FOREX - Dollar Rises Versus the Euro

FOREX - Dollar Rises Versus the Euro

The U.S. dollar rose versus the euro on Wednesday, scaling a 11-month peak, boosted by sinking crude oil prices.

The euro dropped as low as $1.4039 , a level just lastly seen in October 2007. It was last at $1.4044, down 0.6 percent on the day. The dollar last traded up 0.7 percent at 107.60 yen and close to a session high of 107.75 yen.

It seems that Euro/dollar is heading downwards as oil returns to the lows. Experienced traders are expecting to see new lows in oil and a likely test of the $100 per barrel level and new lows for EUR/USD as well.

U.S. crude oil futures slipped 0.5 percent to $102.74 per barrel.

FOREX - Dollar Rises Versus the Euro