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Dollar Enjoys Reprieve as Euro, Sterling Feel the Heat

Posted by Chris Advincula on Jun 10, 2016 12:57:23 AM

(June 10 Reuters) The dollar index was on track for a modest weekly gain on Friday, having bounced off this week's one-month lows as the euro took a heavy spill while sterling stayed under a cloud on jitters over the upcoming Brexit vote.

The dollar index added 0.3 percent to 94.185, pulling away from Wednesday's trough of 93.425, its lowest since May 11, and was up 0.2 percent for4 the week.

Driving the index's rise was a bearish turn in the euro, which slid 0.2 percent to $1.1298, further distancing itself from the previous session's one-month high of $1.1416. The European currency was poised to slip 0.6 percent for the week.

A Reuters report on Commerzbank looking to put billions of euros in vaults rather than pay a penalty charge for parking them with the European Central Bank appeared to have unsettled and already nervous market.

"It seems the news made waves early in the European session Thursday, our London team reporting that this was credited for the euro being sold across the board,' analysts at National Australia Bank wrote in a note to clients.

The common currency also plumbed a fresh three-year low of 120.315 yen on Thursday before paring losses. It was last down 0.2 percent at 120.95, down 0.1 percent for the week.

Click on the link below to see the full story from Reuters: (by Lisa Twaronite & Ian Chua, Editing by Simon Cameron-Moore)

Dollar enjoys reprieve as euro, sterling feel the heat



Topics: EURO, Asian session, Forex, Fundamentals, EURUSD, GBPUSD, USDJPY, AUDUSD


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