Source: ForexYard
The USD continued to make gains against traditionally riskier currencies on Tuesday. The greenback has solidified gains against the NZD, AUD, and CAD as a series of announcements have driven traders to the more stable USD. During afternoon trading on Thursday the AUD/USD stood at $1.0567, the NZD/USD was hovering around $0.8121 and the USD/CAD was close to $1.000.
Worries over the Chinese economy after its 2012 growth forecast was cut down to 7.5% prompted many investors to head towards the greenback as the dollar has traditionally provided a degree of stability. Also, the Australian government has left the option open to further interest rate cuts, thus increasing the overall uncertainty abound in the market.
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