Dollar Trades Near Three-Month High on U.S. Economy Optimism |
| Bloomberg - Dec 21, 2009 |
The dollar traded near a three-month high against the euro amid signs the economic recovery is accelerating and as concern some European nations may struggle to pay their debts bolstered demand for the U.S. currency.
The dollar’s gains took its advance since dropping to this year’s low on Nov. 25 to 5.9 percent as hedge funds and other large speculators put on the biggest wager for the dollar against the euro since March. The Swiss franc traded near its strongest level against the euro since March amid speculation the central bank its stance on the franc’s advance.
“The dollar rally has been fueled by year-end position squaring and improved economic data out of the U.S.,” said Kasper Kirkegaard, a currency analyst with Danske Bank A/S in Copenhagen. “But most of the dollar strength is behind us. When people come back from the Christmas break they will start taking positions with the dollar as a funding vehicle again.”
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- Posted: 2009-12-21 03:53:49
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