US Dollar Faces Rough Week
During the Monday currency trading session, the US dollar posted improvements from the sharp fall the previous week. During the day, the US Dollar Index managed to increase to 74.989 for the day, which is an improvement from the 74.892 it was at, at the end of the Friday currency trading session. The euro fell during the day to US $1.4445 which is down from the US $1.446 position the currency was at on Friday. Much of the speculation during the Monday session was on when and how fast the Federal Reserve will begin to tighten up its monetary policies, which has caused the value of the dollar to fall so low during the previous weeks. Against the Japanese yen, the US dollar moved to Y 84.54 at the end of the Monday trading session in New York, which is down from Y 84.82 as of Friday.
The Tuesday trading session saw the US dollar lose some grow, the Japanese yen and the Swiss franc improved during the day. The focus was mainly on the crisis in Japan which continues to expand. The US Dollar Index moved the currency to 74.847 by the end of the trading day in New York. It dropped, though, by 1.2 percent against the Swiss franc. Against the yen, the US Dollar fell to Y 83.74. Against the euro, the US dollar moved to US $1.4489 for the day.
The Wednesday trading session saw an improvement in the US dollar. It gained against the euro and against the Japanese yen during the day. This came after the Federal Reserve's Beige Book noted that the turmoil in Japan is hurting the US economy as is stands. It also noted that the general conditions of the economy continue to improve. Early in the session, the US dollar improved on reports that showed retail sales were improving at a faster rate than expected within the country during the month of March. The US Dollar Index moved the currency to 74.966 at the end of the session, though it did move as high as 75.101 for the session. The euro moved to US $1.448 for the day, though it managed US $1.4520 during the day. Against the yen, the US dollar moved to Y 83.89.
During the Thursday trading session, the US dollar fell during the day against both the euro and the Japanese yen. This hurt the currency more so and pushed it back down to the lowest levels it has seen since December of 2009. This came from various sources including an economic report that showed that US jobless claims increased for the week, unexpectedly and that wholesale prices rose. The US Dollar Index dipped as far down as 74.617 during the day, the lowest point since the end of 2009. The index positioned the currency at 74.683 by the end of the day. Against the Japanese yen, the US dollar fell to Y 83.41. Against the yen,, the US dollar improved to US $1.4493 for the day.
During the Friday currency trading session, the US dollar improved on gains against the euro. This came after a German official noted that the country would back a voluntary restructuring by Greece, who continues to struggle with its debt burden. In addition, better than expected US dollar also helped to increase the currency. The US dollar index positioned the currency at 74.867 for the day. The euro moved to US $1.4429 during the day by the end of the session in New York. Against the Japanese yen, the US dollar moved down to Y 83.15 for the day.