USD Retreats as Euro Gains

USD EURMonday showed gloom over the dollar. USD value decreased versus the other major currencies as the Euro gained strength as the region awaits the result of the Spanish elections and its effect on Spain’s economic stability.

Traders are now focusing on the commodities that have decreased prices on a global scale and the policies announced by central banks with oil hitting an 11-year slumped.

The greenback index went down from the 2 week high after the US Fed announcement for the first rate increase in nearly a decade last week.

Although hopes are high for the USD to gain control again it would be unlikely due to the shortened days for the holidays. Europe trading will close for Christmas on Friday.

The single currency, Euro, rose following the Spanish election. Traders said this increase in value maybe be due to the bearish bets made for the election in the region’s 4th largest economy.

Euro was 0.5% against the USD at $1.0920.

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