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FX round-up: Dollar continues to gain

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Date: Wednesday 02 Apr 2008

LONDON (ShareCast) - The dollar rose against most major currencies Tuesday, helped by renewed optimism about the health of the US economy.

Recent concerns about the credit crunch were eased on news that Lehman Brothers' share offering received a bigger-than-expected response.

Meanwhile the euro was hit by a report showing a decline in German retail sales while news that Spain's central bank is to cut its growth forecast didn’t help sentiment. There is now concern that the European Central Bank will not cut interest rates in the near future.

The European currency was hit by profit taking and was further pressured by news of more writedowns at Deutsche Bank and UBS.

Sterling managed to recover from record lows against the euro on Tuesday but the long term view for sterling, amid a slowing UK economy, is weak analysts say.

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