Trader Buy Euros and Steps Closer to 1.60

EUR/USD Steps Closer to 1.60

The US dollar slid against all its major counterparts Wednesday as data bolstered market participants’ confidence in a 25bp rate cut by the Fed on April 30. And, in the fray, the greenback would end up setting a record low against the euro at 1.5978 – thanks in part to strong inflationary pressures in Europe, which further highlighted the dollar’s shaky rate prospects. The British pound also advanced against the benchmark with steady employment data of its own. The Canadian and Australian dollar took the biggest bite out of the weakened dollar though as oil futures touched a new intraday record above $115. Finally the low yielding Swiss franc and yen picked up minor gains, however, with risk aversion cooling its heels.