Market News

The common currency Euro continued to extend its recovery from this week’s earlier struck 7-week low against the U.S. Dollar, which is coming under heavy sell pressure as commodity prices appear to be stabilizing.

Even as investors concerns over the continuing sovereign debt problems of the Eurozone weigh, the common currency Euro rose against the U.S. Dollar in Asian trading, coming off of last week’s 7-week low.

The Euro surged higher for the second day yesterday as the Portuguese bailout package was confirmed in Brussels.

Ahead of this week’s meetings of European finance ministers, the common currency fell to a 7-week low against the U.S. Dollar as well as a host of other major currencies.

Investor concerns over Greece’s fiscal problems, with the government’s austerity measures resulting in rioting on the streets of Athens, is putting heavy pressure on the common currency, which fell against the U.S. Dollar.

In Asian trading today, the Euro rose against the U.S. Dollar, up off a 3-week low as growth projections eclipse investor concern of a worsening debt crisis.

With commodity prices beginning to stabilize, the Euro has been holding tight to recent gains during Asian trade.

In early trading in Tokyo, the common currency edged higher against the U.S. Dollar, off a 3-week low, supported by early indications of some restabilization in the commodities markets.

Following last week’s steep fall, the common currency Euro bounced in early Asian trading, rising against the U.S. Dollar and Japanese Yen.

With investors speculating that the Reserve Bank of Australia is likely to raise interest rates sooner than later given a higher inflation forecast, the Australian Dollar rose against the U.S. Dollar.

Ahead of today’s meeting of the European Central Bank’s rate setting committee, the common currency Euro has been rising toward a 17-month peak against the U.S. Dollar in Asian trade.

Unexpectedly weak data from the U.K.’s manufacturing sector pushes back the likelihood of an interest rate hike sending the Pound Sterling broadly lower in Asian trading.

With the euphoria over the news of the al-Qaeda leader’s death now beginning to wane, the U.S. Dollar is hovering close to the 3-year low struck last week.

A quick look at how the currency fluctuated when Saddam Hussein was captured in 2003 should be indicative of what we can expect to see from the floundering U.S. Dollar in light of bin Laden’s death.

The greenback continues to lose ground against major currencies, with the U.S. dollar Index holding close to a 3-year low in Asian trading, and likely to see the biggest weekly drop since mid-January.