Dollar Grows as Hurricane Gustav Weakens | ForexGen

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The U.S. dollar rose today to its new maximum level in almost seven months against the euro as the crude oil prices declined after it became obvious that the hurricane Gustav won’t be causing significant damage to the American oil industry.

The dollar also advanced to the highest position against the Great Britain pound in more than two years today as it rallied on the Forex market. The Australian dollar fell to the lowest level since September 2007 against its U.S. counterpart.

Currency analysts note an elevated dollar optimism among the Forex traders despite the early forecasts that the current USD rally can’t sustain itself and will succumb to the weak economic reports from the United States.

It is possible for the EUR/USD currency pair to decline to its technical resistance level near 1.4400. Breaking this resistance will trigger many stop-loss orders, pushing the dollar up. Some investment banks have already raised their end-of-the-year forecast for the dollar versus the other currencies.

EUR/USD dropped from 1.4587 to 1.4492 as of 12:28 GMT today — it’s the fourth day of decline for this currency pair. GBP/USD falls for the six days; today it went down from 1.7994 to 1.7830. USD/JPY rose a little today — it went up from 108.16 to 108.85.