US Dollar Weaker On News of Bernanke Winning Second Term

The US dollar is trading broadly lower in the currency markets today, after reports of Federal Reserve Chairman Ben Bernanke edging closer to winning a second term dimmed the appeal for the currency.

The Australian dollar and New Zealand dollar recovered from their weakest level achieved over the month versus the greenback last week when China’s moves to curb bank lending was seen as a further tightening of the monetary policy. Both the Australian and New Zealand currencies climbed 0.7% against the US dollar.

Meanwhile, the euro rose against the US dollar and the yen, after the demand for the five-year Greek sovereign bonds caught up. The single currency also moved up against the dollar with the help of technical support, when traders booked profits on gains in the US currency. The euro was up 0.1% on the day at $1.4163 after touching a high of $1.4197.

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