On Thursday the dollar is still rising after midday in Europe. There are currently two factors that are driving this rise in dollar. One is the fear of a debt default by Dubai World and the other is talk of intervention by the Bank of Japan and suspected intervention by the Swiss National Bank.
Dollar reversed from recent sharp fall
This has reversed the dollar’s recent sharp fall which took it down to a 14-year low against the yen during Asian trading as investors continued to worry about how long U.S. interest rates will stay at low levels.
The dollar had shown a drop also due to the reports that Russia is planning to diversify some of its foreign exchange reserves into the Canadian dollar.
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As the decline in weekly jobless claims and a rise in personal consumption improved the outlook for the U.S. economy, the dollar fell to a fresh 15-month low against a basket of currencies on Wednesday.
Federal Reserve minutes
Traders had earlier sold the dollar across the board, which results in pushing the dollar to a 10-month low against the yen, as it has been showed by Federal Reserve minutes released on Tuesday that policymakers saw the U.S. currency’s recent decline as “orderly”.
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