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Euro and yen down as dollar strength continues

Currencies Direct May 15th 2013 - < 1 minute read

The yen touched on new four-and-half-year lows against the
dollar on Tuesday (May 14th) as a combination of Japan’s
monetary easing plan and positive signs in the US economy continue
to exert downward pressure.

USD/JPY climbed as high as 102.40, while the euro also rose
strongly to a session peak of 132.77, close to its highest level in
three and a half years.

But the euro itself touched on five-week lows against the dollar
as sentiment continues to weigh on the single currency.

EUR/USD hit a low of 1.2930 but recovered in part thanks to
stronger-than-expected eurozone industrial output figures and
Greece’s sovereign credit rating upgrade from B-minus to CCC by
Fitch.

Sterling also fell against the buoyant greenback, with the
exchange rate
hitting a three-week low of 1.5248 on
Tuesday.

Meanwhile the Australian dollar continues to tumble against the
dollar, with AUD/USD sliding for the seventh consecutive session
to 0.9890.

The Aussie is enduring its worst losing streak in 20 years
following the Reserve Bank of Australia’s decision to cut interest
rates to a record low of 2.75 per cent.

Written by
Currencies Direct

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