hr: Currency

The US dollar is once more on another downward trail as it traded low versus the euro on bets that the government will reveal a report showing that the housing market has worsened and created pessimism among consumers.

Photo Credit: kevindooley

The US dollar declined against its Canadian counterpart, hovering close to a 25-year low versus the Aussie (Australian dollar) as prices of gold and oil surged, improving commodity exporters’ outlook. Traders speculated that the Federal Reserve will be increasing rates within this year, after the rate-cutting spree by the Feds , which actually occurred seven times, since September as the European Central Bank left their rates unchanged.

The US dollar declined by as much as $1.0112 versus the Canadian dollar from $1.0102. Against the New Zealand dollar however, the US dollar traded at 78.57 cents per New Zealand dollar from an earlier 78.50.

The US currency slipped to 96.00 cents against the Australian dollar from an earlier rally of 95.92. The July delivery for Crude oil increased by 0.6 percent to $132.95 per barrel, as we see gold appreciates 0.2 percent that extended the 2.5 percent gains last week.

“The dollar will keep sliding amid the slowing U.S. economy. Weaker data will force the Federal Reserve to lower interest rates further,” said senior vice president of currency sales Michiyoshi Kato, Mizuho Corporate Bank Ltd., Tokyo.

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