The dollar strengthened today versus higher yielding currencies as well as the Japanese yen following a U.S commitment not to devaluate the currency. The rise followed comments be Treasury Secretary Geithner who yesterday stated support for a strong U.S currency.
Pressuring the ERU further was a negative October German ZEW economic sentiment which dropped for a sixth month, to minus 7.2 from minus 4.3 in September. The pound dropped versus the dollar and euro ahead of tomorrows' release of minutes from the Bank of England's latest meeting which may suggest expansion of monetary easing.
