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Dollar maintains its gains against majors

January 31, 2014

Dollar managed to maintain its gains against major currencies in the last session of January 2014 , backed by positive fundamentals released from the United States economy that recorded an expansion for the 11 th straight quarter, encouraging traders to buy the federal currency. The positive growth data is supporting the Fed`s decision to continue with withdrawing stimulus measures from markets, and now investors are more confident that the world`s largest economy doesn't need monetary stimulus at the current stage. Moreover, yen is also supported against major currencies, except the American dollar, amid instability spread in the currencies market due to a massive sell wave in emerging markets, making traders choose yen as a safe haven. EUR/USD declined to the lowest in one week at 1.3542, while the pair is currently hovering around 1.3552. The British pound also declined against dollar to record a low of 1.6444, and it is currently trading around 1.6490. As for the dollar yen pair, it gained to record a high of 102.88, and now it is trading around 102.80 levels. The union currency dropped against yen to 138.88 levels and it is currently hovering around 139.36. The British pound declined as well against yen to record a low of 168.15, and now it is trading around 169.57.

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Source: Financial Markets

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