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InterbankFX Forex Report

The U.S. currency dropped sharply on Friday. The fall was led by a slide against the euro, where the breaking of the key 1.30 mark prompted a decline across the board. The greenback set new lows against the euro and pound.

The dollar drifted lower against the euro during overnight trading in New York. The decline picked up momentum in the 3 o'clock hour, with the greenback breaking sharply lower. The slide continued until about 5:30 am Eastern Time, when the dollar reached a level of 1.3104 against the euro. This was the lowest level since April of 2005. Since the 5:30 am Eastern Time, the dollar has kept to a narrow trading range against the euro. At 1:40 pm Eastern Time, the euro was worth 1.3095 dollars.

The greenback held steady against the yen in early morning trading in New York, but a euro-led decline in the dollar dragged it lower in the 3 o'clock hour. The downward momentum continued until after 7:30 am Eastern Time. The greenback reached a mark of 115.58, its lowest level in about 3 months. There was a mild recovery during the middle of the day. By 1:40 pm Eastern Time, a dollar was worth 115.77 yen.

After unremarkable trading in the overnight period, the dollar also dropped against the pound during the 3 o'clock hour. At about 5:30 am Eastern Time, the greenback reached 1.9349 versus the pound - its lowest level in almost 2 years. Range-bound trading marked the rest of the morning and the middle of the day. By 1:40 pm Eastern Time, the pound was worth 1.9315 dollars.

The overall slide in the greenback impacted its trading against the loonie as well. The dollar fell against its Canadian counterpart during the early morning hours in New York. The greenback hit a level of 1.1305 - its lowest level against the Canadian dollar in about a week and a half. The dollar drifted off this mark during the rest of the morning. By 1:40 pm Eastern Time, a dollar was worth 1.1336 Canadian dollars.

Click the Dollar Falls To New Lows Against Euro And Pound header link above to see the latest forex pairs buy and sell signals.

Happy trading next week!

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