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American focus: dollar remains under pressure
The U.S. currency has weakened for three consecutive days, slumping to a 16-month low of $1.4649 to the euro today.
The U.S. currency slumped against all but one of its 16 major peers today as gains in stock markets around the world and signs of improving economic growth spurred demand for higher- yielding assets. The Federal Reserve’s benchmark interest rate of between zero and 0.25 percent makes it profitable to borrow in dollars and invest the money in markets where returns are higher, a strategy known as the carry trade.
The dollar’s move through resistance areas around $1.45 per euro puts the currency on course for a depreciation past $1.51, according to Societe Generale SA’s technical analysts.
The dollar’s next resistance levels are around $1.47 and $1.4830, and a breach of those may propel the greenback to $1.5145, its lowest point in 2009, France’s second-largest bank said in a research note today. Should the currency depreciate below that level, it will begin setting 2 ½-year lows.
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