The dollar rose against most major currencies on Wednesday as fears grew the global economy continues to cool after the International Monetary Fund trimmed growth forecasts for the world economy.
- The Australian dollar edged higher against its U.S. counterpart on Tuesday, supported by positive Australian business confidence data, although concerns over the euro zone’s debt crisis and world economic growth limited gains.
- The euro extended earlier losses against the dollar on Wednesday as investors sought the safety of the greenback on news the International Monetary Fund had cut its 2012 and 2013 global growth forecasts.
- The pound erased gains against the U.S. dollar on Tuesday, falling to a one-month low as global growth concerns continued to dampen investor confidence amid ongoing worries over the handling of the debt crisis in the euro zone.
- The U.S. dollar inched lower against the safe-haven yen on Tuesday, amid fresh concerns over the global economic outlook after the International Monetary Fund cut its 2012 global growth forecast.
- Gold prices fell in Asian trading on Wednesday after traders snapped up the precious metal’s hedge, the dollar, amid a risk-off session marked by IMF cuts to global growth forecasts.
For complete report, CLICK: Forex and Gold Daily Report for October 10, 2012