Market news

24 July 2012

American focus: the dollar continues to strengthen

Euro drops the fifth day against the yen, while showing the longest decline since May amid speculation that the sovereign debt crisis in Europe is worsening.

Also on the decline of the single currency affect the weak data on the index of business activity in the euro area. The European currency fell to its lowest level against the yen over the past 11 years.

The euro fell below 1.21 against the dollar after ratings agency Moody 's downgraded the credit rating outlook for Germany, the Netherlands and Luxembourg with a "stable" to "negative", amid escalating worries about the crisis in the region.

The Swiss franc also continued to decline, and had almost approached parity with the dollar for the first time since December 2010 against the backdrop of the financial crisis in Europe.

The Australian dollar rose against the dollar for the first time three days after the growth of China's manufacturing index strengthened the export prospects for the country.

Canadian dollar against the dollar during the U.S. session shows a rapid and steady growth, even despite the fact that the published data on retail sales were above expectations.

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