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The dollar rose after news of banking sector |
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Tuesday, 22 July 2008 |
U.S. currency registered growth during the first half of the day after Bank of America come up with better than expected reports.
Early this morning around 1.5900 dollars to euro and gradually moved 1.5831. Good data from the U.S. financial sector gave impetus to the U.S. currency and submitted a dose of optimism that the mortgage crisis will not harm the financial sector of the country.
The yen against the dollar also registered growth of about 70 pips. At the beginning of the day level USD / JPY was 106.37 yen for the dollar. Afternoon, however, the couple was 107.15 yen for the dollar.
Profit of Bank of America decreased to 72 cents per share (3.41 billion dollars) for the second quarter. Estimates of the experts were to fall to 52 cents per security. Despite dropping the fact that the data were better than expectations, helped U.S. shares and the U.S. currency respectively.
Bank of America is the fourth bank in the U.S., which account better than expected quarterly data.
But the U.S. currency continues to trade near its absolute bottom against the euro at 1.6039 dollars for the euro on 15 July. The reason is that there is still a much negativism about the prospects of the U.S. economy. |
Money 
