16th August 2012
The euro continues to struggle against other currencies, even in relatively quiet trading periods.
Overnight, the single currency dropped to a two-week low of 78.21p against the GBP and fell to $1.2264 as investors become concerned about rumours of Swiss National Bank (SNB) activity.
Analysts have noted that the SNB has been purchasing large amounts of the currency as it looks to protect the 1.20 francs per euro floor intact and they believe it would not be that much of a surprise if the central bank has been diversifying these holdings into other currencies.
One of these other options may be the dollar as it rallied well during yesterday's (August 15th) trading against the Japanese yen. Reuters reports that the greenback peaked at 79.06.
The dollar could be set for further forex trading gains against both the yen and the euro, as new data showed that US industrial output in July expanded at a rate not seen since April.
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