Dhaka, Bangladesh (BBN) – The US Dollar (USD) fell to a five-week low against major currencies on Wednesday, as blockbuster results from Intel and Goldman Sachs boosted confidence about corporate earnings and the economy.
Data showing that factories in New York State had nearly recovered from the recession in July also lifted spirits, undermining safe-haven demand for USD and pushing investor into higher-yielding currencies and equities.
The British Pound (GBP) strengthened to 1.6422 against the USD while the Euro (EUR) advanced to 1.4101. GBP climbed to 154.49 against the Japanese Yen (JPY) as reports on employment signaled the worst of the recession may have passed, according to reports.
The Canadian Dollar (CAD) gained this week and reached 1.1149 against the greenback, its highest level in a month, as gains in commodity prices and stocks boosted investor demand for higher-yielding assets and commodity-linked currencies like CAD.
BBN/SS/SSR/AD-17July09-8:19 pm (BST)