16th November 2011
The US dollar (USD) has seen a broad increase against the European single currency following ongoing problems in the region.
Forex trading for USD was generally positive against the euro this morning (November 16th), rising by 0.12 per cent to 1.3523. It also rose against sterling, with GBP shedding 0.37 per cent against the greenback to 1.5765.
The improvement for USD comes after the publication of Bank of England data which predicted UK growth will actually be significantly weaker in the last three months of the year than was reported by the bank in August.
It follows recent reports from Reuters that optimism regarding the standing down of Italian prime minister Silvio Berlusconi and the introduction of new legislation to tackle the country's financial position has now waned.
These factors have combined in recent days to boost the value of USD, while simultaneously applying pressure on both sterling and the euro.
Posted By Andrew Cottrill
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