The dollar bounced up strongly from an overnight 14-month low against the euro Monday, as slipping US stocks and battered commodities sapped risk appetite across markets, lending support to thr safe-haven USD. The Euro surrendered the psychologocally importnat $1.50 level, sinking to its lowest level in a week against the dollar in afternoon New York trading. After commodities and higher-yielding currencies notched higher over the past week- many to 12 month records or better-the market was ripe for profit-taking, analysts said. The dollar is on one side of the days broad movements and all of the risk assest are on the other side of the equation, partially explaining investors moves away from riskier assests to the dollar.
In : World Forex News