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27/12/2012 07:13:20 PM
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Publish Date27/12/2012 07:13:20 PM
The U.S. dollar managed later in the session to erase previous losses after fears intensified over the U.S. economy’s outlook, as the economy might enter a new recession if Congress members continued to disagree over the budget terms, and that what Senate Majority Leader Harry Reid said today.
Senate Majority leader Harry Reid said that it “looks like” the Congress will fail to agree on a deal on the fiscal cliff before the year ends. “It looks like we’re headed for the fiscal cliff.” Reid said.
The basket of currencies failed to maintain the previous upside bias against the U.S. dollar as Harry’s comments urged investors to go for safer havens including the U.S. dollar and shiny metal gold, which gave the dollar a strong upside momentum.
However, when we take a look on the sterling trading, the currency couldn’t maintain this upside momentum as it declined to a low of 1.6066 after it reached a high of 1.6200, where it opened the session at 1.6135 and it is currently trading around 1.6087.
Even the Japanese Yen failed to beat the U.S. dollar despite its attraction to investors as a safe haven in these days, as the dollar rose against the Yen in four-day upside wave to the session’s high at 86.13 after it opened the trading at 85.60, where it recorded a low of 85.47.
The main reason behind the weakness of the Japanese Yen is the approval of the parliament on Prime Minister Shinzo Abe yesterday. His Liberal Democratic party won in lower house elections on Dec. 16, pledging to weaken the currency to support the exports.
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