Posted June 28, 2011
Greece debt main focus. Investors seek safety of US dollar.
On Monday, the currency markets were still mindful of what was occurring in Greece. The euro did manage to turn upwards for the day against the US dollar. Investors were looking for hope from the European officials who did come out to say they supported the help necessary to backstop the Greek debt concerns so that there would be confidence in the country's ability to get the help it needed. During the trading day, the euro moved up to US $1.4305 for the day. However, during the session it feel as low as US $1.4190 and was up as high as US $1.4290 at the end of the trading session on Friday in North American trading. The euro lost 0.9 percent in value in the month thus far. The US dollar index moved the US currency to 75.043 by the end of the session on Monday. It was up as high as 75.472 during the session. It closed on Friday in North American trading at 75.092. The US dollar moved up to Y 80.31 on Monday after closing at Y 80.08 on Friday. The UK pound moved up to US $1.6187 for the day, which is from US $1.6169 for the day on Friday.
The Tuesday trading session saw the US dollar fall even further against the euro during afternoon trading. This came after remarks from the finance minister in Greece, who was newly appointed to the position. He said that the country will need to pass austerity plans early, far earlier than what most experts had anticipated. For the day, the euro moved to US $1.4417 for the day. The US dollar index moved to 74.553 for the day. The UK pound moved up to US $1.6246, which was an improvement of 0.1 percent for the day. The US dollar moved to Y 80.13 for the day against the Japanese currency. Also notable was the movement of the Australian dollar. It moved to trade at US $1.0601 for the day, after falling under the US $1.0610 level during the session.
The US dollar improved during the currency trading session on Wednesday. This happened after the US Federal Reserve Chairman, Ben Bernanke noted that the US recovery and the euro zone debt problems are holding back on the improvement of the overall global marketplace. This caused many investors to sell off the current riskier stocks and currencies being held in the hope of putting funds into the perceived safety of the US dollar. The US dollar index moved to 74.791 during the day as a result. The euro moved to US $1.4360 for the day. The UK pound moved to US $1.6101. The US dollar moved to Y 80.33 and the Australian dollar moved to US $1.0574 for the day.
During the Thursday trading session, the euro pared many of its losses against the US dollar. This came as new reports out of Greece showed that a deal for a new austerity plan was in the works. This led to the euro moving to US $1.4235 for the day. The US dollar index moved to 75.321 for the day. The UK pound moved to US $1.5979 for the day. The Japanese yen moved to Y 80.55.
The Friday trading session saw the US dollar gains on Greek concerns. the euro moved to US $1.4165 for the day. The US dollar index moved to trade the currency at 75.695. Investors eyed the Greek austerity plans with concern. US dollar moved to Y 80.55 during the session as well.