The dollar reached an 11-month high against the yen and a one-month high against the euro on Wednesday in a continued afterglow after the Federal Reserve on Tuesday upgraded its economic outlook amid a string of US data indicating a sustainable recovery.
The dollar rose as high as 83.76 yen, its highest since mid-April last year. Traders said Japanese exporters were reluctant to sell the dollar and anticipated further strength. The dollar has advanced 8.8 percent against the yen in 2012 to date, and analysts are raising their forecasts. The dollar was last at 83.73 yen, up 1.1 percent. The euro struggled against the dollar, falling to a one-month low of $1.3011 after triggering stop-loss orders below support at $1.3054, around the 50 percent retracement of a January 16-February 24 rally. It was last at $1.3014, down 0.5 percent for the day. The Australian dollar also dropped against its US counterpart, touching a seven-week low of US $1.0427. It was last at US $1.0433, down 1.1 percent.
Comments
Comments are closed for this article.