US dollar hits bottom
The US dollar fell to its lowest level this year against the currencies of its six major trading partners due to speculation that the global economy is emerging from the recession. The future upside potential for the dollar seems limited as the greenbacks performance has been disappointing over the past several weeks, even though market conditions were primed for a rally to develop.
As hope for an end to the current economic crisis increases investors have been selling off the dollar for high-yielding assets. While this is a positive sign for the fledgling US economy, it has suppressed the dollar to its lowest level of the year.
The current USD exchange rate is GBP0.6071 and EUR0.7042
The rates quoted above are interbank rates. Client rates may vary according to the volume and timing of the trade.