USD moves up following fresh euro-zone worries
- Last Updated on 16 February 2012
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The US dollar saw gains against several of its main currency rivals yesterday, following negative euro-zone news that cast doubts on whether Greece will be able secure a much needed bailout package. The EUR/USD dropped as low 1.3065 before staging an upward correction and stabilizing around the 1.3100 level. Against the Swiss franc, the USD jumped close to 100 pips before stabilizing around the 0.9215 level.
Turning to today, a batch of US news is likely to generate significant market volatility. Traders will want to pay attention to the Building Permits and PPI figures, as well as the weekly Unemployment Claims. They are all considered valid indicators of economic health, and if positive, could result in gains for the greenback during the afternoon session. Additionally, a speech from Fed Chairman Bernanke at 14:00 GMT may lead to market activity. An optimistic speech regarding the US economy may help the dollar extend its bullish trend against the euro.