Eurozone continues to strengthen the Dollar

Published on in Foreign Exchange News by

Eurozone problems continue to strengthen the Dollar

The continuing doubt over the Greek economy and its continuing membership in the Eurozone is set to give the Dollar a boost against the other major currencies.

A New Greek election is to be held in June and whoever wins will have a lot to do to inspire confidence in investors. Many are edgy that a new and most probably divided government will be unable to commit to the austerity plans needed to keep the embattled nation in the Eurozone.

Aroop Chatterjee, foreign-exchange strategist at Barclays in New York, said, “Investors are looking at a period of heightened uncertainty in the days ahead, so safe havens should outperform, and the dollar and yen should both do well.”

Japanese officials have hinted that the Bank of Japan could intervene if the yen strengthens significantly.

The Dollar had been growing for 30days straight against a basket of six currencies before stalling slightly last Friday. Released data hinted at a slight slowdown in the US economic recovery and as a result hit a three month low against the Japanese Yen trading at ¥79.01, down from ¥79.28 Thursday.

The situation in the Eurozone is predicted to remain uncertain as a strong decision or objective has still not been established by the zones leadership. Until some decisive action is decided upon then the Dollar will continue to strengthen against the troubled currency.

The federal bank has still not ruled the possibility of carrying out more quantitative easing which will keep the dollar at bay and may prevent from strengthening more than it otherwise would be.

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