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Forex update – US dollar loosing its edge on other currencies

It seems that after a very strong start at the beginning of August, when the US$ has reached almost 1,51 to the Euro. However, it seems that investors are marking their profits today Aug 23rd. Of course, the low prices of oil did help this too, whilst the gold prices forcing the 1,000 USD a troy ounce limit.

Analysts mentioned that the USD continued to rally against other currencies because of a growing convition that the effects of the credit crisis continued to spread accross the economies outside the US stronger than previously thought.

The dollar hit also a six month high of $1,4628 against the Euro on Tuesday last week, as has foreseen a couple of months ago, confirming the concerns that it is “the best of the worst” currencies, since the Euro zone economies continued their slowing down movements.

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