US dollar gained ground, investors in search for alternate instruments to stocks

Written by Brian McColl

Brian McColl is a fundamental and technical analysis expert and mentor. Brian has been a part of the Forex and stock markets for more than ten years as a freelancing trader.

, | Updated: October 30, 2024

US dollar increased value against major peers, as EUR/USD pair fell to 1.2872 during Asian trade session on Tuesday.

Yesterday Czech Republic President Milos Zeman announced that the country was ready to adopt the euro currency within five years. Czech Republic, already an European Union member, is experiencing the worst recession since 1996.

Another pair, USD/JPY increased to 102.70 after its decline yesterday on announcement by Japans Economy Minister Akira Amari, regarding his concerns of possible negative influences a weakening national currency could have on economic development. He called for government measures to prevent such scenario. Japans Central Bank embarked on monetary easing program in order to cope with possible deflationary processes.

British pound lost value against the US dollar, reaching 1.5233. Bank of Englands meeting was appointed for later this week.

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