Forex: USD extends gains amid fiscal cliff concerns
FXstreet.com (Córdoba) - The US dollar continues gaining ground as stocks extend their slide in Wall Street as continued worries about the fiscal cliff weighed on sentiment.
EURUSD has erased completely its intraday gains and currently trades at the 1.3175/80 area, having retreated from a high of 1.3234. Meanwhile, the Cable has lost over 100 pips ever since being rejected from a high of 1.6204 and it was last down 0.3% at 1.6105.
USDJPY broke above 84.60 and rose toward a fresh 20-month high of 84.84 in recent dealings.
Risk aversion is also taking its toll on the Aussie, which fell to a 1-month low of 1.0365 versus the greenback. Against this backdrop, the NZD and the CAD are holding surprisingly well, trading little changed on the day.
Wall Street indexes have been pressured by the political stalemate with respect to the US "fiscal cliff". The Dow Jones fell 0.31% while the S&P and the Nasdaq were down 0.27% and 0.31% respectively in a shortened session ahead of the Christmas break.
EURUSD has erased completely its intraday gains and currently trades at the 1.3175/80 area, having retreated from a high of 1.3234. Meanwhile, the Cable has lost over 100 pips ever since being rejected from a high of 1.6204 and it was last down 0.3% at 1.6105.
USDJPY broke above 84.60 and rose toward a fresh 20-month high of 84.84 in recent dealings.
Risk aversion is also taking its toll on the Aussie, which fell to a 1-month low of 1.0365 versus the greenback. Against this backdrop, the NZD and the CAD are holding surprisingly well, trading little changed on the day.
Wall Street indexes have been pressured by the political stalemate with respect to the US "fiscal cliff". The Dow Jones fell 0.31% while the S&P and the Nasdaq were down 0.27% and 0.31% respectively in a shortened session ahead of the Christmas break.
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