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21.04.2011 10:17

EU focus: Dollar hits 3-year low, risk to slide towards all-time low

The dollar tumbled to a three-year low against a basket of currencies on Thursday, with market players selling the greenback to buy buoyant risky assets. There is a risk to drive the dollar index towards its all-time low.
The dollar has taken a hit in the past few days as investors have flocked back to higher-yielding currencies, commodities and equities after a brief shake-out earlier in the week.
Traders said the there was a risk of a dollar rebound later in the day as market players cover short positions before long Easter weekends in many parts of the world.
But the overall outlook was dim for the dollar as the Fed is still buying bonds and the threat by ratings agency Standard & Poor's to cut the United States' prized AAA rating reminded investors of the hurdles the world's reserve currency faces.
A series of records have been broken this week, with gold vaulting to all-time highs above $1,500 an ounce and the Aussie powering to peaks above $1.07.

The euro has pushed to 15-month peaks but has lagged the broader move due to the ongoing worries about the euro zone crisis, underscored this week by reports that Greece may restructure its debt in coming months.
A solid auction of Spanish debt the previous day helped provide some reassurance that the problems plaguing Greece, Ireland and Portugal would not spread to the country seen as the next most vulnerable in the euro zone.
The single currency also appears to be poised for further gains on the charts. A break of the January 2010 high at $1.4583 opesn the way for a run at the 2009 peak at $1.5145.

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