The US dollar surges in overnight trading versus its major counterpart currencies on Thursday’s Asian trading center ahead of major meeting of European Central Bank scheduled for today.
The single currency has been performing in last week versus the greenback on expectations on interest rate hike by ECB however it is widely expected now that the European Central Bank will keep its key lending rate at its ever low of 1 percent. However it is projected the region’s central bank will go for increase in the interest in the coming months. It is also expected that the ECB will wind up some of the emergency funding programs in the Thursday’s meeting.
The single currency finally witnessed correction in overnight trading as the Euro declined to 1.3850 against the US dollar as compared to 1.3861 on Wednesday’s North American trading session.
The dollar gained the on the expectations of end of riots and tensions in Libya as crude oil futures also witnessed correction on the news. According to the latest news the Moammar Gadhafi has agreed to the proposal of Venezuelan President Hugo Chavez for negotiations with opposition forces.
The dollar index DXY which measures the US dollar movement against it major six counterpart currencies traded at 81.83 in overnight market as compared to 81.90 on Wednesday’s late trading hours.
The British Pound reported the fall to 1.6314 versus the greenback as compared to 1.6329 on late Wednesday.
The US dollar declined slightly versus the Japanese Yen to 81.83 in Asian trading session as compared to 81.90 on Wednesday’ North American session.
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Daily forex trading news written by Rehan from DailyForexTrade.com
