The U.S. dollar stopped its 2 days growth period and started to go bearish against other currencies today after the Asian trading session ended. Investors attention turned to the Fed chairman Ben Bernankes testimony before the U. S. Congress that is scheduled for today.
Dollar continued its growth against the euro and the Japanese yen during the Asian trading session, but halted it and reversed to losing after the European trading session started. Yesterdays sharp growth was largely inspired by the better than expected macroeconomic statistics from U. S. Bank losses report in Europe and U.S. were also considered as a positive sign for the global economy and they actually stimulated the dollars appreciation.
The Swiss franc was also losing against dollar yesterday and earlier today after the UBS (the largest Swiss bank) wrote down about $19 billion losses for the first quarter of 2008 yesterday. But as of 9:54 GMT USD/CHF is trading at 1.0109 below its open price (1.0115).
EUR/USD after losing almost 0.9% yesterday is now trading with a daily gain. Although it has been reaching 1.5532 earlier today, the currency pair went up and is trading at 1.5637 as of 9:54 GMT.
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