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The U.S. dollar continued to grow today for the fourth day against the euro on speculation that the problems are more serious for the European economy than for the United States, thus the rate differential may switch to the dollar’s favor.
The dollar broke down the significant support level of the EUR/USD currency pair at 1.4000. Market analysts await very disappointing reports on the manufacturing and GDP growth in the Europe, while they believe that the biggest problems of the U.S. economy connected with the ongoing global recession are already in the past.
Markets are very positive about the future of the U.S. dollar. Despite an extremely fast gain, a very large correction wave is very unlikely to occur soon. But some strategists predict a pullback to about 1.4200 level on EUR/USD if dollar stops now and goes flat for some time.
New Zealand dollar was another currency which lost significantly to the greenback today. Reserve Bank of New Zealand lowered the interest rate by 50 basis points to 7.50 percent, exceeding the traders’ expectations. It looks like more currencies are going to lose their interest rate advantage over the dollar.
EUR/USD declined from 1.3970 to 1.3918 as of 8:39 GMT today — that’s the record bottom level since September 18 last year. NZD/USD dropped from 0.6529 to 0.6449 — the lowest level since September 13, 2006. USD/JPY unlike other dollar-based currency pairs didn’t move in the favor of USD — it went down from 107.77 to 107.00 today.
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