Dhaka, Bangladesh (BBN) – The U.S. Dollar (USD) held steady on Monday, retaining gains made late last week when growing worries about the global economy prompted investors to the safe haven appeal of the currency.
The USD was trading at five-week highs around 1.2700 against the Euro (EUR) in early Asian trade, according to reports.
On the other hand, the Australian dollar (AUD) dropped after neither of the major parties in Australia won an overall majority in Saturday’s election to form a government, leaving the country facing its first hung parliament in 70 years.
The AUD fell to a one-month trough at USD 0.8833 in early Pacific trade.
BBN/SI/AD-23Aug10-10:52 am (BST)