Dollar Rallies
Apr 24th, 2008 | By Doug Casey | Category: US Dollar & Forex TradingIn the currency market, the dollar was sharply higher against the euro. Late Wednesday, the euro was trading at $1.5881 vs. $1.5993 on Tuesday.
There was no particular data to drive the price action on the day.
Some analysts cited comments from Bank of France Governor Christian Noyer, who told French radio that comments about the ECB being ready to take any “necessary” steps to bring inflation back down to its 2% target by 2009, were misinterpreted.
Noyer amended his remarks, saying that, “Movements can go both ways … I would never engage in a discussion about the future path of interest rates, simply because nobody knows.”
Today’s release of the key IFO business survey from Germany will be “a big test” for the euro, according to Ashraf Laidi, currency strategist at CMC Markets. “That survey has historically been the key dynamic that determined the euro’s moves higher.”
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