Forex Market & Watch online Live News Channel: February 2011

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Forex: US Dollar Remains Down As China Lifts Interest Rates

Feb 9, 2011

The US dollar remained lower against most major rivals on Tuesday, after China lifted interest rates for the third time since October.

The People’s Bank of China hiked its key lending and deposit rates each by 25 basis points. The dollar index, measuring the US unit against a basket of six currencies, lost 0.25% to 77.84, compared with 77.994 in North American trade late Monday.

Against the greenback, the Australian dollar gained 0.0888%, or $0.0009, to $1.0139. Against the US dollar, the euro gained 0.4565%, or $0.0062, to $1.3648, up $1.3597 in late North American trading on Monday.

Forex: EUR/USD Posts Fresh High Above 1.3680

The common currency continued to gain ground against the US dollar on today’s session, recovering from last week’s losses. The Euro managed to find support at 1.3610 and gained more than 60 pips during the last few hours of trading, reaching a new intra day high at 1.3688. The Euro also posted a fresh 2-month high against the Swiss Franc at 1.3102.

At this time of writing, EUR/USD is holding near the session high as the Greenback continues to lose momentum across the board. According to analysts, the support level for the pair is hovering at the psychological level of 1.3500. On the upside, the immediate resistance level is located at 1.3750