US Dollar Gains Against Major Currencies

During Tuesdays trading at the forex market the US dollar seemed to be rising against most of the other major currencies and this was after the Federal Reserve chairman Ben Bernanke had given a warning about the failure of the cut that the federal budget deficit would put the US economic recovery that was at risk.

The dollar had risen against the Euro and the trading pair of the EUR/USD had moved down by 0.59% and managed to reach a level of 1.3303 which was after Germany’s junior coalition party mentioned that Berlin was not sure enough to leave behind the Greece bailout, which would inturn bring about fears that the state that was debt ridden would not be about to secure some kind of financial aid that would be in time to avoid any kind of default.

The greenback had also moved ahead against the sterling and the trading pair of the GBP/USD had faled to about 0.77% to reach a level of 1.5338 after it had the opinion polls that showed that the UK election scene could also produce a coalition government that would be short of a political strength that would cut down on the budged deficit of Britain.

On the other hand the dollar had risen as compared to the Swiss franc and with the trading pair of the USD/CHF had gained a 0.51% to get to a level of 1.0783.