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US dollar falls for fifth day

Investor speculation intensifies that economic growth may not be enough for the Fed to pull back from its expansionary monetary strategy

By Richard Nehme | Aug. 9, 2013 10:48 BST
Euro continues to benefit from weaker USD
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EUR/USD opened at 1.3340 and rapidly rose to a resistance of 1.3370 at the start of the day as the Euro strengthened on the back of positive German data (trade balance, current account and imports all beat forecasts.) However, as the ECB monthly report emerged, the Euro weakened significantly and EUR/USD dropped to a support of 1.3341 where it then began climbing consistently during the day to reach a high of 1.3395 (the highest since June 19) and closed at 1.3392, the result of continued dollar weakening [...]

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