Tuesday, 20 January 2015

Dollar remains at multi-year highs after IMF growth forecast

The dollar remained at 12-year highs against the other major currencies on Tuesday, after the International Monetary Fund cut its forecast for global economic growth in 2015 and as tepid Chinese economic growth data failed to boost investor confidence
Global growth is projected at 3.5% for 2015 and 3.7% for 2016, the IMF said in its latest World Economic Outlook report, reducing its forecast by 0.3 percentage points for both years. However, the IMF raised its outlook for U.S. growth this year.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.27% to 93.10, close to Friday's 12-year peak of 93.56.
EUR/USD slipped 0.25% to 1.1575, not far from Friday's 11-year lows of 1.1459.
The euro showed little reaction to a report showing that the closely watched ZEW index of German economic sentiment rose to an 11-month high of 48.4 in January from 34.9 in December, ahead of forecasts of 40.0.
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