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American focus: euro rose
The Dollar Index fell to a one-week low as traders sold the U.S. currency in favor of the Swiss franc, triggering automatic sell orders for the pair that further weighed on the greenback.
The 17-nation euro also rose against the dollar as it broke through its 100-day moving average, a technical level that once breached, may spur further appreciation. The shared currency earlier fell against most of its major counterparts before a report forecast to show a contraction in industrial output. The euro weakened earlier after International Monetary Fund Managing Director Christine Lagarde urged policy makers to be vigilant about global economic stability. Lagarde, speaking in Beijing yesterday, said oil prices, debt levels, and the risk of slowing growth in emerging markets threaten global economic stability.
The U.S. currency pared losses against the yen today. The dollar’s 14-day relative strength index against the Japanese currency was at 71.8, more than the 70 level some traders see as a sign an asset may reverse direction.
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