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27.07.2011 18:06

US focus: Dollar begins to bounce back

The dollar begins to rebound after its drop to the 11-week low versus a busket of currencies after Senate Majority Leader Harry Reid said it’s time Republicans “face facts” and agree on a compromise plan. But prolonged standoff in Washington over hiking the U.S. debt ceiling continued.
The euro goes lower against the dollar after Standard & Poor’s lowered Greece’s credit rating to CC from CCC with negative outlook. The downgrade of Greece by 2 notches takes it to the same level as Moody's Ca rating (developing outlook). Fitch Ratings last downgraded Greece 3 notches on July 3 to CCC from B+ and removed it from Rating Watch Negative, as it has been since May 20.
The Australian dollar declines versus the dollar. Today it hit a fresh all-time high versus the dollar after the Reserve Bank of Australia  reported about better-than-expected rise of consumer price index inflation in the second quarter, focusing the market’s attention back on the interest rates.
The New Zealand dollar also falls from area of today’s record high amid reported advance in business confidance in July.
Both reports have renewed speculation that the central banks may tighten their monetary policies. The Reserve Bank of New Zealand will release its interest rate decision tomorrow. Currently the main interest rate of Australia is at 4.75% and New Zealand’ is at 2.5%. Last month New Zealand central bank governor Alan Bollard hinted at a possible increase of the rate by 25 basis points in December.
The loonie plummetes against the dollar. Yesterday it hit the highest level over the last three years
Japan yen also moves down after reports from US.

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