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The US dollar made solid gains today on the back of the news that the Japanese trade deficit was worse-than-expected, once again putting a spotlight on the currently weak global economy. The Yen also made solid gains.
Once concerns over the global economy were highlighted again investors began looking for relative safe havens, which currently appear to be the Dollar and the Yen, driving up the demand for what the traders consider to be safe vehicles for their funds. The US Federal Reserve offered an short appraisal on the current global economic situation via their President Charles Evans who simply described it as “awful.”
As it currently stands the US Federal Reserves minutes will be the focus of most investors attention as any sign of movement by the worlds largest economy to take action will have a negative effect on the currency. Until then though, investors are enjoying the gains. The dollar advanced to $1.2446, or 0.2%, by around 7:20am after yesterday tumbling to an almost six week high. The Yen made the most ground up however, rising to 98.60, or 0.3%.
The US currency’s made impressive gains on the Australian dollar, as it rose by 0.4%, however its biggest gain of the day was against the South African rand, against which it gained 0.5%.
Greece asks for more time
The Greek government has hinted that they will ask for a little more time and freedom to improve their current financial situation. The relatively new government, headed by Antonis Samaras, is expected to ask for a few of the shackles placed on his country as part of their austerity measures to encourage stimulation after glowing reports from recent audits.
Samaras was quick to point out that this would not automatically mean they would be asking for more money, just that they have enough measures in place to outperform current expectations. The stricken country’s leader will be meeting various leaders from the Eurozone in the coming days, including trips to Paris and Berlin.