing its interest for further easing in its monetary policy.

The dollar index DXY, which tracks the US dollar’s movement against the its six major rival currencies gained to 77.096 on Wednesday as compared to 76.913 in start of the US session. However the index was slightly down by Tuesday’s late hours reading of 77.298.

The euro gained to 1.3745 against the US dollar on Wednesday as compared to 1.3712 on Tuesday’s late trading hours. The British Pound fell versus the US dollar to 1.5950 on Wednesday as compared to 1.5963 on Tuesday’s North American trading session.

Against the Japanese Yen, the US dollar fell to 78.10 on Wednesday as compared to 78.34 on late Tuesday.

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