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USD in sight of six-week high

22nd November 2011

The US dollar (USD) has come close to reaching a six-week high in trading this morning (November 22nd) after talks regarding the US deficit appear to have failed.

News that politicians have failed to come to an agreement on how to tackle deficit issues on both sides of the Atlantic has weighed heavily on investor confidence and the greenback has therefore suffered today.

However, severe funding shortages and an ongoing buying sentiment among European banks for USD has helped keep the currency in sight of its six-week peak.

"The big events in the US and Europe are still coming out as negative and providing a bearish backdrop for investors," Ian Stannard, head of European FX strategy at Morgan Stanley, told Reuters.

Last week, USD performed strongly as sentiment in Europe continued to be strained.

The currency was strong against sterling, rising by 0.3 per cent to 1.5765 on Wednesday, while it also grew by 0.12 per cent against the euro.
 

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.3% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.