Dollar Moves Mostly Higher
Updated from 12:21 p.m. EDT
The dollar was moving up against the euro and the British pound Wednesday as traders shrugged off a bearish housing report and a downturn in U.S. stocks.
Euros were trading for $1.422, below their $1.4258 level late Tuesday. Pounds were selling for $2.0472, down from $2.051 previously.
Speculators who had previously sold the dollar short in the hopes of buying it back at a lower price for a profit have been reversing the trades and hence bidding up the value of the U.S. currency, says Joe Brusuelas, chief U.S. economist at IDEAglobal in New York."The dollar has been massively oversold," he says. "They have been short-covering for a couple of days now." Meanwhile, the yen was stronger, rising to 113.9 from 114.92 a day ago. U.S. dollars were also buying 97.2 Canadian cents, up from 96.6 cents previously. The Australian dollar was virtually unchanged. The PowerShares DB G10 Currency Harvest (DBV) exchange-traded fund, which tracks a basket of currencies, was falling 0.8% recently. The CurrencyShares Euro Trust (FXE) was down 0.3%, while the CurrencyShares Japanese Yen Trust (FXY) was up 1% in recent market action. Elsewhere, the CurrencyShares British Pound Sterling Trust (FXB) was slipping 0.2%, and the CurrencyShares Canadian Dollar Trust (FXC) was down 0.7%.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV