News Column

Dollar Steady As Portugal Tries To Calm Investors

July 11, 2014



WASHINGTON (Alliance News) - The dollar was virtually unchanged Friday as European leaders downplayed the threat of Portugal's potential banking crisis.

After days of anxiety in the markets, Portugal's central bank reassured investors that the solvency of embattled bank Banco Espirito Santo is "solid."

Meanwhile, traders have been seeing further the US economic recovery is speeding ahead of Europe's.

Yesterday, the Labor Department reported that US jobless claims unexpectedly fell to 304,000 in the week ended July 5th from 315,000 in the previous week.

The dollar held near USD1.36 versus the euro on Friday, about a penny from a recent 4-month peak.

The buck also held its ground versus the sterling, with the pair stuck at USD1.71 for a third day. Earlier this month the dollar hit a 5-year year near USD1.72.

There was little movement versus the yen as the dollar fetched Y101.30, near the lower end of a stubborn trading range.



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Source: Alliance News


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