Forex Market Watch News USD sinks with weak U.S. economic reports as EUR optimism


HongKong, HongKong (PRWEB) June 06, 2012

InvestTechFX reports that during the U.S. morning trading session, the euro was trading higher against the U.S. dollar, with EUR/USD rising 0.39%. Sentiment on the U.S. dollar was lifted after a European Central Bank Governing Council member said he supported the idea of a European banking union.

Earlier Monday, Portugals Finance Minister announced that the country’s 78 billion EUR bailout program was on track. Also it was stated that Lisbon, the capital of Portugal is planning a 6.65 billion EUR liquidity injection to shore up the countrys fragile banking system.

In addition, official data released earlier showed that producer price inflation (PPI) in the euro zone was quite low in April 2012, which could give the European Central Bank (ECB) margin to cut rates ahead of its policy meeting this week.

However traders remained cautious of to push the single currency too high during current concerns over the outlook for global growth. After Fridays dismal U.S. employment data in combination with worries that Spains high borrowing costs could force Madrid to seek a bailout also weighed, traders are still being careful and avoiding too much risk.

The U.S. dollar moved lower against the pound, with GBP/USD rising 0.05%. Trading volumes remained thin on Monday, as markets in the U.K. were closed for the Queens jubilee.

Elsewhere, the U.S. dollar pushed higher against the safe haven yen, with USD/JPY adding 0.36%. Earlier Monday, the governor of the Bank of Japan (BoJ) said the central bank was closely monitoring the impact of the yens recent gains on the countrys largely export driven economy. The comments came after the BoJ conducted a rate check on Friday, indicating that it is still prepared to intervene in currency markets to curb the currencys gains.

The U.S. dollar was weaker against the Swiss franc, with USD/CHF falling 0.50% and clocked in lower against its Canadian, Australian and New Zealand counterparts, with USD/CAD dipping 0.02%, AUD/USD advancing 0.27% and NZD/USD gaining 0.42%.

The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.29%.

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