Forex News

Dollar Moves Higher Against Major Rivals, Thursday, September 25, 2008 1:58:46 PM

The U.S. dollar gained on other majors as the U.S. government`s bailout plan may be nearing a solution. The greenback moved away from monthly lows against the euro and sterling and also gained on the yen and franc.

The dollar surged in afternoon trading and hit a three-day high before easing back. The greenback touched as high as 1.4559 giving back some of the gains and moving to 1.4588. The GfK consumer climate survey found that the German consumer sentiment index for October increased to 1.8 points from September`s revised 1.6 points.

The greenback gained sharply against the sterling, hitting as high as 1.8304 in the mid-afternoon. The gain took the greenback away from the five-week low of 1.8668 it reached earlier in the morning.

The dollar gained on the yen, reaching 106.71 in the mid-afternoon, and also climbed to 1.0917 against the Swiss franc. The greenback was mildly lower at 1.0341 against the Canadian loonie.

posted by Kalin Tasev @ 2:16 PM