NEW YORK ( TheStreet) -- The euro outpaced the U.S. dollar Thursday despite the collapse of the Portuguese minority government as expectations of a central bank rate hike in April prevailed.
The euro was rising 0.6% to $1.4174. CurrencyShares Euro Trust (FXE) has been up 6.2% for the past year.
However, the U.K. pound sterling-greenback pairing "has not had the luck of the euro," said FXDD Chief Currency Analyst Greg Michalowski. "In fact it's been down, down, down for the most of the trading day."
The pound was falling 0.8% to $1.6111. CurrencyShares British Pound Sterling Trust (FXB) has been up 7.9% for the past year.With the Bank of England policymakers split 6-to-3 against interest rate hikes because of the tepid U.K. economic recovery, expectations of a hike in borrowing rates -- currently at a record low of 0.5% -- have been snuffed out in the near term. Surging commodity prices lent support to commodity currencies such as the Australian dollar, which rallied against the dollar for a fifth straight day. The Australian dollar was gaining 0.8% to $1.0211. CurrencyShares Australian Dollar Trust ( FXA) has been up 12.6% for the past year.