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The U.S. dollar rose today to highest against the euro since May 20 as the Federal Reserve Bank of Dallas President Richard Fisher said that the interest rate increase is possible on elevated inflation fears.
The U. S. currency also continued to rise against the Japanese yen today, as the latter has been falling against the other major currencies on carry trade uprise. The dollar is also supported by the optimistic expectations for the Q1 GDP preliminary release that is scheduled for today.
Fisher’s statement about possible rate hikes shouldn’t be regarded in the short-term sense. Market analysts expect rate increase not earlier than in 2009. But, of course, signaling a clear end to rate cuts and starting the preparation for increases are the good reasons for dollar bulls to become more active on Forex.
EUR/USD fell today from its 1.5647 open rate to 1.5590 as of 8:02 GMT with a daily minimum near 1.5565. GBP/USD was also falling today after the house prices report showed a continuing real estate slump in U.K.; the currency pair fell from 1.9803 to 1.9724 with a daily low at 1.9672. USD/JPY opened at 104.66 today and rose to 105.16 already.
The Australian dollar is one of the best performing currency this year and it stood strong against dollar today, but still lost somewhat — AUD/USD rate fell from 0.9619 to 0.9604 and still trades near 24-year high.
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