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Forex: Monday’s review
Yesterday the euro rose against most major currencies after data released showed that the index of current conditions IFO fell less than some economists predicted, suggesting that the region's largest economy can withstand the sovereign debt crisis. Other submitted data for Germany were slightly below expectations, but in spite of this, the euro rose.
The single currency traded near a seven-week high against the dollar after German Finance Minister Wolfgang Schaeuble said that Germany and France will create a working group to improve the financial and monetary union in the region.
Pound traded in a narrow range, as financial markets in the UK were closed for an official holiday.
The Canadian dollar strengthened against the dollar and rose against most other major currencies, as well as among investors increased appetite for higher-yielding assets.
The Australian dollar touched its lowest level in a month, extending a two-week decline, as concern about global economic growth is the increased demand for higher-yielding assets.
Demand for Currency Australian and New Zealand was supported after Federal Reserve Chairman Ben Bernanke said that "there is scope for further action by the Federal Reserve to ease financial conditions and strengthen recovery".
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