🚀 AI-picked stocks soar in May. PRFT is +55%—in just 16 days! Don’t miss June’s top picks.Unlock full list

Forex - Dollar, Swiss franc broadly higher in volatile trade

Published 07/05/2011, 07:57 AM
EUR/USD
-
GBP/USD
-
USD/JPY
-
USD/CHF
-
AUD/USD
-
USD/CAD
-
NZD/USD
-
Investing.com – The U.S. dollar was broadly higher against its major counterparts on Tuesday, while the Swiss franc also posted gains amid fears over further monetary tightening by China and after disappointing economic data from the euro zone.

During European afternoon trade, the greenback was higher against the euro, with EUR/USD shedding 0.47% to hit 1.4470.

Earlier in the day, official data showed that retail sales in the euro zone slumped in May, posting their biggest fall in a year. A separate report showed that the euro zone's private sector posted its weakest growth in more than a year and a half.

Meanwhile, speculation over a rate hike by China mounted after the People's Bank of China said in a statement Monday that inflationary pressures "are still high."

But the greenback was down against the pound, with GBP/USD rising 0.19% to hit 1.6113.

Official data released earlier showed that service sector activity in the U.K. rose unexpectedly last month.

Elsewhere, the greenback was up against the yen but down against the Swiss franc, with USD/JPY climbing 0.19% to hit 81.14 and USD/CHF shedding 0.34% to hit 0.8449.

Meanwhile, the greenback was stronger against its Canadian, Australian and New Zealand counterparts, with USD/CAD gaining 0.17% to hit 0.9626, AUD/USD shedding 0.35% to hit 1.0695 and NZD/USD sliding 0.19% to hit 0.8281.

Earlier Tuesday, the Reserve Bank of Australia held its benchmark interest rate at 4.75% in a widely expected decision, saying that the euro zone’s sovereign debt crisis had “added to uncertainty” about the outlook for the world economy.

The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.33%.

Later Tuesday, the U.S. was to publish government data on factory orders.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.