Forex: US dollar weakens as investors add risk


FXstreet.com (San Francisco) - Today, the U.S. dollar traded broadly weaker against its major counterparts as investors added risk to their portfolios in the midst of market optimism.

EUR/USD shrugged of Spain’s credit rating downgrade by S&P at the start of the global day, and ended the decline seen all this week, set to close the North American session at 1.2925 from 1.2875.

This week, precious metals fell on global growth concerns, weighed by disappointing news from the Eurozone which sent the greenback higher and sent precious metals generally down.

After four straight days of losses since its peak at 1,795 last week, Gold looks set to end Thursday with a daily advance, last at $1,767/oz. vs. $1,762 late Wednesday.

Silver lost value on weak global equities and a strong USD this week too, now trading at $34. Platinum extended losses this week, but traded up around 0.4% to 1,685 Thursday; supply concerns from South Africa due to risk of strikes at the largest platinum mine still persists.

Crude oil again finished higher Thursday, rallying 1.3% to 92.40/bl on strong supply-side support due to rising turmoil in the Middle East.

U.S. stocks are set to end little changed today, with Dow industrials now up 1.53 points at 13,346.50, while the S&P 500 is now up 3.09 points to 1,435.65 and the Nasdaq is down 1.44 points, at 2,727.10.

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