US Dollar Index at 3-year high

Currencies , US Dollar May 19, 2013 No Comments

DollarThe US dollar soared against major currencies on Friday on growing speculation that the Federal Reserve could soon begin to rein in its bond-buying program and after data showed US consumer sentiment hit a 6-year high in early May.

The US Dollar Index is very strong right now: at its highest value since July 2010, closing at 84.24 on Friday.

The contract is a “basket” of currencies against the US dollar, including the Swedish Krona, Euro, Japanese yen, Canadian dollar, Australian dollar, British pound, and Swiss franc. The Euro is 40% of the market, so the EUR/USD pair has a great amount of influence. With the move in the USD/JPY, there is a lot of influence there as well. The 84 level has been broken for the first time in three years, and this is significant.

USD/JPY

Pascal Blanc

Pascal has implemented numerous software solutions in the areas of procurement, sourcing, spend management, supplier evaluation and performance. His clients include Fortune 500 companies in Europe, Asia and North America. He is a co-founder of Source & Procure.

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