The dollar weakened against its peers today on thin holiday volume traded with US markets closed in observance of Columbus Day, as predictions for an interest rate increase by the Federal Reserve to take place by year end lessened reducing dollar demand. Last week’s release of the Fed’s meeting minutes revealed that policymakers held the majority view that a rate hike would be instrumental at some point this year and that overall market outlook had not been greatly affected by financial market upheaval. The US dollar index was trading at its lowest level since September 18 losing 0.15% trading at 94.79.
The euro strengthened against the dollar with the pair up 0.14% trading at 1.1376 coming off its low of 1.1355 after having come off its high of 1.1396 reached earlier in the day still near its 3 week high set last Friday. The euro was virtually unchanged against the yen.
The pound strengthened against the dollar with the pair up 0.16% trading at 1.5351 off its session low of 1.5302 after having come off its session high of 1.5372 reached earlier in the day. The pound moved higher today after gains seen last Friday failed to come in higher than the 50% decline off its September high.
The yen strengthened against the dollar with the pair down 0.20% trading at 119.98 coming off its session low of 119.89 after having come off its session high of 120.26 reached earlier in the day. Demand for the yen intensified as oil prices failed to extend recent advances.
The Australian and New Zealand dollars strengthened against the greenback. The Aussie was up 0.22% against the dollar with the pair trading at 0.7359 off its session high of 0.7382 close to its 1.5 month peak after having come off its session low of 0.7305 reached earlier in the day. The kiwi dollar was trading at 0.6717 against the greenback after having climbed 0.6% trading close to its 2 month high of 0.6739 reached earlier in the day.
The Canadian dollar inched up roughly 0.2% against the greenback with the pair trading at 1.3005 near its session high of 1.3009 after having come off its session low of 1.2900 reached earlier in the day near its 2 month trough.
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