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Dollar Goes Up with Need for Safer Currency

April 16, 2010 at 13:10 by Vladimir Vyun

US DollarThe U.S. dollar gained today, benefiting from the rising demand for the safer currencies after the meeting of the European Union’s minister to discuss measures, required to fight the budget deficits, and as China plans to let its currency float.

The speculation that Greece may be forced to use its rescue package, provided by the EU governments, makes the investors to shun the euro and look for some safer currency, the dollar being the one of the options. China is going to end the yuan’s peg to the greenback in order to cool its rapidly expanding economy.

EUR/USD dropped today to 1.3531 as of 11:10 GMT down from its opening price of 1.3573.

If you have any questions, comments, or opinions regarding the US Dollar, feel free to post them using the commentary form below.

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